; (dd) whether excluding transactions by foreign persons from the country advances the national security objectives of the United States; and (ee) any other factors that the Committee determines to be appropriate. (II) Recurring assessment of identified countries The Committee shall reconsider on a regular basis the identification of countries and parts of countries under subclause (I). (iv) Exception for air carriers For purposes of subparagraph (B)(iii), the term other investment does not include an investment involving an air carrier, as defined in section 40102(a)(2) of title 49, United States Code, that holds a certificate issued under section 41102 of that title. (v) Transfers of certain assets pursuant to bankruptcy proceedings or other defaults The Committee shall prescribe regulations to clarify that the term covered transaction includes any transaction described in subparagraph (B) that arises pursuant to a bankruptcy proceeding or other form of default on debt. (D) Passive investment defined (i) In general For purposes of subparagraph (B)(iii), the term passive investment means an investment, direct or indirect, by a foreign person in a United States critical infrastructure company or United States critical technology company that meets the following criteria: (I) The investment is not described in subparagraph (B)(i). (II) The investment does not afford the foreign person— (aa) access to any material nonpublic technical information in the possession of the United States critical infrastructure company or United States critical technology company; (bb) membership or observer rights on the board of directors or equivalent governing body of the United States critical infrastructure company or United States critical technology company or the right to nominate an individual to a position on the board of directors or equivalent governing body