H.R. 3136 — National Critical Capabilities Defense Act of 2023

This bill establishes a notification process for certain U.S. investment (known as outbound investment) involving national critical capabilities sectors in countries of concern (e.g., China and Russia). National critical capabilities sector includes, among others, a sector involving semiconductor manufacturing and advanced packaging, artificial intelligence, active pharmaceutical ingredients, or automobile manufacturing. Specifically, the bill directs the President to establish a Committee on National Critical Capabilities, which must establish regulations to carry out this bill. The bill requires a U.S. business or individual, 90 days before undertaking a covered activity (e.g., investmen...