S.Amdt. 1872

SA 1872. Mr. CORNYN (for himself and Mrs. Feinstein) submitted an
amendment intended to be proposed to amendment SA 1502 proposed by Mr.
Schumer to the bill S. 1260, to establish a new Directorate for
Technology and Innovation in the National Science Foundation, to
establish a regional technology hub program, to require a strategy and
report on economic security, science, research, innovation,
manufacturing, and job creation, to establish a critical supply chain
resiliency program, and for other purposes; which was ordered to lie on
the table; as follows:

At the end of subtitle B of title II of division E, add
the following:

SEC. 5214. COORDINATION OF SCREENING OF FOREIGN DIRECT
INVESTMENT.

(a) Findings.--Congress makes the following findings:
(1) Strategic investment through foreign direct investment
has emerged as a threat posed by countries that do not abide
by or respect the rules-based, global trading system.
(2) Such countries continue to exploit gaps in the
uncoordinated and divided framework among countries that do
abide by the rules-based, global trading system, both in
developed countries by investments in critical technologies
and supply chains and developing countries, while creating
dependencies, debt traps, and exploitation of natural
resources without improving the living conditions in such
countries.
(b) Sense of Congress.--It is the sense of Congress that
the United States should work with other developed countries
that abide by the rules-based, global trading system to
improve the effectiveness of their screening of foreign
direct investment through better coordination, including by--
(1) establishing a group dedicated to improving such
screening at a forum of heads of state, such as the Group of
7;
(2) developing and agreeing to written best practices and a
commitment to sharing relevant information at the ministerial
level; and
(3) using technical assistance to assist developing
countries in establishing foreign direct investment screening
mechanisms.
(c) Report on Coordination of Screening of Foreign Direct
Investment.--
(1) In general.--Not later than 180 days after the date of
the enactment of this Act, the Secretary of the Treasury, in
consultation with the Secretary of State, shall submit to
appropriate committees of Congress a report on the work done
as of the date of the report under section 721(c)(3) of the
Defense Production Act of 1950 (50 U.S.C. 4565(c)(3)) to
establish a formal process for the exchange of information
relating to foreign investment with countries that are allies
or partners of the United States.
(2) Elements.--The report required by paragraph (1) shall
include--
(A) a description of the work described in paragraph (1),
including a list of the countries and engagements as of the
date of the report conducted under section 721(c)(3) of the
Defense Production Act of 1950;
(B) a description of the formal process established under
that section;
(C) a table showing the amounts expended as of the date of
the report under that section, disaggregated by fiscal year,
country, and purpose;
(D) a description of plans to establish a forum at the
Group of 7 or other forum to discuss international
harmonization of foreign direct investment screening, best
practices, and technical assistance to foreign countries, or
any other actions taken or planned to achieve those same
objectives; and
(E) any recommendations to Congress on ways to improve
international harmonization of foreign direct investment
screening, best practices, and technical assistance to
foreign countries.
(3) Appropriate committees of congress defined.--The term
``appropriate committees of Congress'' means--
(A) the Committee on Finance, the Committee on Banking,
Housing, and Urban Affairs, and the Committee on
Appropriations of the Senate; and
(B) the Committee on Financial Services, the Committee on
Ways and Means, and the Committee on Appropriations of the
House of Representatives.
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