(C) promoting policies to ensure the United 
States remains the global leader in developing 
and deploying cutting-edge technologies, such as 
self-driving vehicle technology, artificial intel-
ligence, Internet of Things, quantum computing, 
blockchain; and 
(D) promoting policies that maintain and 
expand resilient supply chains and reduce the 
dependence of the United States on supply 
chains from China and other foreign adversaries; 
(3) maintaining the United States commitment 
to an open investment policy with private-sector enti-
ties based in trusted countries encourages other coun-
tries to reciprocate and enable the United States to 
open new markets abroad for United States compa-
nies and their products; 
(4) while foreign direct investment by responsible 
private-sector entities based in trusted countries can 
enhance the United States economic strength, policies 
regarding foreign direct investment should reflect se-
curity interests and should not disadvantage domestic 
investors, companies, or the workforce; 
(5) United States efforts to attract foreign direct 
investment from responsible private-sector entities 
based in trusted countries should be consistent with 
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efforts to maintain and improve the domestic stand-
ard-of-living, including for the workforce; 
(6) as digital information becomes increasingly 
important to the United States economy and the de-
velopment of new technologies and services that will 
be crucial to the country’s competitiveness in the 21st 
century global economy, barriers including data local-
ization and infringement of intellectual property 
rights must be further addressed; 
(7) foreign direct investment by companies or 
other entities owned, directed, supported, or influ-
enced by the Chinese Communist Party is a threat to 
United States security and merits an aggressive pol-
icy framework to protect United States interests, jobs, 
intellectual property, and security; 
(8) foreign direct investment from any source 
should not result in the net loss of United States eco-
nomic activity, productive capabilities, and supply 
chain resilience; and 
(9) foreign direct investment from any source 
should strengthen United States security and support 
United States workforce, health and safety, consumer, 
and financial standards. 
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SEC. 3. FOREIGN DIRECT INVESTMENT REVIEW. 
(a) REVIEW.—The Secretary and the Comptroller Gen-
eral of the United States, in consultation with the Federal 
Interagency Investment Working Group established pursu-
ant to Executive Order 13577 (76 Fed Reg. 35715; relating 
to establishment of the SelectUSA Initiative) and in con-
sultation 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 dig-
ital economy. 
(b) SPECIFIC MATTERS TO BE INCLUDED.—The re-
view conducted pursuant to subsection (a) shall include a 
review of the following: 
(1) The economic impact of foreign direct invest-
ment in the United States, with particular focus on 
manufacturing, services, trade (with an emphasis on 
digital trade), and United States jobs. 
(2) Trends in global cross-border investment and 
data flows and the underlying factors for such trends. 
(3) Federal Government policies, that facilitate 
foreign direct investment attraction and retention 
from responsible private-sector entities based in trust-
ed countries. 
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(4) Foreign direct investment as compared to di-
rect investment by domestic entities. 
(5) Foreign direct investment that takes the form 
of greenfield investment as compared to foreign direct 
investment relating to merger and acquisition activ-
ity. 
(6) The unique challenges posed by foreign direct 
investment, particularly acquisitions, in the United 
States by State-owned or State-backed enterprises, es-
pecially from State-directed economies, including 
companies or other entities owned, directed, sup-
ported, or influenced by the Chinese Communist 
Party. 
(7) Specific information on the prevalence of in-
vestments made by State-owned or State-backed enter-
prises, especially from State-directed economies, in-
cluding companies or other entities owned, directed, 
supported, or influenced by the Chinese Communist 
Party, with a particular focus on investments relat-
ing to manufacturing, services, trade (with an em-
phasis on digital trade), and jobs. 
(8) 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 op-
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portunities to work with like-minded nations to ad-
dress such challenge. 
(9) Ongoing Federal Government efforts to im-
prove the investment climate and facilitate greater 
levels of foreign direct investment in the United 
States from responsible private-sector entities based in 
trusted countries. 
(10) Innovative and noteworthy initiatives by 
State and local government to attract foreign invest-
ment from responsible private-sector entities based in 
trusted countries. 
(11) 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. 
(12) The impact that protectionist policies by 
other countries, including forced data localization 
rules, forced localization of production, industrial 
subsidies, and the infringement of intellectual prop-
erty rights, have on the advanced technology economy 
of the United States and the ability for United States 
located firms to develop innovative technologies. 
(13) Other barriers to the ability of the United 
States to compete globally in an increasingly con-
nected and digital global economy, including the use 
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