Protecting American Business from Foreign Adversaries Act of 2022
This bill requires specified companies and other entities associated with a foreign country to register an agent with the Department of Commerce for service of process (i.e., the legal process for notifying a defendant that legal action has been taken against them) in the United States.
Specifically, a corporation or other commercial entity conducting business in the United States must register an agent if the entity (1) is organized under the laws of, or has its principal place of business in, a foreign country; (2) has a majority of shares held by an individual or a group of individuals who reside in a foreign country; or (3) is owned by individuals or entities who reside in or are headquartered outside of the United States and the majority of the entity's earnings are derived from commerce outside of the United States.