Protect U.S. Investments Act of 2023

Protect U.S. Investments Act of 2023

This bill expands available protections for U.S. investors from certain prejudicial actions taken by foreign governments. It also expands sanctions for the expropriation (i.e., seizure) of U.S. investments.

Currently, the President must suspend assistance to foreign governments that have taken certain prejudicial actions against U.S. investments (known as the Hickenlooper amendment), including those that have taken steps to repudiate or nullify existing contracts or agreements with U.S. nationals (citizens and corporations). This bill specifies that these steps may include failing to meet, confer, or engage in good faith consultations and negotiations with a U.S. national (through their duly authorized representative) within 30 days of being served with a written request for such a consultation or negotiation.

Further, the bill provides a U.S. national with the right to petition the Foreign Claims Settlement Commission to render an advisory report to the President regarding the alleged treatment of the U.S. investment by the identified foreign country. If the commission fails to render a timely advisory report, the U.S. national may compel the suspension of assistance to that foreign country in any court of competent jurisdiction.

The bill prohibits any foreign public official who materially assisted in a prejudicial action against U.S. investments from receiving immigration status, receiving a visa, or being admitted into the United States. Such an official must also be denied remittance by every financial institution located in the United States. These sanctions shall apply until the prejudicial action is rescinded, reversed, permanently enjoined, or fully remediated.