Sec. 156. Multilateral microelectronics security fund
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There is established in the Treasury of the United States a trust fund, to be known as the Multilateral Microelectronics Security Fund (in this section referred to as the Fund ), consisting of amounts deposited into the Fund under paragraph
(2)and any amounts that may be credited to the Fund under paragraph (3). There are authorized to be appropriated $750,000,000 to be deposited in the Fund. The Secretary of the Treasury shall invest such portion of the Fund as is not required to meet current withdrawals in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to and form a part of the Fund. Subject to subparagraph (B), amounts in the Fund shall be available, as provided in advance in an appropriations Act, to the Secretary of State— to provide funding through the common funding mechanism described in subsection (b)(1) to support the development and adoption of measurably secure microelectronics and measurably secure microelectronics supply chains; and to otherwise carry out this section. Amounts in the Fund shall be available to the Secretary of State on and after the date on which the Secretary enters into an agreement with the governments of countries that are partners of the United States to participate in the common funding mechanism under paragraph
(1)of subsection
(b)and the commitments described in paragraph
(2)of that subsection. Amounts in the Fund shall remain available through the end of the tenth fiscal year beginning after the date of the enactment of this Act. Any amounts remaining in the Fund after the end of the fiscal year described in subparagraph
(A)shall be deposited in the general fund of the Treasury. The Secretary of State, in consultation with the Secretary of Commerce, the Secretary of Defense, the Secretary of Homeland Security, the Secretary of the Treasury, and the Director of National Intelligence, shall seek to establish a common funding mechanism, in coordination with the governments of countries that are partners of the United States, that uses amounts from the Fund, and amounts committed by such governments, to support the development and adoption of secure microelectronics and secure microelectronics supply chains, including for use in research and development collaborations among countries participating in the common funding mechanism. The Secretary of State, in consultation with the United States Trade Representative, the Secretary of the Treasury, and the Secretary of Commerce, shall seek to negotiate a set of mutual commitments with the governments of countries that are partners of the United States upon which to condition any expenditure of funds pursuant to the common funding mechanism described in paragraph (1). Such commitments shall, at a minimum— establish transparency requirements for any subsidies or other financial benefits (including revenue foregone) provided to microelectronics firms located in or outside such countries; establish consistent policies with respect to countries that— are not participating in the common funding mechanism; and do not meet transparency requirements established under subparagraph (A); promote harmonized treatment of microelectronics and verification processes for items being exported to a country considered a national security risk by a country participating in the common funding mechanism; establish consistent policies and common external policies to address nonmarket economies as the behavior of such countries pertains to microelectronics; align policies on supply chain integrity and microelectronics security, including with respect to protection and enforcement of intellectual property rights; and promote harmonized foreign direct investment screening measures with respect to microelectronics to align with national and multilateral security priorities. Not later than 1 year after the date of the enactment of this Act, and annually thereafter for each fiscal year during which amounts in the Fund are available under subsection (a)(5), the Secretary of State shall submit to Congress a report on the status of the implementation of this section that includes a description of— any commitments made by the governments of countries that are partners of the United States to providing funding for the common funding mechanism described in subsection (b)(1) and the specific amount so committed; the criteria established for expenditure of funds through the common funding mechanism; how, and to whom, amounts have been expended from the Fund; amounts remaining in the Fund; the progress of the Secretary of State toward entering into an agreement with the governments of countries that are partners of the United States to participate in the common funding mechanism and the commitments described in subsection (b)(2); and any additional authorities needed to enhance the effectiveness of the Fund in achieving the security goals of the United States.