[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8407 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 8407
To require the Securities and Exchange Commission to assess whether the
disclosure of information related to investments in certain entities is
necessary or appropriate for the purposes of certain reports under the
securities laws, to establish the Entities of the People's Republic of
China that Threaten United States National Security List, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 29, 2020
Mr. Reschenthaler (for himself, Mr. McCaul, and Mr. Riggleman)
introduced the following bill; which was referred to the Committee on
Financial Services, and in addition to the Committee on Foreign
Affairs, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
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A BILL
To require the Securities and Exchange Commission to assess whether the
disclosure of information related to investments in certain entities is
necessary or appropriate for the purposes of certain reports under the
securities laws, to establish the Entities of the People's Republic of
China that Threaten United States National Security List, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Protecting National Security in
Financial Investments Act''.
SEC. 2. ASSESSMENT OF INFORMATION WITH RESPECT TO INVESTMENTS IN
CERTAIN ENTITIES.
(a) In General.--Not later than 360 days following the date of the
enactment of this Act, the Securities and Exchange Commission, in
consultation with the Secretary of the Treasury, shall submit to the
Committee on Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate a report
assessing whether disclosure of investments in entities on the entity
list by an issuer qualifies as necessary or appropriate for the
purposes of section 13(a) of the Securities Exchange Act of 1934.
(b) Rulemaking.--Not later than 180 days following submission of
the report required under subsection (a), the Securities and Exchange
Commission shall prescribe regulations requiring an issuer to disclose
in any annual report required under section 13 of the Securities
Exchange Act of 1934, and in any prospectus in connection with an
initial public offering, the information assessed by the Commission in
such report to be necessary or appropriate for the purposes of
subsection (a) of such section 13.
(c) Definitions.--In this section:
(1) Entity list.--The term ``entity list'' means the list
maintained by the Bureau of Industry and Security of the
Department of Commerce and set forth in Supplement No. 4 to
part 744 of the Export Administration Regulations.
(2) Export administration regulations.--The term ``Export
Administration Regulations'' means subchapter C of chapter VII
of title 15, Code of Federal Regulations.
SEC. 3. ENTITIES OF THE PEOPLE'S REPUBLIC OF CHINA THAT THREATEN UNITED
STATES NATIONAL SECURITY LIST.
(a) In General.--Not later than one year after the date of the
enactment of this Act, and annually thereafter, the Secretary of State,
in consultation with the Director of National Intelligence, the
Secretary of Defense, and the Secretary of Commerce, shall submit to
the Congress a list of--
(1) each entity of the People's Republic of China
associated with the People's Liberation Army, the Chinese
People's Armed Police Force, the Ministry of State Security, or
the China Coast Guard, including any entity that--
(A) is a listed military supplier;
(B) is licensed to engage in military production;
(C) is carrying out a declared military-civil
fusion business strategy;
(D) is a military factory representative, on-site;
(E) maintains an office in a military-civil fusion-
linked industrial zone;
(F) is a defense contractor or is involved in a
defense contractor partnership;
(G) is engaged in collaborative efforts with a
defense research and development university;
(H) is a subsidiary of a defense university; or
(I) is a military-civil fusion funding provider or
recipient; and
(2) each entity of the People's Republic of China that is
owned, controlled, or influenced by an entity on the entity
list.
(b) Reference.--The list required by subsection (a) may be referred
to as the ``Entities of the People's Republic of China that Threaten
United States National Security List''.
(c) Public Availability.--The Secretary of State shall make each
list submitted pursuant to subsection (a) available to the public,
including on a website of the Department of State, but shall remove any
classified portions of such list.
(d) Statement of Policy.--It is the policy of the United States
that the Entities of the People's Republic of China that Threaten
United States National Security List should inform Federal Government
policy.
(e) Definitions.--In this section:
(1) Entity list.--The term ``entity list'' means the list
maintained by the Bureau of Industry and Security of the
Department of Commerce and set forth in Supplement No. 4 to
part 744 of the Export Administration Regulations.
(2) Export administration regulations.--The term ``Export
Administration Regulations'' means subchapter C of chapter VII
of title 15, Code of Federal Regulations.
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