In exchange for pleading guilty to fraud, Boeing would be fined, promise to make safety improvements, and be placed under a three-year probationary period.
In June, it was reported that the U.K. government was withholding the approval of a $253 million loan guarantee promised in order to shore up the shipbuilder's finances.
The company will focus on restructuring its assets, capital, investment portfolio and organizational structure as well as corporate governance reforms.
Boeing will have until July 5 to decide whether to plead guilty to the charges, the department told the families of victims of two fatal 737 Max crashes and their attorneys in a meeting June 30.
Six senators sent the Biden administration a letter asking what steps were being taken to ensure that imports of the oil, known as UCO, do not contain virgin vegetable oil.