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Protecting American Business from Foreign Adversaries Act of 2022
12/30/2022, 4:33 AM
Summary of Bill HR 6775
Key provisions of the bill include:
1. Strengthening cybersecurity measures for critical infrastructure sectors, such as energy, transportation, and finance, by requiring regular risk assessments and the implementation of best practices to prevent and respond to cyber threats. 2. Enhancing information sharing between the government and private sector to improve coordination and response to cyber incidents, including the establishment of a Cyber Threat Intelligence Integration Center. 3. Increasing penalties for individuals and entities found to be engaging in economic espionage or other forms of foreign interference in American businesses, including sanctions and asset freezes. 4. Promoting greater transparency and accountability in supply chains by requiring businesses to disclose any foreign ownership or control that may pose a risk to national security. Overall, the Protecting American Business from Foreign Adversaries Act of 2022 seeks to safeguard American businesses from the growing threat of foreign adversaries and ensure the security and resilience of critical infrastructure and supply chains.
Congressional Summary of HR 6775
Protecting American Business from Foreign Adversaries Act of 2022
This bill requires specified companies and other entities associated with a foreign country to register an agent with the Department of Commerce for service of process (i.e., the legal process for notifying a defendant that legal action has been taken against them) in the United States.
Specifically, a corporation or other commercial entity conducting business in the United States must register an agent if the entity (1) is organized under the laws of, or has its principal place of business in, a foreign country; (2) has a majority of shares held by an individual or a group of individuals who reside in a foreign country; or (3) is owned by individuals or entities who reside in or are headquartered outside of the United States and the majority of the entity's earnings are derived from commerce outside of the United States.
