This legislation aims to bolster the United States' semiconductor supply chain by increasing foreign direct investment in domestic manufacturing and production. Congress finds that semiconductors are vital for both the economy and national security, but the current global supply chain is vulnerable, necessitating onshoring, reshoring, or diversifying key segments like fabrication and advanced packaging. The bill leverages the Department of Commerce's SelectUSA program to attract private capital and grow domestic capacity in these critical areas. Within 180 days, SelectUSA's Executive Director must solicit comments from State-level economic development organizations to identify effective federal support, existing barriers, and resource gaps related to attracting semiconductor FDI. Based on this input, SelectUSA will develop recommendations on how to increase investment, both independently and in partnership with these organizations, while also ensuring foreign adversaries do not benefit. Finally, within two years, SelectUSA must submit a report to Congress detailing its activities, strategies, and an assessment of how to further secure the United States' semiconductor supply chain, utilizing existing funds for these efforts.