Investment screening initiative

(a) Establishment Not later than 180 days after the date of the enactment of this Act, the Assistant Secretary for Economic Growth shall establish the Initiative on Foreign Investment Screening (in this section referred to as the Initiative). (b) Coordination The Assistant Secretary for Economic Growth shall coordinate with the heads of other relevant Federal departments and agencies, as appropriate, in the establishment and activities of the Initiative. (c) Designated official The Assistant Secretary for Economic Growth shall designate an official to lead the Initiative. (d) Duties The Initiative shall— (1) provide technical assistance, training, and advisory services to foreign countries regarding best practices for screening foreign investments for national security risks to such countries; (2) facilitate coordination among Federal departments and agencies, the private sector, partner countries, and civil society to promote investment security standards; (3) support the development and implementation of foreign investment screening mechanisms in partner countries through regulatory guidance and information sharing; (4) assess the progress of partner countries in establishing robust investment screening mechanisms; and (5) conduct outreach and capacity-building efforts to enhance global awareness of investment security risks. (e) Sunset This section shall terminate on the date that is three years after the date on which the Initiative is established pursuant to subsection (a).