H.R. 6707 — CFIUSMCA Act

This section states the sense of Congress that Canada and Mexico should establish foreign investment review frameworks similar to that of the Committee on Foreign Investment in the United States (CFIUS) under section 721 of the Defense Production Act of 1950 (50 U.S.C. 4565) to advance North American national security interests amid approximately $1 trillion in annual U.S. bilateral trade with each country. The section directs the U.S. Trade Representative (USTR), during the first USMCA joint review after enactment and subject to 19 U.S.C. 4611, to advocate for (1) each USMCA country to implement a CFIUS-like framework for reviewing foreign investments in strategically important economic sectors (e.g., artificial intelligence, biotechnologies, quantum technologies) and critical infrastructure for national security risks; and (2) a coordination mechanism overseen by the USTR, Secretary of State, and Secretary of the Treasury to enhance communication, information exchange, notification, and resolution of cross-border investment threats. The section further requires the USTR to coordinate with the Secretaries of the Treasury and State on technical assistance to USMCA countries for such frameworks—consulting the House Ways and Means and Senate Finance Committees—and defines terms including critical infrastructure, foreign investment, national security risk, and strategically important economic sectors.