SEC. 2. SENSE OF CONGRESS. 
It is the sense of Congress that— 
(1) the ability of the United States to attract 
foreign direct investment is directly linked to the 
long-term economic prosperity, global competitive-
ness, and security of the United States; 
(2) it is a top national priority to enhance the 
global competitiveness, prosperity, and security of 
the United States by— 
(A) removing unnecessary barriers to for-
eign direct investment and the jobs that such 
investment creates throughout the United 
States; 
(B) promoting policies to ensure the 
United States remains the premier global des-
tination to invest, hire, innovate, provide serv-
ices and manufacture products; and 
(C) promoting policies to ensure the 
United States remains the global leader in de-
veloping and deploying cutting-edge tech-
nologies such as self-driving vehicle technology, 
artificial intelligence, Internet of Things, quan-
tum computing, blockchain, and the like; 
(3) maintaining the United States commitment 
to open investment policy encourages other countries 
to reciprocate and enables the United States to open 
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new markets abroad for United States companies 
and their products; 
(4) while foreign direct investment can enhance 
the United States economic strength, policies regard-
ing foreign direct investment should reflect national 
security interests and should not disadvantage do-
mestic investors or companies; 
(5) United States efforts to attract foreign di-
rect investment should be consistent with efforts to 
maintain and improve the domestic standard of liv-
ing; and 
(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 such as data 
localism and infringement of intellectual property 
rights must be addressed. 
SEC. 3. FOREIGN DIRECT INVESTMENT REVIEW. 
(a) REVIEW.—The Secretary of Commerce, in coordi-
nation with the Federal Interagency Investment Working 
Group and the heads of other relevant Federal depart-
ments and agencies, shall conduct an interagency review 
of the global competitiveness of the United States in at-
tracting foreign direct and addressing key foreign trade 
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barriers that firms in advanced technology sectors face in 
the global digital economy. 
(b) SPECIFIC MATTERS TO BE INCLUDED.—The re-
view conducted pursuant to subsection (a) shall include 
a review of— 
(1) the current economic impact of foreign di-
rect investment in the United States, with particular 
focus on manufacturing, services, research and de-
velopment, trade (with an emphasis on digital 
trade), and jobs; 
(2) trends in global cross-border investment and 
data flows and the underlying factors for such 
trends; 
(3) Federal Government policies that are closely 
linked to the ability of the United States to attract 
and retain foreign direct investment; 
(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 reflecting merger and acquisition 
activity; 
(6) the unique challenges posed by foreign di-
rect investment, particularly acquisitions, by state- 
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owned or state-backed enterprises, especially from 
state-directed economies; 
(7) how other countries are dealing with the 
challenge of state-directed and supported investment 
and whether there are opportunities to work with 
like-minded nations in addressing these shared chal-
lenges; 
(8) ongoing Federal Government efforts to im-
prove the investment climate and facilitate greater 
levels of foreign direct investment in the United 
States; 
(9) innovative and noteworthy State, regional, 
and local government initiatives to attract foreign in-
vestment; 
(10) initiatives by other countries in order to 
identify best practices for increasing global competi-
tiveness in attracting foreign direct investment; 
(11) the impact that protectionist policies by 
other countries, such as forced data localism rules, 
forced localization of production, industrial sub-
sidies, 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; 
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(12) other barriers to the United States ability 
to compete globally in an increasingly connected and 
digital globally economy, for instance, the use of 
technical barriers to trade (such as country specific 
standards for technology products and digital serv-
ices); and 
(13) the adequacy of efforts by the Federal 
Government to increase the ease for foreign firms 
considering investment in the United States. 
(c) LIMITATION.—The review conducted pursuant to 
subsection (a) shall not address laws or policies relating 
to the Committee on Foreign Investment in the United 
States. 
(d) PUBLIC COMMENT.—Prior to— 
(1) conducting the review under subsection (a), 
the Secretary shall publish notice of the review in 
the Federal Register and shall provide an oppor-
tunity for public comment on the matters to be cov-
ered by the review; and 
(2) reporting pursuant to subsection (e), the 
Secretary shall publish the proposed findings and 
recommendations to Congress in the Federal Reg-
ister and shall provide an opportunity for public 
comment. 
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(e) REPORT TO CONGRESS.—Not later than one year 
after the date of enactment of this Act, the Secretary of 
Commerce, in coordination with the Federal Interagency 
Investment Working Group and the heads of other rel-
evant Federal departments and agencies, shall report to 
Congress the findings of the review required under sub-
section (a) and submit recommendations for increasing the 
global competitiveness of the United States in attracting 
foreign direct investment and developing 21st century 
technologies and services, without weakening national se-
curity, labor, consumer, financial, or environmental pro-
tections. 
Æ 
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