[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1092 Introduced in House (IH)]
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117th CONGRESS
1st Session
H. R. 1092
To place temporary restrictions on acquisitions by the People's
Republic of China, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 18, 2021
Mr. Banks introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committees on
Energy and Commerce, and 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 place temporary restrictions on acquisitions by the People's
Republic of China, 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. RESTRICTION ON ACQUISITIONS BY THE PEOPLE'S REPUBLIC OF
CHINA.
(a) In General.--The Committee on Foreign Investment in the United
States shall review, and the President shall deny, any purchase of a
controlling interest in a covered company by a covered foreign
interest, except as provided by subsection (b).
(b) Waiver.--The President may approve the purchase of a
controlling interest in a covered company by a covered foreign interest
if the President, acting through the Committee on Foreign Investment in
the United States, determines--
(1) that it is not in the interest of the United States to
take further action under section 721 of the Defense Production
Act of 1950 (50 U.S.C. 4565) with respect to such purchase;
(2) that the purchase price was not significantly affected
by the COVID-19 pandemic; and
(3) that sale of the covered company to a covered foreign
interest will not permit the covered foreign interest
additional access to distribute propaganda or otherwise alter
U.S. news and media consumption.
(c) Sunset.--This section shall cease to have any force or effect
on and after the date on which the President--
(1) determines that the United States has substantially
recovered from the economic impacts of COVID-19; and
(2) notifies the Committee on Foreign Investment in the
United States, the Congress, and the public of such
determination.
(d) Definitions.--In this section:
(1) Covered company.--The term ``covered company'' means
any company registered and doing business in the United States
that is--
(A) critical infrastructure, as described section
721(a)(4)(D)(ii)(II) of the Defense Production Act of
1950 (50 U.S.C. 4565(a)(4)(D)(iii)(II));
(B) engaged in the production and dissemination of
news media; or
(C) otherwise determined to be critical to national
security, critical infrastructure, or culturally
significant by the President.
(2) Covered foreign interest.--The term ``covered foreign
interest'' shall mean--
(A) the Government of the People's Republic of
China;
(B) any entity partially or wholly owned or
controlled by the Government of the People's Republic
of China, and any subsidiaries of such an entity;
(C) any other entity registered in the People's
Republic of China with substantial ties to the
Government of the People's Republic of China; and
(D) any other entity that the President determines
to be subject to the control (as defined under section
721(a)(3) of the Defense Production Act of 1950 (50
U.S.C. 4565(a)(3))), whether direct or indirect, of the
Government of the People's Republic of China.
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