This legislation, known as the Chip Security Act, aims to bolster U.S. national security and foreign policy objectives by safeguarding advanced integrated circuit products. It mandates the Secretary of Commerce to establish and enforce chip security mechanisms for these products, particularly those classified under specific Export Control Classification Numbers, before they are exported, reexported, or transferred within a foreign country. Within 180 days of enactment, the Secretary must require all covered integrated circuit products to be outfitted with location verification chip security mechanisms . Additionally, persons authorized to export these products must promptly report any credible information regarding unauthorized locations, user diversions, or tampering attempts. These initial requirements are designed to improve compliance with U.S. export control laws and prevent illicit use. The Act further directs the Secretary to conduct an assessment within one year to identify and develop requirements for secondary chip security mechanisms . This assessment will examine the feasibility, reliability, and cost-benefit of methods to prevent tampering, modify functionality of illicitly acquired products, and enhance detection of unauthorized access. Following this, if deemed appropriate, the Secretary must implement these secondary mechanisms within two years of completing the assessment, prioritizing confidentiality. To ensure ongoing effectiveness, the Secretary is granted enforcement authority, including the ability to verify product ownership and location, and maintain a record of covered integrated circuit products. The bill also requires annual assessments for three years, starting two years after enactment, to evaluate new chip security technologies and recommend modifications to export controls based on enhanced security features.