; (3) to adopt the least burdensome alternative that achieves regulatory objectives; (4) to prioritize transparency and stakeholder involvement in the process of prescribing the regulations; and (5) to regularly review and streamline existing regulations to reduce redundancy and complexity. 807. Multilateral engagement and coordination (a) In general The President shall delegate the authorities and functions under this section to the Secretary of State. (b) Authorities The Secretary of State, in coordination with the Secretary of the Treasury, the Secretary of Commerce, the United States Trade Representative, and the Director of National Intelligence, shall— (1) conduct bilateral and multilateral engagement with the governments of countries that are allies and partners of the United States to ensure coordination of protocols and procedures with respect to covered activities with countries of concern and covered foreign entities; and (2) upon adoption of protocols and procedures described in paragraph (1), work with those governments to establish mechanisms for sharing information, including trends, with respect to such activities. (c) Strategy for development of outbound investment screening mechanisms The Secretary of State, in coordination with the Secretary of the Treasury and in consultation with the Attorney General, shall— (1) develop a strategy to work with countries that are allies and partners of the United States to develop mechanisms comparable to this title for the notification of covered activities