US HB2551

Secretary of Defense prohibited from entering, renewing, or extending long-term concessions agreements with retailers controlled by covered nations (China, Russia, Iran, North Korea) to operate physical locations on U.S. military installations

Covered retailers currently operating on military bases must submit notice to the Committee on Foreign Investment in the United States (CFIUS) within 30 days of enactment and receive approval after a national security investigation completed within 180 days

Secretary of Defense must review all existing long-term concessions agreements with covered retailers within 180 days and terminate agreements within one year if a retailer is found to be controlled by a covered nation

"Controlled by a covered nation" defined as organized under laws of that nation, 20% or more ownership by the nation, or subject to direct control by the nation

Waiver authority granted to Secretary of Defense only if goods/services are vital for military welfare and morale with no reasonable alternatives, and adequate national security risk mitigation measures are implemented; requires report to Armed Services Committees within 30 days of each waiver