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B-331772 1 (2020-02-03)

handle is hein.gao/gaobaeaqz0001 and id is 1 raw text is: cAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-331772 February 3, 2020 The Honorable Chuck Grassley Chairman The Honorable Ron Wyden Ranking Member Committee on Finance United States Senate The Honorable Richard Neal Chairman The Honorable Kevin Brady Ranking Member Committee on Ways and Means House of Representatives Subject: Department of the Treasury, Office of Investment Security: Provisions Pertaining to Certain Investments in the United States by Foreign Persons Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury (Treasury), Office of Investment Security entitled Provisions Pertaining to Certain Investments in the United States by Foreign Persons (RIN: 1505-AC64). We received the rule on January 17, 2020. It was published in the Federal Register as final rule; and interim rule with request for comments on January 17, 2020. 85 Fed. Reg. 3112. The effective date of both the final and interim rule is February 13, 2020. The final rule revises regulations that implement certain provisions of section 721 of the Defense Production Act of 1950, as amended by the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). Pub. L. No. 115-232, div. 8, title XVII, subtitle A., 132 Stat. 1636, 2173 (2018). The rule incorporates the Committee on Foreign Investments in the United States' jurisdiction over certain non-controlling other investments. According to Treasury, the final rule also seeks to provide clarity to the business and investment communities with respect to the types of businesses that are covered under other investment authority. The final rule also amends several definitions. The interim rule adds a new definition for the term principal place of business. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The 60-day delay in effective date can be waived, however, if the agency finds for good cause that delay is impracticable, unnecessary, or contrary to the public interest, and the agency incorporates a statement of the findings and its reasons in the rule issued. 5 U.S.C. § 808(2). Treasury found good cause to waive the 60-day delay because the provisions of FIRRMA the final rule implements will become effective on February 13, 2020, regardless of whether the rule is published and effective. According to

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