Review of existing foreign adversary ownership of general aviation companies

Not later than 180 days after the date of enactment of this Act, the Committee on Foreign Investment in the United States shall— (1) conduct a comprehensive review of all previously completed transactions in which a foreign person from a country of concern acquired a covered general aviation entity; (2) determine, for each such transaction, whether— (A) the national security agreement or mitigation measures (if any) in effect with respect to such transaction remain adequate to protect United States national security in light of the designations of the acquirer or its affiliates under the NS-CMIC List, the Department of Defense’s Section 1260H list, or any applicable export control order; and (B) changed circumstances, including applicable designations or new intelligence assessments, warrant reopening the review of such transaction pursuant to section 721 of the Defense Production Act of 1950 (50 U.S.C. 4565); and (3) submit to the Committee on Financial Services and the Committee on Armed Services of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs and the Committee on Armed Services of the Senate, a classified report setting forth— (A) the transactions reviewed pursuant to paragraph (1), including the identity of each foreign acquirer and each acquired general aviation entity; (B) the determination made pursuant to paragraph (2) with respect to each such transaction; and (C) any actions taken or recommended by the Committee as a result of such determinations, including any recommendation for divestiture pursuant to section 721 of the Defense Production Act of 1950 (50 U.S.C. 4565).