Information and Communications Technology and Services National Security Review Act

This bill establishes a new Office within the Department of Commerce to review transactions involving information and communications technology and services (ICTS) that may pose national security risks. The Office will assess whether transactions involving entities or jurisdictions of concern (including China, Russia, Iran, and North Korea) could threaten U.S. critical infrastructure or national security. If a risk is identified, the Secretary can require mitigation measures like imposing cybersecurity standards, excluding certain components, or prohibiting the transaction. The bill also mandates annual risk assessments from the Director of National Intelligence and establishes enforcement mechanisms, including civil and criminal penalties for violations.