Ownership review for equity investments

Section 149 of title 10, United States Code, as amended by section 1051 ROS26896, is further amended— (1) by redesignating subsection (i) as subsection (j); (2) by inserting after subsection (h) the following new subsection (i): (i) Ownership review for equity investments (1) Mandatory review Before the obligation or disbursement of funds for any equity investment made by the Office in any non-Federal entity, the Director shall conduct a review of the ownership structure of the entity. (2) Scope of review The review required by paragraph (1) with respect to the ownership structure of an entity shall— (A) assess any direct or indirect foreign ownership interest in the entity, including the ability of any foreign person to exercise control or influence over the management, governance, operations, or technology of the entity; (B) identify of all owners holding, directly or indirectly, 5 percent or more of any class of equity in the entity; (C) identify members of the board of directors, advisory boards, and executive leadership of the entity and any potential conflicts of interest between those individuals and officials of the Federal Government; and (D) determine whether mitigation measures are necessary to protect the national security interests of the United States or prevent conflicts of interest described in subparagraph (C). (3) Report to Congress Not later than 15 days after completing the review required by paragraph (1) with respect to an equity investment, the Secretary shall submit to the congressional defense committees a report on the results of the review.; and (3) in subsection (j), as redesignated paragraph (1)— (A) by redesignating paragraph (6) as paragraph (7); and (B) by inserting after paragraph (5) the following new paragraph (6): (6) The term foreign person means— (A) an individual who is not a citizen of the United States or an alien lawfully admitted for permanent residence in the United States; and (B) an entity that is not organized under the laws of the United States or any jurisdiction within the United States..