National Critical Capabilities Defense Act of 2023

This bill establishes a new review process for certain foreign investments in U.S. companies operating in critical technology sectors like semiconductors, advanced batteries, artificial intelligence, and pharmaceuticals. It creates a Committee on National Critical Capabilities to review investments involving entities from designated "countries of concern" (including China, Russia, Iran, North Korea, and Venezuela). The Committee requires advance notifications for covered activities, can review these investments for national security risks, and may impose conditions or prohibit activities that threaten U.S. security. Covered activities include acquisitions, joint ventures, and other business arrangements with foreign entities from designated countries. The bill aims to protect U.S. national security by mitigating risks associated with foreign investments in strategic technology sectors.