This bill mandates the Secretary of State to establish the Initiative on Foreign Investment Screening within 180 days of enactment, which will operate for three years. The initiative aims to address national security risks associated with foreign investments, such as vulnerabilities in critical infrastructure, sensitive technology, and supply chains, recognizing that many foreign countries lack robust screening frameworks. The Initiative's primary duties include providing technical assistance, training, and advisory services to foreign countries on best practices for screening foreign investments for national security risks. It will also facilitate coordination among U.S. agencies, the private sector, and partner countries to promote strong investment security standards, and support the development and implementation of screening mechanisms in partner countries through regulatory guidance and information sharing. Additionally, the Initiative is tasked with assessing the progress of partner countries in establishing robust screening mechanisms and conducting outreach to enhance global awareness of investment security risks. The Secretary of State is required to submit annual reports to Congress for three years, detailing the assistance provided, evaluating partner countries' progress, assessing emerging national security risks, and offering recommendations for future U.S. engagement in investment security assistance.