to identify and mitigate foreign influence in National Industrial Security Program (a) In general Not later than 540 days after the date of the enactment of this Act, the Director, in consultation with the cognizant security agencies, shall submit to the appropriate committees of Congress a strategy, to be known as the National Strategy to Mitigate Foreign Influence in the National Industrial Security Program , to improve the ability of the Federal Government and entities to identify and mitigate foreign influence. (b) Elements The strategy required by subsection (a) shall include the following: (1) Processes to identify foreign influence requiring mitigation, including entity submission of standard forms and government security reviews. (2) Methods to mitigate foreign influence. (3) Practices to ensure processes to identify foreign influence and methods to mitigate foreign influence are consistent across cognizant security agencies. (4) Tools, including best practices, to assist entities in recognizing the risk of foreign influence and implementing methods to mitigate foreign influence. (5) Proposed updates to parts 117 and 2004 of title 32, Code of Federal Regulations. (6) Recommendations for legislation as the Director considers appropriate. (c) Implementation (1) In general Not later than 90 days after the date on which the strategy required under subsection (a) is submitted to the appropriate committees of Congress, the Director, in collaboration with the cognizant security agencies, shall commence implementation of the strategy. (2) Report Not later than 1 year after the date on which the Director commences implementation of the strategy required by subsection (a) in accordance with paragraph (1), the Director shall submit to the appropriate committees of Congress a report describing the efforts of the cognizant security agencies to implement the strategy and the progress of such efforts.