[Congressional Record Volume 167, Number 88 (Thursday, May 20, 2021)]
[Senate]
[Page S3291]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  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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