Editing RESTRICT Act
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'''Foreign adversary''' - the governments of China, Cuba, Iran, North Korea, Russia, and Venezuela (2(8)(B)). The Secretary may add any other regime to, or take one of the existing governments off, the list, as long as they tell Congress 15 days before (6). Congress can override the Secretary by a joint resolution that is not subject to filibuster (which means only a majority of the Senate is needed to pass it) but, of course, is still subject to veto by the President (which needs 2/3 of both houses to override) (7). | '''Foreign adversary''' - the governments of China, Cuba, Iran, North Korea, Russia, and Venezuela (2(8)(B)). The Secretary may add any other regime to, or take one of the existing governments off, the list, as long as they tell Congress 15 days before (6). Congress can override the Secretary by a joint resolution that is not subject to filibuster (which means only a majority of the Senate is needed to pass it) but, of course, is still subject to veto by the President (which needs 2/3 of both houses to override) (7). | ||
'''Covered holding''' - a controlling holding | '''Covered holding''' - a controlling holding held by a foreign adversary or an entity subject to its jurisdiction or a holding "the structure of which is designed or intended to evade or circumvent the application of this Act" (9(3)) | ||
'''ICTS covered holding entity'''- any entity that "owns, controls, or manages" ICTS products or services (2(10)(A)) and: | '''ICTS covered holding entity'''- any entity that "owns, controls, or manages" ICTS products or services (2(10)(A)) and: | ||
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* has sold at least a million units in the US before it is referred to the President (2(10)(B)(ii)). | * has sold at least a million units in the US before it is referred to the President (2(10)(B)(ii)). | ||
'''Covered transaction''' - a "current, past, or potential future" transaction which a foreign adversary or entity subject to its jurisdiction has any interest or which is intended to evade | '''Covered transaction''' - a "current, past, or potential future" transaction in which a foreign adversary or entity subject to its jurisdiction has any interest or "the structure of which is designed or intended to evade or circumvent the application of this Act" (2(4)) | ||