Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act

Key Points

• The bill creates a new independent agency called the Foreign Investment Review Authority (FIRA) to track whether foreign countries follow through on investment promises made to the United States, especially those tied to trade deals or tariff negotiations.
• FIRA would immediately begin tracking over $1.4 trillion in existing investment commitments: $550 billion from Japan, $500 billion from Taiwan, $350 billion from South Korea, and an amount from China to be determined by FIRA.
• To count toward a country's commitment, investments must create "quality jobs" that pay above the state median wage, offer at least 30 hours per week, include health care and pension benefits, and require employer neutrality in union organizing drives.
• The bill includes strong anti-corruption provisions. The President, Vice President, and Cabinet members must disclose if they or family members benefit financially from any covered investment. A Chief Ethics Officer with a 6-year term and a Public Oversight Board would investigate complaints.
• Investments connected to entities on the Uyghur Forced Labor Prevention Act list or those subject to antidumping or countervailing duty orders face automatic disqualification or heightened review. FIRA can also suspend or prohibit any covered investment that fails to meet its standards.
• If a country fails to meet its investment commitment within four years, the President must negotiate with that country to address the shortfall. FIRA would publish regular public reports tracking jobs created, wages paid, union activity, and whether foreign workers were brought in.