New federal agency gets power to block foreign investment deals based on job quality and ethics.

What it does

This bill creates a new federal agency called the Foreign Investment Review Authority (FIRA) to track and evaluate whether foreign countries fulfill investment commitments they have made to the United States. FIRA will determine which investments count toward those commitments, require investors to disclose details about their deals, and can block investments that don't meet standards for job quality, domestic benefit, or ethics compliance. The bill names specific investment commitments from Japan ($550 billion), South Korea ($350 billion), Taiwan ($500 billion), and China, and establishes oversight mechanisms including a public ethics board and complaint process.

Why we flagged it

The bill's core mechanism is regulatory review of foreign investment commitments with worker-protection and domestic-benefit standards. While framed as commitment tracking, its operative effect is to establish a new veto power over foreign investment deals based on job quality, ethics, and domestic economic impact.

What the text implies

• FIRA's 'net economic benefit' test is subjective and grants the agency broad discretion to reject deals on grounds of 'undermining existing businesses' or 'global excess capacity'—standards that are not precisely defined and may invite political pressure or inconsistent application.
• The bill retroactively deems specific investment commitments from Japan, South Korea, Taiwan, and China to exist as of enactment, with amounts set unilaterally by Congress (not negotiated)—this may create diplomatic friction if those countries dispute the amounts or obligation dates.
• Section 5(b) requires the President, Vice President, and all cabinet officials to disclose if they or family members benefit from any covered investment—a broad transparency rule that could expose personal financial interests in foreign deals, but also creates a chilling effect on legitimate investment if officials fear disclosure.
• FIRA can require 'mediation' to renegotiate investment terms and can suspend or prohibit deals outright—this gives FIRA quasi-legislative power to rewrite private contracts, which may invite legal challenges on due-process or takings grounds.
• The bill applies federal ethics laws to foreign governments and foreign investors 'to the extent such person is taking actions in connection with such investment'—an extraterritorial application of U.S. ethics law that may be difficult to enforce and could be seen as overreach.

Section numbers refer to the bill text the analysis read — linked under Primary records below.

Who it affects

The bill creates real protections for workers (quality-job standards, union neutrality, wage floors, benefits requirements) and domestic businesses (anti-displacement language, domestic-sourcing incentives) and establishes public transparency and ethics oversight. However, it also imposes significant compliance burdens on investors and may chill foreign investment flows, potentially reducing job creation and economic growth in some regions. The net effect depends on FIRA's implementation and how

Who stands to gain

• U.S. workers (via quality-job standards and wage floors)
• Domestic manufacturers and businesses (via anti-displacement and domestic-sourcing incentives)
• Organized labor (via union-neutrality and works-council parity provisions)

Named in the bill

Foreign Investment Review Authority (FIRA), Chief Ethics Officer, Public Oversight Board, Department of Commerce, Department of Labor, Department of Justice, People's Republic of China, Japan, South Korea, Taiwan, U.S. Customs and Border Protection, Department of Homeland Security — and 1 more

Where it stands

3 cosponsors: 3 Democrats.

• Jun 11, 2026 — Introduced · Congress.gov: “Introduced in House”
• Jun 11, 2026 — Referred to House Committee on Foreign Affairs and House Committee on Ways and Means · Congress.gov: “Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a…”

Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.

Money around this bill

2 lobbying clients named this bill on 2 disclosure filings across 1 quarter, Jun 2026 to Jun 2026. Those filings disclosed $990,000 in lobbying spend. A filing names 64 bills on average, so that figure is what each filing reported, not a share belonging to this bill.

More lobbying clients named this bill than 41% of bills with at least one filing.

Ro Khanna, the sponsor, reported $1,000 in PAC receipts in the 2026 cycle.

• AFL-CIO — $760,000 on 1 filing
• United Automobile Aerospace & Agricultural Implement Workers — $230,000 on 1 filing

Lobbying Disclosure Act filings through Jul 20, 2026. A filing shows who paid to lobby on a bill it names, not what changed.