Sec. 4. Foreign direct investment review
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The Secretary, in consultation with the Federal Interagency Investment Working Group established pursuant to Executive Order 13577 (76 Fed. Reg. 35715; relating to establishment of the SelectUSA Initiative) and in consultation with the heads of other relevant agencies, shall conduct an interagency review of the global competitiveness of the United States in— attracting foreign direct investment from responsible private-sector entities based in trusted countries; and addressing key foreign trade barriers that firms in advanced technology sectors face in the global digital economy. The review conducted pursuant to subsection
(a)shall include a review of— the economic impact of foreign direct investment in the United States, with particular focus on manufacturing, services, trade (with an emphasis on digital trade), and United States jobs; trends in global cross-border investment and data flows and the underlying factors for such trends; Federal Government policies, that facilitate foreign direct investment attraction and retention from responsible private-sector entities based in trusted countries; foreign direct investment as compared to direct investment by domestic entities; foreign direct investment that takes the form of greenfield investment rather than foreign direct investment relating to merger and acquisition activity; the unique challenges posed by foreign direct investment, particularly acquisitions, in the United States by State-owned or State-backed enterprises, especially from State-directed economies, including companies or other entities owned, directed, supported, or influenced by the Chinese Communist Party; specific information regarding the prevalence of investments made by State-owned or State-backed enterprises, especially from State-directed economies, including companies or other entities owned, directed, supported, or influenced by the Chinese Communist Party, with a particular focus on investments relating to manufacturing, services, trade (with an emphasis on digital trade), and jobs; how other trusted countries are dealing with the challenge, including screening for and preventing market distorting investments, of State-directed and State-supported investment; and whether there are opportunities to work with like-minded nations to address such challenge; ongoing Federal Government efforts to improve the investment climate and facilitate greater levels of foreign direct investment in the United States from responsible private-sector entities based in trusted countries; innovative and noteworthy initiatives by State and local government to attract foreign investment from responsible private-sector entities based in trusted countries; initiatives by other countries to identify best practices for increasing global competitiveness in attracting foreign direct investment from responsible private-sector entities based in trusted countries; the impact that protectionist policies by other countries, including forced data localization rules, forced localization of production, industrial subsidies, and the infringement of intellectual property rights, have on the advanced technology economy of the United States; and the ability for United States located firms to develop innovative technologies; other barriers to the ability of the United States to compete globally in an increasingly connected and digital global economy, including the use of technical barriers to trade (such as country-specific standards for technology products and digital services); the adequacy of efforts by the Federal Government to encourage and facilitate foreign direct investment in the United States; efforts by the Chinese Communist Party to circumvent existing laws to gain access to United States markets, foreign direct investment responsible private-sector entities based in trusted countries, or intellectual property; and the extent to which foreign direct investment from any source, including the Chinese Communist Party, results in displacement, offshoring, or outsourcing, including the impact of such investment on supply chains. The review conducted pursuant to subsection
(a)may not address laws or policies relating to the Committee on Foreign Investment in the United States. Not sooner than 60 days before the date on which the review is commenced pursuant to subsection (a), the Secretary shall— publish notice of the review in the Federal Register; and provide an opportunity for public comment on the matters to be covered by the review. Not sooner than 60 days before the date on which the report is submitted pursuant to subsection (b), the Secretary shall— publish the proposed findings and recommendations included in the report in the Federal Register; and provide an opportunity for public comment. Not later than 1 year after the date of the enactment of this Act, the Secretary, in coordination with the Federal Interagency Investment Working Group and the heads of other relevant agencies, shall submit a report to Congress and to the Comptroller General that includes— the findings of the review conducted pursuant to subsection (a); and recommendations for increasing the global competitiveness of the United States in attracting foreign direct investment from responsible private-sector entities based in trusted countries in a manner that strengthens or maintains the security, workforce, consumer, or financial protections of the United States. Not later than 1 year after the date on which the Comptroller General of the United States receives the report pursuant to subsection (e), the Comptroller General shall submit a review and assessment of the report to Congress.
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- 76 FR 35715
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