Establish a State Department-led Initiative on Foreign Investment Screening to help U.S. allies and partners develop investment screening mechanisms similar to CFIUS.
Support legislation to establish a State Department-led Initiative on Foreign Investment Screening to help U.S. allies and partners develop investment screening mechanisms similar to CFIUS.
Occurrences
Evidence
legacy_unverified · Source version not recorded · locator unknown
Congress.gov lists S.1169 as introduced by Sen. Menendez on April 15, 2021, referred to Senate Foreign Relations, reported May 10, 2021, and still at the Introduced status. CRS summary says it would require the Department of State to establish programs engaging partner countries on regulatory harmonization and technology partnerships.
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The Senate-engrossed S.1260 included Division C, Strategic Competition Act of 2021. Section 3208 directed the Secretary of State to establish a program for regular dialogues between U.S. regulatory and technical agencies and counterpart organizations in allied and partner countries, and authorized $2.5 million for each of FY2022-FY2026.
legacy_unverified · Source version not recorded · locator unknown
The Senate roll call for S.1260 says the question was passage of the bill, the result was Bill Passed, and lists Kaine (D-VA) as Yea.
legacy_unverified · Source version not recorded · locator unknown
Section 5305 of S.1260 required a report on implementation of the formal process for information exchange between CFIUS and governments of allied or partner countries under 50 U.S.C. 4565(c)(3).
legacy_unverified · Source version not recorded · locator unknown
GovInfo lists Public Law 117-167 as approved August 9, 2022, from H.R.4346. Its cited U.S. Code references do not include 50 U.S.C. 4565, and text search of the public-law PDF did not find foreign investment or CFIUS provisions from S.1260.
Assessments
Kaine took a concrete supportive step by voting for S.1260, which contained related State Department partner-country regulatory dialogue language and a CFIUS/allies reporting provision. But the evidence does not show enactment of the promised State Department-led Initiative on Foreign Investment Screening to help allies build CFIUS-like mechanisms, and the final CHIPS and Science Act omitted the relevant foreign-investment-screening language. This is best treated as a serious but unsuccessful legislative effort, not delivery.