1. Short title This Act may be cited as the True Reciprocity Investment Act of 2017 . 2. Consideration of reciprocity of foreign investment Section 721 of the Defense Production Act of 1950 ( 50 U.S.C. 4565 ) is amended by adding at the end the following: (o) Consideration of reciprocity of foreign investment (1) Report required Not later than 30 days after the date of the enactment of the True Reciprocity Investment Act of 2017 , and annually thereafter, the United States Trade Representative shall, in consultation with the Secretary of Commerce and the Secretary of the Treasury, submit to the appropriate congressional committees a report assessing the extent to which the governments of foreign countries allow investments by United States persons in those countries that are similar to investments in the United States made by entities organized under the laws of those countries. (2) Elements The report required by paragraph (1) shall include, with respect to each country that is a major trading partner of the United States, the following: (A) A description of the laws, policies, and practices of the country with respect to foreign investment. (B) A comparison of such laws, policies, and practices with the laws, policies, and practices of the United States with respect to foreign investment. (C) An assessment of laws, policies, and practices by the government of the country that prohibit, restrict, or delay investment in the country by United States persons. (D) An identification of which such laws, policies, and practices have had the most significant effect on investment in that country by United States persons. (E) An identification of the industries in the United States that have been most severely affected by such laws, policies, and practices. (F) An assessment of the transparency of the process for making such laws, policies, and practices. (G) If a bilateral investment treaty is in effect between the United States and the country, an assessment of the extent to which the government of the country has