AN ACT relating to adversarial foreign transactions in the Commonwealth.

Create a new section of KRS Chapter 39G to define "center," "executive director," "foreign enterprise," and "resident of the Commonwealth"; prohibit a resident of the Commonwealth from engaging in a transaction with a foreign enterprise if the transaction would result in foreign control of intellectual property, infrastructure, technology, or assets critical to the economic security of the Commonwealth, obstruction of counter-intelligence efforts, or would compromise the economic security of the Commonwealth; require the Kentucky Intelligence Fusion Center to review and investigate a transaction between a foreign enterprise and a resident of the Commonwealth; require the center to notify the executive director of the Kentucky Office of Homeland Security once it has determined that a transaction would compromise the economic security of the Commonwealth; require the center to refer the matter to the appropriate federal authorities if a transaction would compromise the security of the United States; allow the center to contact other state and local agencies and access state and local databases if necessary in pursuit of a review or an investigation; require the center to assess whether the transaction between a foreign enterprise and a resident of the Commonwealth would pose a threat to the security of the Commonwealth, the level of threat the transaction would pose, whether that threat has been mitigated, whether the transaction is with or on behalf of a foreign government, and whether a foreign entity may obtain control of critical infrastructure, technology, or assets critical to the economic security of the Commonwealth; require the center to refer the matter to the Attorney General and notify the executive director of the Kentucky Office of Homeland Security if it determines that the transaction would pose as a threat to the Commonwealth and the threat cannot be mitigated; require the center to meet with the co-chairs of the Legislative Oversight and Investigations Committee at least twice a year to discuss any findings in its review or investigations that would compromise the economic security of the Commonwealth; allow either co-chair of the Legislative Investigations and Oversight Committee to compel additional meetings; require the co-chairs of the Legislative Oversight and Investigations Committee to have required security clearance before meeting with the center; prohibit the center from meeting with the co-chairs if neither have obtained the required security clearance; exempt the meeting between the center and the co-chairs of the Legislative Oversight and Investigations Committee from the Kentucky Open Meetings Act and exempt any records produced in the meeting from the Kentucky Open Records Act; require center to submit an annual report to the Legislative Oversight and Investigations Committee; exempt certain data from the report from the Kentucky Open Records Act; exempt certain data from the report from the Kentucky Open Meetings Act; direct that the first report to the Legislative Oversight and Investigations Committee be issued by July 1, 2027.