National Critical Capabilities Defense Act of 2023

[AI summary unavailable — showing source text] 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., investment), to submit a written notification to the committee. The committee may review a covered activity that is the subject of a notification to determine if the activity poses a risk to U.S. national security. The bill outlines the factors to be considered during this review. The committee may, if it has reason to believe that a covered activity poses a risk to national security, take certain actions to mitigate the risk posed by the activity. Further…