[Congressional Record Volume 170, Number 120 (Wednesday, July 24, 2024)]
[Senate]
[Page S5432]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3114. Mr. CARDIN submitted an amendment intended to be proposed by 
him to the bill S. 4638, to authorize appropriations for fiscal year 
2025 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of subtitle F of title XII, add the following:

     SEC. 1291. ASSISTANCE TO ADVANCE FOREIGN INVESTMENT SCREENING 
                   OF UNITED STATES ALLIES AND PARTNERS TO PROTECT 
                   NATIONAL INTERESTS.

       (a) Technical Assistance to Foreign Partners.--The 
     Secretary of State, in consultation with the Secretary of the 
     Treasury and, as appropriate, the heads of other Federal 
     departments and agencies as the President determines 
     appropriate, shall offer to provide technical assistance to 
     the governments of countries that are allies and partners of 
     the United States in establishing or improving legislative 
     and regulatory frameworks to screen foreign investment for 
     national security risks that are, to the extent possible, 
     similar to the frameworks set forth in section 721 of the 
     Defense Production Act of 1950 (50 U.S.C. 4565).
       (b) Engagement With Foreign Partners.--In carrying out 
     subsection (a), the Secretary of State, in consultation with 
     the Secretary of the Treasury and, as appropriate, the heads 
     of other Federal departments and agencies, shall actively 
     encourage the government of each country that is an ally or 
     partner of the United States--
       (1) to establish transparent protocols for screening 
     foreign investment that protect the national security 
     interests of such country; and
       (2) to make decisions on the basis of the potential 
     national security risk of such investments.
       (c) Diplomatic Engagement.--In providing the technical 
     assistance described in subsection (b), the Secretary of 
     State shall--
       (1) consult closely with the intended recipient of such 
     assistance to reach a mutual understanding regarding the 
     scope and nature of the country's particular national 
     security needs with respect to investment screening and the 
     appropriate response to meet those needs, and take all 
     reasonable care to ensure any screening process is 
     transparent and national security-focused;
       (2) encourage governments of countries receiving technical 
     assistance to establish or improve the regulatory and 
     legislative frameworks to screen foreign investment as 
     described in subsection (b) to meet the security identified 
     pursuant to paragraph (1); and
       (3) prioritize the conduct of diplomatic engagement with 
     government officials, including legislators, from countries 
     whose cooperation in foreign investment screening is deemed 
     by the Secretary to be critical to the interests of the 
     United States.
       (d) Authorization of Appropriations.--There is authorized 
     to be appropriated to the Department of State for fiscal year 
     2025 $10,000,000 to carry out this section, which may be 
     administered either by the Department of State or the United 
     States Agency for International Development.
                                 ______