; (CC) initiate a unilateral review of the transaction under subparagraph (D); or (DD) notify the parties in writing that the Committee has completed all action under this section with respect to the transaction. (bb) Timing The Committee shall endeavor to take action under item (aa) within 30 days of receiving a declaration under this clause. (cc) Rule of construction Nothing in this subclause (other than item (aa)(CC)) shall be construed to affect the authority of the President or the Committee to take any action authorized by this section with respect to a covered transaction. (V) Regulations The Committee shall prescribe regulations establishing requirements for declarations submitted under this clause. In prescribing such regulations, the Committee shall ensure that such declarations are submitted as abbreviated notifications that would not generally exceed 5 pages in length. . 6. Stipulations regarding transactions Section 721(b)(1)(C) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(b)(1)(C) ), as amended by section 5, is further amended by adding at the end the following: (vi) Stipulations regarding transactions (I) In general In a written notice submitted under clause (i) or a declaration submitted under clause (v) with respect to a transaction, a party to the transaction may— (aa) stipulate that the transaction is a covered transaction; and (bb) if the party stipulates that the transaction is a covered transaction under item (aa), stipulate that the transaction is a foreign government-controlled transaction. (II) Basis for stipulation A written notice submitted under clause (i) or a declaration submitted under clause (v) that includes a stipulation under subclause (I) shall include a description of the basis for the stipulation. . 7. Authority for unilateral initiation of reviews Section 721(b)(1) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(b)(1) ) is amended— (1) by redesignating subparagraphs (E) and (F) as subparagraphs (F) and (G), respectively