; (6) the President should carry out international outreach to promote the benefits of foreign investment for global economic growth, while also assisting United States partners to address national security risks; and (7) it is the policy of the United States to enthusiastically welcome and support foreign investment, consistent with national security considerations. II Definitions 201. Definitions Section 721(a) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(a) ) is amended— (1) by striking paragraphs (2), (3), and (4) and inserting the following: (2) Control The term control means the power, direct or indirect, whether or not exercised, to determine, direct, or decide important matters affecting an entity, subject to regulations prescribed by the Committee. (3) Covered transaction (A) In general The term covered transaction means any transaction described in subparagraph (B) or (C) that is proposed, pending, or completed on or after the date of the enactment of the Foreign Investment Risk Review Modernization Act of 2018. (B) Transactions described A transaction described in this subparagraph is any of the following: (i) Any merger, acquisition, takeover, or joint venture that is proposed or pending after August 23, 1988, by or with any foreign person that could result in foreign control of any United States business. (ii) The purchase or lease by, or concession to, a foreign person of private or public real estate that— (I) is— (aa) located in the United States and is, or is in close proximity to, a United States military installation; or (bb) itself, or is located at and will function as part of, an air or sea port; (II) is not a single housing unit, as defined by the Bureau of the Census; (III) is not in an urbanized area, as set forth by the Bureau of the Census in its most recent census, except as otherwise prescribed by the Committee in regulations in consultation with the Secretary of Defense