ICTS National Security Review Act

The ICTS National Security Review Act establishes a new Office within the Department of Commerce to review information and communications technology transactions that may pose national security risks. It gives the Secretary of Commerce authority to investigate transactions involving foreign entities designated as "persons or jurisdictions of concern" (including China, Russia, Iran, and others) and to require companies to provide information about their ICTS transactions. If a transaction is found to pose an "undue or unacceptable risk" to national security, critical infrastructure, or the digital economy, the Secretary can impose mitigation measures or prohibit the transaction. The bill also requires annual risk assessments from the Director of National Intelligence about threats from foreign ICTS supply chains.