Bill > S2041

This bill establishes the Office of Information and Communications Technology and Services (OICTS) within the Bureau of Industry and Security of the Department of Commerce, with the primary goal of identifying and preventing undue risks posed by certain technology transactions involving entities or jurisdictions of concern, such as China, Russia, Iran, and North Korea. The office will be led by an Executive Director who can review covered transactions involving information and communications technology and services (ICTS) that might pose national security risks, with broad powers to investigate, mitigate, or prohibit transactions that could threaten U.S. critical infrastructure or digital economy. The bill provides the Secretary of Commerce with extensive authority to require companies to provide information, impose cybersecurity standards, exclude specific components from transactions, and even prohibit transactions entirely. Additionally, the legislation establishes a technical advisory committee, creates a comprehensive transaction review process, mandates annual risk assessments from the Director of National Intelligence, and sets out significant civil and criminal penalties for violations, with fines up to $1,000,000 and potential imprisonment of up to 20 years for willful violations. The bill emphasizes protecting U.S. national security by scrutinizing technology supply chains and transactions involving potentially adversarial countries or entities.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2041/all-info