Sec. 103. Advancing regulation of foreign investment in infrastructure projects to protect host countries’ national interests
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Congress finds that the Committee on Foreign Investment in the United States (referred to in this subsection as CFIUS ), as set forth in section 721 of the Defense Production Act of 1950 ( 50 U.S.C. 4565 )— protects United States national security interests that are related to foreign direct investment in the United States economy; and provides a mechanism by which the United States Government can respond to concerns that investments may be driven by political, rather than economic, motives.
The Secretary of State, working through the Assistant Secretary of State for Economic and Business Affairs and the Assistant Secretary of State for International Narcotics and Law Enforcement Affairs, in coordination with the Secretary of the Treasury, shall offer to provide technical assistance to partner governments in Latin America and the Caribbean to assist members of national legislatures and executive branch officials in establishing legislative and regulatory frameworks that are similar to the frameworks set forth in section 721 of the Defense Production Act of 1950 ( 50 U.S.C. 4565 ).
In carrying out subsection (b), the Secretary of State, in coordination with the Secretary of the Treasury, shall actively encourage partner governments— to protect their respective country’s national security interests; to protect the national security interests of their allies; and to review and approve, suspend, or prohibit investments and projects, on a case-by-case basis and in the aggregate, to evaluate and assess their potential risk to such national security interests.
In providing the technical assistance described in subsection (b), the Secretary of State shall conduct diplomatic engagement with legislators from countries vital to the interests of the United States to encourage them to adopt legislation described in subsections
(b)and
(c)to regulate infrastructure development projects. Not later than 90 days after the date of the enactment of this Act, the Secretary of State shall submit a strategy for carrying out the activities described in subsections
(b)through
(d)to— the Committee on Foreign Relations of the Senate ; the Committee on Appropriations of the Senate ; the Committee on Banking, Housing, and Urban Affairs of the Senate ; the Committee on Foreign Affairs of the House of Representatives ; the Committee on Appropriations of the House of Representatives ; and the Committee on Financial Services of the House of Representatives . Not later than 180 days after the date of the enactment of this Act, and every 180 days thereafter, the Secretary of State shall provide a briefing regarding the activities described in subsections
(b)through
(d)and the strategy submitted under subsection
(e)to— the Committee on Foreign Relations of the Senate ; and the Committee on Foreign Affairs of the House of Representatives . There is authorized to be appropriated to the Secretary of State $10,000,000 for fiscal year 2020 to carry out the activities set forth in subsections
(b)through (d). Amounts appropriated pursuant to paragraph
(1)are subject to the notification requirements applicable to expenditures from the Economic Support Fund under section 531(c) of the Foreign Assistance Act of 1961 ( 22 U.S.C. 2346(c) ) and the International Narcotics and Law Enforcement Fund under section 489 of the Foreign Assistance Act of 1961 ( 22 U.S.C. 2291h ), to the extent that such funds are expended.
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Sec. 103
Advancing regulation of foreign investment in infrastructure projects to protect host countries’ national interests
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