1. Short title This Act may be cited as the Outbound Investment Transparency Act of 2023 . 2. Protection of covered sectors The Defense Production Act of 1950 ( 50 U.S.C. 4501 et seq. ) is amended by adding at the end the following: VIII Protection of covered sectors 801. Definitions In this title: (1) Appropriate congressional committees The term appropriate congressional committees means— (A) the Committee on Armed Services, the Committee on Finance, the Committee on Banking, Housing, and Urban Affairs, the Select Committee on Intelligence, and the Committee on Foreign Relations of the Senate; and (B) the Committee on Armed Services, the Committee on Ways and Means, the Committee on Financial Services, the Permanent Select Committee on Intelligence, and the Committee on Foreign Affairs of the House of Representatives. (2) Country of concern The term country of concern means, subject to such regulations as may be prescribed in accordance with section 806, a country specified in section 4872(d)(2) of title 10, United States Code. (3) Covered activity (A) In general Subject to such regulations as may be prescribed in accordance with section 806, and except as provided in subparagraph (B), the term covered activity means any activity engaged in by a United States person in a related to a covered sector that involves— (i) an acquisition by such United States person of an equity interest or contingent equity interest, or monetary capital contribution, in a covered foreign entity, directly or indirectly, by contractual commitment or otherwise, with the goal of generating income or gain; (ii) an arrangement for an interest held by such United States person in the short- or long-term debt obligations of a covered foreign entity that includes governance rights that are characteristic of an equity investment, management, or other important rights, as defined in regulations prescribed in accordance with section 806