Briefings on Economic Defense Unit; limitation on use of funds

(a) Briefings required (1) In general Not later than January 31, 2027, and every 90 days thereafter until January 31, 2029, the Deputy Secretary of Defense shall provide a briefing to the Committees on Armed Services of the Senate and the House of Representatives on activities of the Economic Defense Unit during the 90-day period preceding the briefing and any supporting classified details. (2) Elements Each briefing required by paragraph (1) shall address the following: (A) Projects of the Economic Defense Unit ongoing as of the date of the briefing. (B) Agreements recently completed before the date of the briefing. (C) An overarching strategy for the Economic Defense Unit. (D) Efforts to coordinate activities across the Department of Defense during the 90-day period preceding the briefing. (E) Matters relating to personnel of the Economic Defense Unit during that period. (F) Any projects reviewed or approved by the Economic Defense Unit during that period, including— (i) projects of the Office of Strategic Capital; (ii) projects carried out under the Defense Production Act of 1950 (50 U.S.C. 4501 et seq.); and (iii) projects carried out under the Industrial Base Analysis and Sustainment program. (3) Access to documentation For each briefing required by paragraph (1), the Deputy Secretary of Defense shall provide the Committees on Armed Services of the Senate and the House of Representatives the ability to review relevant analysis and documentation for all projects reviewed or approved by the Economic Defense Unit during the 90-day period preceding the briefing. (b) Limitation on use of funds None of the funds appropriated by this Act or any previous Act, or otherwise made available to the Department of Defense, may be used by the Office of the Deputy Secretary of Defense for the Economic Defense Unit or any activities of the Economic Defense Unit until the following actions are complete: (1) The Deputy Secretary provides the first briefing required by subsection (a). (2) The Secretary of Defense completes and submits to the congressional defense committees the ownership review required by subsection (i) of section 149 of title 10, United States Code, as added by section 1052 ROS26897, for all equity investments the Department has made as of the date of the review. (3) The Secretary certifies to the congressional defense committees that the Department does not hold, and does not have the option to hold, any seat on the board of directors or any other form of voting representation or control in any entity in which the Department holds equity.