“To require the Secretary of State to establish the Initiative on Foreign Investment Screening, and for other purposes.”
No CRS summary available for this bill.
This section establishes the Initiative on Foreign Investment Screening in the Department of State, to be led by the Under Secretary for Economic Growth, Energy, and the Environment (or designee), requiring establishment not later than 180 days after enactment and termination three years thereafter. The Initiative must (1) provide technical assistance, training, and advisory services to foreign countries on best practices for screening foreign investments (i.e., direct or indirect investments by non-citizens or non-domestic entities) for national security risks (i.e., risks to critical infrastructure, sensitive technology, supply chains, or malign foreign influence); (2) facilitate coordination among U.S. agencies, the private sector, partner countries, and civil society to promote investment security standards; (3) support development and implementation of screening mechanisms in partner countries (i.e., countries with U.S. free trade agreements or mutual defense treaties, or others as determined by the Secretary of State) through regulatory guidance and information sharing; (4) assess partner countries' progress; and (5) conduct outreach and capacity-building on investment security risks. The Secretary of State must submit annual reports to the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations, beginning one year after enactment and for three years total, summarizing assistance provided, partner countries' progress, emerging risks, recommendations for further U.S. engagement, and criteria for designating additional partner countries.