50 USC 4535 - Reports on exercise of authorities

U.S Code last checked for updates: Nov 22, 2024

§ 4535.

Reports on exercise of authorities

(a)

In general

The President, or the head of an agency to which the President has delegated authorities under this subchapter, shall submit a report and provide a briefing to the appropriate congressional committees with respect to any action taken pursuant to such authorities—

(1)

except as provided by paragraph (2), not later than 30 days after taking the action; and

(2)

in the case of an action that involves a business concern in the United Kingdom or Australia, not later than 30 days before taking the action.

(b)

Elements

(1)

In general

Each report and briefing required by subsection (a) with respect to an action described in that subsection shall include—

(A)

a justification of the necessity of the use of authorities under this subchapter; and

(B)

a description of the financial terms of any related financial transaction.

(2)

Additional elements relating to business concerns in the United Kingdom or Australia

Each report and briefing required by subsection (a) with respect to an action described in paragraph (2) of that subsection shall include, in addition to the elements under paragraph (1)—

(A)

a certification that business concerns in the United States or Canada were not available with respect to the action; and

(B)

an analysis of why such business concerns were not available.

(c)

Appropriate congressional committees defined

In this section, the term “appropriate congressional committees” means—

(1)

the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives; and

(2)

in the case of an action described in subsection (a) involving materials critical to national security (as defined in section 4552(7)(B)(ii)(II)(bb) of this title), the Committee on Energy and Natural Resources of the Senate and the Committee on Natural Resources of the House of Representatives.

(Sept. 8, 1950, ch. 932, title III, § 305, as added Pub. L. 118–31, div. A, title X, § 1080(b), Dec. 22, 2023, 137 Stat. 416.)

cite as: 50 USC 4535