RESTRICT Act
Current Status
In Committee
Definitions
The definitions here are simplified and rearranged so that no definition uses a term not previously defined.
ICTS products or services - pretty much any hardware or software that works with information or data (2(11))
Entity - covers practically any organized group, whether inside or outside the US (2(6))
Holding - includes "any participation, right, or other equivalent, however designated and of any character" (2(9)(A)(viii))
Person - includes only natural persons (i.e. not entities) (2(13))
Secretary - Secretary of Commerce (2(15))
Controlling holding - a holding with the power (even if not exercised) to "decide important matters affecting an entity" (2(2))
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 which is held by a foreign adversary or an entity subject to its jurisdiction, or a holding which is intended to evade this act (9(3))
ICTS covered holding entity- any entity that "owns, controls, or manages" ICTS products or services (2(10)(A)) and:
- has at least a million "United States-based annual active users" at any time during the 12 months before it is referred to the President (2(10)(B)(i)), or
- 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 this act (2(4))
