1. Short title This Act may be cited as the United States Foreign Investment Review Act of 2017 . 2. Authority to review transactions for economic effect on the United States (a) In general The Trade Act of 1974 ( 19 U.S.C. 2102 et seq.) is amended by adding at the end the following: X Authority to review transactions for economic effect on the United States 1001. Definitions In this title: (1) Control The term control means the power, whether direct or indirect and whether or not exercised, through the ownership of a majority or a dominant minority of the total outstanding voting interest in an entity, representation on the board of directors of an entity, proxy voting on the board of directors of an entity, a special share in the entity, a contractual arrangement with the entity, a formal or informal arrangement to act in concert with an entity, or any other means, to determine, direct, make decisions, or cause decisions to be made, with respect to important matters affecting the entity. (2) Covered transaction The term covered transaction means any merger, acquisition, takeover, or investment, or the establishment of a new entity, by or with any person, that— (A) is proposed or pending after the date of the enactment of the United States Foreign Investment Review Act of 2017 ; and (B) could result in foreign control of any person that— (i) is engaged in interstate commerce in the United States; and (ii) (I) in the case of a transaction involving a state-owned enterprise, is valued at $50,000,000 or more; and (II) in the case of any other transaction, is valued at $1,000,000,000 or more. (3) Person The term person means an individual or entity. (4) Secretary The term Secretary means the Secretary of Commerce. (5) State-owned enterprise The term state-owned enterprise means— (A) an entity that is owned by, controlled by, or under the influence of, a national, provincial, or local government in a foreign country or an agency of such a government