[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6484 Introduced in House (IH)]
<DOC>
117th CONGRESS
2d Session
H. R. 6484
To require the imposition of sanctions with respect to the People's
Republic of China if the People's Liberation Army initiates a military
invasion of Taiwan, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 25, 2022
Mr. Gallagher introduced the following bill; which was referred to the
Committee on Foreign Affairs, and in addition to the Committees on
Financial Services, Ways and Means, the Judiciary, and Rules, 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
_______________________________________________________________________
A BILL
To require the imposition of sanctions with respect to the People's
Republic of China if the People's Liberation Army initiates a military
invasion of Taiwan, 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; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Sanctions
Targeting Aggressors of Neighboring Democracies with Taiwan Act of
2022'' or the ``STAND with Taiwan Act of 2022''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Sense of Congress.
Sec. 4. Statement of policy.
Sec. 5. Definitions.
Sec. 6. Determination of the initiation of a military invasion by the
People's Liberation Army or its proxies.
Sec. 7. Imposition of sanctions with respect to members of the Chinese
Communist Party.
Sec. 8. Imposition of sanctions with respect to financial institutions
affiliated with the Chinese Communist
Party.
Sec. 9. Imposition of sanctions with respect to entities owned by or
affiliated with the Chinese Communist
Party.
Sec. 10. Prohibition on transfers of funds involving the People's
Republic of China.
Sec. 11. Prohibition on listing or trading of Chinese entities on
United States securities exchanges.
Sec. 12. Prohibition on investments by United States financial
institutions that benefit the Chinese
Communist Party.
Sec. 13. Prohibition on importation of certain goods made in the
People's Republic of China.
Sec. 14. Exceptions; waiver.
Sec. 15. Implementation; penalties.
SEC. 2. FINDINGS.
Congress makes the following findings:
(1) Taiwan is a free and prosperous democracy of nearly
24,000,000 people, an important contributor to peace and
stability around the world, and continues to embody and promote
democratic values, freedom, and human rights in Asia.
(2) The policy of the United States toward Taiwan is guided
by the Taiwan Relations Act (22 U.S.C. 3301 et seq.), the
United States-People's Republic of China joint communiques
concluded in 1972, 1978, and 1982, and the Six Assurances that
President Ronald Reagan communicated to Taiwan in 1982.
(3) Under section 2 of the Taiwan Relations Act (22 U.S.C.
3301), it is the policy of the United States--
(A) ``to preserve and promote extensive, close, and
friendly commercial, cultural, and other relations
between the people of the United States and the people
on Taiwan, as well as the people on the China mainland
and all other peoples of the Western Pacific area'';
(B) ``to declare that peace and stability in the
area are in the political, security, and economic
interests of the United States, and are matters of
international concern'';
(C) ``to make clear that the United States decision
to establish diplomatic relations with the People's
Republic of China rests upon the expectation that the
future of Taiwan will be determined by peaceful
means'';
(D) ``to consider any effort to determine the
future of Taiwan by other than peaceful means,
including by boycotts or embargoes, a threat to the
peace and security of the Western Pacific area and of
grave concern to the United States'';
(E) ``to provide Taiwan with arms of a defensive
character''; and
(F) ``to maintain the capacity of the United States
to resist any resort to force or other forms of
coercion that would jeopardize the security, or the
social or economic system, of the people on Taiwan''.
(4) Since the election of President Tsai Ing-wen as
President of Taiwan in 2016, the Chinese Communist Party has
employed a variety of coercive military and nonmilitary tactics
short of armed conflict in its efforts to exert existential
pressure on Taiwan, including through diplomatic isolation,
restricting tourism, cyberattacks, spreading disinformation,
and controlling the ability of Taiwan to purchase COVID-19
vaccines from other countries.
(5) In 2021, there was a notable increase in military
provocations by the People's Liberation Army against Taiwan,
including increased flights of military aircraft within
Taiwan's air defense identification zone, holding military
exercises in the vicinity of Taiwan's controlled waters, and
performing live-fire exercises in the South China Sea.
(6) In March 2021, then Commander of the United States
Indo-Pacific Command Admiral Philip Davidson testified that the
threat of a military invasion of Taiwan by the People's
Liberation Army ``is manifest during this decade, in fact in
the next six years''.
(7) In March 2021, then Commander of the United States
Pacific Fleet Admiral John Aquilino testified that the threat
of a military invasion by the People's Liberation Army of
Taiwan is ``much closer to us than most think'' and could
materialize well before 2035.
(8) In October 2021, President Joseph R. Biden publicly
affirmed that the United States would come to the defense of
Taiwan, saying, ``yes, we have a commitment to do that''.
(9) In addition to military power, economic and financial
instruments of United States power and their potential use can
have an important deterrent effect on the actions of other
countries.
SEC. 3. SENSE OF CONGRESS.
It is the sense of Congress that--
(1) it is in the interests of the United States to maintain
a free and open Indo-Pacific region, with peace and stability
in the Taiwan Strait as a critical component;
(2) efforts by the Chinese Communist Party to unilaterally
determine the future of Taiwan through non-peaceful means,
including threats and the direct use of force, military
coercion, economic boycotts or embargoes, and efforts to
internationally isolate or annex Taiwan--
(A) directly undermine the spirit, intent, and
purpose of the Taiwan Relations Act (22 U.S.C. 3301 et
seq.);
(B) undermine peace and stability in the Taiwan
Strait;
(C) limit a free and open Indo-Pacific region; and
(D) are of grave concern to the Government of the
United States;
(3) the initiation of a military invasion of Taiwan by the
People's Liberation Army would--
(A) disrupt the peace and stability of the region
and threaten the peace and stability of the entire
globe; and
(B) undermine the political, security, and economic
interests of the United States; and
(4) as an important deterrent measure against a military
invasion of Taiwan, the Chinese Communist Party must understand
that initiating such an invasion will result in catastrophic
economic and financial consequences for the People's Republic
of China.
SEC. 4. STATEMENT OF POLICY.
The policy of the Government of the United States on Taiwan is
guided by the Taiwan Relations Act (22 U.S.C. 3301 et seq.), the United
States-People's Republic of China joint communiques concluded in 1972,
1978, and 1982, and the Six Assurances that President Ronald Reagan
communicated to Taiwan in 1982, but in the event of the initiation of a
military invasion of Taiwan by the People's Liberation Army, it is the
policy of the United States--
(1) to use and deploy all economic, commercial, and
financial instruments and levers of power, including--
(A) the imposition of sanctions with respect to
members of the Chinese Communist Party and financial
institutions;
(B) prohibiting the listing or trading of the
securities of Chinese entities on United States
securities exchanges;
(C) prohibiting investments by United States
financial institutions in economic sectors of the
People's Republic of China; and
(D) prohibiting the importation of certain goods
mined, produced, or manufactured in the People's
Republic of China into the United States; and
(2) to work in close coordination with allies and partners
of the United States to encourage those allies and partners to
undertake similar economic, commercial, and financial actions
against the Chinese Communist Party.
SEC. 5. DEFINITIONS.
In this Act:
(1) Account; correspondent account; payable-through
account.--The terms ``account'', ``correspondent account'', and
``payable-through account'' have the meanings given those terms
in section 5318A of title 31, United States Code.
(2) Admission; admitted; alien.--The terms ``admission'',
``admitted'', and ``alien'' have the meanings given those terms
in section 101 of the Immigration and Nationality Act (8 U.S.C.
1101).
(3) Appropriate congressional committees.--The term
``appropriate congressional committees'' means--
(A) the Committee on Foreign Relations, the
Committee on Armed Services, and the Committee on
Banking, Housing, and Urban Affairs of the Senate; and
(B) the Committee on Foreign Affairs, the Committee
on Armed Services, and the Committee on Financial
Services of the House of Representatives.
(4) Covered determination.--The term ``covered
determination'' has the meaning given that term in section
6(a).
(5) Financial institution.--The term ``financial
institution'' means a financial institution specified in
subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J),
(M), or (Y) of section 5312(a)(2) of title 31, United States
Code.
(6) Foreign financial institution.--The term ``foreign
financial institution'' has the meaning given that term in
regulations prescribed by the Secretary of the Treasury.
(7) Foreign person.--The term ``foreign person'' means an
individual or entity that is not a United States person.
(8) Knowingly.--The term ``knowingly'' with respect to
conduct, a circumstance, or a result, means that a person had
actual knowledge, or should have known, of the conduct, the
circumstance, or the result.
(9) Military invasion.--The term ``military invasion''
includes--
(A) an amphibious landing or assault;
(B) an airborne operation or air assault;
(C) an aerial bombardment or blockade;
(D) missile attacks, including rockets, ballistic
missiles, cruise missiles, and hypersonic missiles; and
(E) a naval bombardment or blockade.
(10) United states person.--The term ``United States
person'' means--
(A) a United States citizen or an alien lawfully
admitted for permanent residence to the United States;
or
(B) an entity organized under the laws of the
United States or any jurisdiction within the United
States, including a foreign branch of such an entity.
SEC. 6. DETERMINATION OF THE INITIATION OF A MILITARY INVASION BY THE
PEOPLE'S LIBERATION ARMY OR ITS PROXIES.
(a) Covered Determination Defined.--In this Act, the term ``covered
determination'' means--
(1) a determination by the President, not later than 24
hours after a military invasion of Taiwan by the People's
Liberation Army or any of its proxies, that such an invasion
has occurred; or
(2) the enactment of a joint resolution pursuant to
subsection (b).
(b) Determination by Joint Resolution.--
(1) Covered joint resolution defined.--In this subsection,
the term ``covered joint resolution'' means only a joint
resolution of either House of Congress the sole matter after
the resolving clause of which is as follows: ``That Congress
determines that the People's Liberation Army or one of its
proxies initiated a military invasion of Taiwan on ___.'', with
the blank space being filled with the appropriate date.
(2) Introduction.--A covered joint resolution may be
introduced--
(A) in the House of Representatives, by the
majority leader (or the majority leader's designee) or
the minority leader (or the minority leader's
designee); and
(B) in the Senate, by the majority leader (or the
majority leader's designee) or the minority leader (or
the minority leader's designee).
(3) Floor consideration in house of representatives.--
(A) Discharge from committee.--If a committee of
the House of Representatives to which a covered joint
resolution has been referred has not reported the joint
resolution within 2 calendar days after the date of
referral of the joint resolution, the committee shall
be discharged from further consideration of the joint
resolution and the joint resolution shall be placed on
the appropriate calendar.
(B) Moving to consideration.--At any time after a
covered joint resolution has been placed on the
appropriate calendar, it is in order for the sponsor of
the joint resolution (or a designee) to move for the
consideration of that joint resolution.
(C) Points of order; motions.--All points of order
against the covered joint resolution and its
consideration are waived. If the motion under
subparagraph (B) is agreed to, the joint resolution
shall remain the unfinished business of the House until
disposed of, except as provided in paragraph (5).
(D) No amendments.--A covered joint resolution
shall not be subject to amendment in the House of
Representatives.
(E) Debate.--General debate on a covered joint
resolution shall not exceed 4 hours, which shall be
equally divided and controlled by the sponsor of the
joint resolution (or a designee) and an opponent.
(F) Final passage.--At the conclusion of debate,
the previous question shall be considered as ordered on
the resolution, and the House of Representatives shall
vote on final passage without intervening motion.
(4) Consideration in the senate.--
(A) Reporting and discharge.--If the committee of
the Senate to which a covered joint resolution was
referred has not reported the joint resolution within 2
calendar days after the date of referral of the joint
resolution, that committee shall be discharged from
further consideration of the joint resolution and the
joint resolution shall be placed on the appropriate
calendar.
(B) Proceeding to consideration.--Notwithstanding
Rule XXII of the Standing Rules of the Senate, it is in
order at any time after the committee of the Senate to
which a covered joint resolution was referred reports
the joint resolution to the Senate or has been
discharged from consideration of the joint resolution
(even though a previous motion to the same effect has
been disagreed to) to move to proceed to the
consideration of the joint resolution, and all points
of order against the joint resolution (and against
consideration of the joint resolution) are waived. The
motion to proceed is not debatable. The motion is not
subject to a motion to postpone.
(C) No amendments.--An amendment to a covered joint
resolution, or a motion to postpone, or a motion to
proceed to the consideration of other business, or a
motion to recommit a covered joint resolution, is not
in order.
(D) Consideration.--
(i) Limitation on debate.--Consideration in
the Senate of a covered joint resolution shall
be limited to not more than 10 hours, which
shall be equally divided between, and
controlled by, the majority leader and the
minority leader, or by their designees.
(ii) Vote on adoption.--Whenever all the
time for debate on a covered joint resolution
has been used or yielded back, the vote on the
adoption of the resolution shall occur without
any intervening motion or amendment, except
that a single quorum call at the conclusion of
the debate if requested in accordance with the
Rules of the Senate may occur immediately
before such vote.
(E) Rulings of the chair on procedure.--Appeals
from the decisions of the Chair relating to the
application of the rules of the Senate, as the case may
be, to the procedure relating to a covered joint
resolution shall be decided without debate.
(F) Consideration of veto messages.--Debate in the
Senate of any veto message with respect to a covered
joint resolution, including all debatable motions and
appeals in connection with the joint resolution, shall
be limited to 10 hours, to be equally divided between,
and controlled by, the majority leader and the minority
leader or their designees.
(5) Rules relating to senate and house of
representatives.--
(A) Treatment of senate joint resolution in
house.--In the House of Representatives, the following
procedures shall apply to a covered joint resolution
received from the Senate (unless the House has already
passed a joint resolution relating to the same proposed
action):
(i) The joint resolution shall be referred
to the appropriate committees.
(ii) If a committee to which a joint
resolution has been referred has not reported
the joint resolution within 2 calendar days
after the date of referral, that committee
shall be discharged from further consideration
of the joint resolution.
(iii) Beginning on the third legislative
day after the committee to which a joint
resolution has been referred reports the joint
resolution to the House or has been discharged
from further consideration thereof, it shall be
in order to move to proceed to consider the
joint resolution in the House. All points of
order against the motion are waived. Such a
motion shall not be in order after the House
has disposed of a motion to proceed on the
joint resolution. The previous question shall
be considered as ordered on the motion to its
adoption without intervening motion. The motion
shall not be debatable. A motion to reconsider
the vote by which the motion is disposed of
shall not be in order.
(iv) The joint resolution shall be
considered as read. All points of order against
the joint resolution and against its
consideration are waived. The previous question
shall be considered as ordered on the joint
resolution to final passage without intervening
motion except 4 hours of debate equally divided
and controlled by the sponsor of the joint
resolution (or a designee) and an opponent. A
motion to reconsider the vote on passage of the
joint resolution shall not be in order.
(B) Treatment of house joint resolution in
senate.--
(i) Receipt before passage.--If, before the
passage by the Senate of a covered joint
resolution, the Senate receives an identical
joint resolution from the House of
Representatives, the following procedures shall
apply:
(I) That joint resolution shall not
be referred to a committee.
(II) With respect to that joint
resolution--
(aa) the procedure in the
Senate shall be the same as if
no joint resolution had been
received from the House of
Representatives; but
(bb) the vote on passage
shall be on the joint
resolution from the House of
Representatives.
(ii) Receipt after passage.--If, following
passage of a covered joint resolution in the
Senate, the Senate receives an identical joint
resolution from the House of Representatives,
that joint resolution shall be placed on the
appropriate Senate calendar.
(iii) No companion measure.--If a covered
joint resolution is received from the House,
and no companion joint resolution has been
introduced in the Senate, the Senate procedures
under this subsection shall apply to the House
joint resolution.
(C) Application to revenue measures.--The
provisions of this paragraph shall not apply in the
House of Representatives to a covered joint resolution
that is a revenue measure.
(6) Rules of house of representatives and senate.--This
subsection is enacted by Congress--
(A) as an exercise of the rulemaking power of the
Senate and the House of Representatives, respectively,
and as such is deemed a part of the rules of each
House, respectively, and supersedes other rules only to
the extent that it is inconsistent with such rules; and
(B) with full recognition of the constitutional
right of either House to change the rules (so far as
relating to the procedure of that House) at any time,
in the same manner, and to the same extent as in the
case of any other rule of that House.
SEC. 7. IMPOSITION OF SANCTIONS WITH RESPECT TO MEMBERS OF THE CHINESE
COMMUNIST PARTY.
(a) Imposition of Sanctions.--Not later than 3 days after a covered
determination is made, the President shall--
(1) impose the sanctions described in subsection (b) with
respect to any foreign person the President determines is a
member of the Chinese Communist Party, including any branch of
the armed forces or intelligence agencies of the Chinese
Communist Party; and
(2) impose the sanctions described in subsection (c) with
respect to--
(A) any foreign person identified under paragraph
(1);
(B) any successor entity to that foreign person;
and
(C) any foreign person that is a parent or
subsidiary of that foreign person.
(b) Sanctions Described.--The sanctions described in this
subsection are the following:
(1) Blocking of property.--
(A) In general.--The President shall exercise all
of the powers granted by the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.) to block
and prohibit all transactions in all property and
interests in property of a foreign person described in
subsection (a)(1) if such property and interests in
property are in the United States, come within the
United States, or are or come within the possession or
control of a United States person.
(B) Inapplicability of national emergency
requirement.--The requirements of section 202 of the
International Emergency Economic Powers Act (50 U.S.C.
1701) shall not apply for purposes of this section.
(2) Inclusion on entity list.--The President shall include
a foreign person described in subsection (a)(1) on the entity
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 title 15, Code of Federal Regulations, for
activities contrary to the national security or foreign policy
interests of the United States.
(3) Banking transactions.--The President shall, pursuant to
such regulations as the President may prescribe, prohibit any
transfers of credit or payments between financial institutions
or by, through or to any financial institution, to the extent
that such transfers or payments are subject to the jurisdiction
of the United States and involve any interest of a foreign
person described in subsection (a)(1).
(c) Ineligibility for Visas, Admission, or Parole.--
(1) Visas, admission, or parole.--An alien described in
subsection (a)(2) shall be--
(A) inadmissible to the United States;
(B) ineligible to receive a visa or other
documentation to enter the United States; and
(C) otherwise ineligible to be admitted or paroled
into the United States or to receive any other benefit
under the Immigration and Nationality Act (8 U.S.C.
1101 et seq.).
(2) Current visas revoked.--
(A) In general.--The visa or other entry
documentation of an alien described in subsection
(a)(2) shall be revoked, regardless of when such visa
or other entry documentation is or was issued.
(B) Immediate effect.--A revocation under
subparagraph (A) shall--
(i) take effect immediately; and
(ii) automatically cancel any other valid
visa or entry documentation that is in the
alien's possession.
(d) Exception for Compliance With International Obligations and Law
Enforcement Activities.--Sanctions under subsection (c) shall not apply
with respect to an alien if--
(1) admitting or paroling the alien into the United States
is necessary--
(A) to permit the United States to comply with the
Agreement regarding the Headquarters of the United
Nations, signed at Lake Success on June 26, 1947, and
entered into force November 21, 1947, between the
United Nations and the United States, or other
applicable international obligations of the United
States; or
(B) to carry out or assist law enforcement activity
in the United States; or
(2) the alien holds a valid, unexpired A-1, A-2, C-2, G-1,
or G-2 visa.
SEC. 8. IMPOSITION OF SANCTIONS WITH RESPECT TO FINANCIAL INSTITUTIONS
AFFILIATED WITH THE CHINESE COMMUNIST PARTY.
(a) In General.--Not later than 3 days after a covered
determination is made, the Secretary of the Treasury shall impose the
sanctions described in subsection (c) with respect to a foreign
financial institution described in subsection (b).
(b) Foreign Financial Institutions Described.--A foreign financial
institution is described in this subsection if the Chinese Communist
Party has a majority ownership interest in the financial institution or
the financial institution is otherwise affiliated with the Chinese
Communist Party, including the following financial institutions and
their subsidiaries and successor entities:
(1) The People's Bank of China.
(2) The Industrial and Commercial Bank of China.
(3) The China Construction Bank.
(4) The Bank of China.
(5) The Bank of Communications.
(6) The Agricultural Bank of China.
(7) The China CITIC Bank.
(c) Sanctions Described.--The sanctions described in this
subsection are the following:
(1) Blocking of property.--
(A) In general.--The President shall exercise all
of the powers granted to the President under the
International Emergency Economic Powers Act (50 U.S.C.
1701 et seq.) to the extent necessary to block and
prohibit all transactions in property and interests in
property of a foreign financial institution subject to
subsection (a) if such property and interests in
property are in the United States, come within the
United States, or are or come within the possession or
control of a United States person.
(B) Inapplicability of national emergency
requirement.--The requirements of section 202 of the
International Emergency Economic Powers Act (50 U.S.C.
1701) shall not apply for purposes of this section.
(2) Restrictions on correspondent and payable-through
accounts.--The President shall prohibit the opening, and
prohibit or impose strict conditions on the maintaining, in the
United States of a correspondent account or payable-through
account by a foreign financial institution subject to
subsection (a).
SEC. 9. IMPOSITION OF SANCTIONS WITH RESPECT TO ENTITIES OWNED BY OR
AFFILIATED WITH THE CHINESE COMMUNIST PARTY.
(a) In General.--Not later than 3 days after a covered
determination is made, the Secretary of the Treasury shall impose the
sanctions described in subsection (b) with respect to any entity that--
(1) the Chinese Communist Party has an ownership interest
in; or
(2) is otherwise affiliated with the Chinese Communist
Party.
(b) Blocking of Property.--
(1) In general.--The President shall exercise all of the
powers granted to the President under the International
Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to the
extent necessary to block and prohibit all transactions in
property and interests in property of an entity in an industry
subject to subsection (a) if such property and interests in
property are in the United States, come within the United
States, or are or come within the possession or control of a
United States person.
(2) Inapplicability of national emergency requirement.--The
requirements of section 202 of the International Emergency
Economic Powers Act (50 U.S.C. 1701) shall not apply for
purposes of this section.
SEC. 10. PROHIBITION ON TRANSFERS OF FUNDS INVOLVING THE PEOPLE'S
REPUBLIC OF CHINA.
(a) In General.--Except as provided by subsection (b), a depository
institution (as defined in section 19(b)(1)(A) of the Federal Reserve
Act (12 U.S.C. 461(b)(1)(A)) or a broker or dealer in securities
registered with the Securities and Exchange Commission under the
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) may not process
transfers of funds--
(1) to or from the People's Republic of China; or
(2) for the direct or indirect benefit of members of the
Chinese Communist Party.
(b) Exception.--A depository institution, broker, or dealer
described in subsection (a) may process a transfer described in that
subsection if the transfer--
(1) arises from, and is ordinarily incident and necessary
to give effect to, an underlying transaction that is authorized
by a specific or general license; and
(2) does not involve debiting or crediting an Chinese
account.
SEC. 11. PROHIBITION ON LISTING OR TRADING OF CHINESE ENTITIES ON
UNITED STATES SECURITIES EXCHANGES.
(a) In General.--The Securities and Exchange Commission shall
prohibit the securities of an issuer described in subsection (b) from
being traded on a national securities exchange on and after the date
that is 3 days after a covered determination is made.
(b) Issuers.--An issuer described in this subsection is an issuer
that is--
(1) an official of or individual affiliated with the
Chinese Communist Party; or
(2) an entity that--
(A) the Chinese Communist Party has an ownership
interest in; or
(B) is otherwise affiliated with the Chinese
Communist Party.
(c) Definitions.--In this section:
(1) Issuer; security.--The terms ``issuer'' and
``security'' have the meanings given those terms in section
3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c).
(2) National securities exchange.--The term ``national
securities exchange'' means an exchange registered as a
national securities exchange in accordance with section 6 of
the Securities Exchange Act of 1934 (15 U.S.C. 78f).
SEC. 12. PROHIBITION ON INVESTMENTS BY UNITED STATES FINANCIAL
INSTITUTIONS THAT BENEFIT THE CHINESE COMMUNIST PARTY.
(a) In General.--Not later than 3 days after a covered
determination is made, the Secretary of the Treasury shall prohibit any
United States financial institution from making any investments
described in subsection (b).
(b) Investments Described.--An investment described in this
subsection is a monetary investment--
(1) to--
(A) an entity owned or controlled by the Chinese
Communist Party; or
(B) the People's Liberation Army; or
(2) for the benefit of any priority industrial sector
identified by the Chinese Communist Party in the ``Made in
China 2025'' plan or the ``14th Five Year Smart Manufacturing
Development Plan'', including--
(A) agriculture machinery;
(B) information technology;
(C) artificial intelligence, machine learning, and
robotics;
(D) green energy and green vehicles;
(E) aerospace equipment;
(F) ocean engineering and high tech ships;
(G) railway equipment;
(H) power equipment;
(I) new materials;
(J) medicine and medical devices;
(K) fifth generation and future generation
telecommunications and other advanced wireless
networking technologies;
(L) semiconductor manufacturing;
(M) biotechnology;
(N) quantum computing;
(O) surveillance technologies, including facial
recognition technologies and censorship software;
(P) fiber optic cables; and
(Q) mining and resource development.
(c) United States Financial Institution Defined.--In this section,
the term ``United States financial institution''--
(1) means any financial institution that is a United States
person; and
(2) includes an investment company, private equity company,
venture capital company, or hedge fund that is a United States
person.
SEC. 13. PROHIBITION ON IMPORTATION OF CERTAIN GOODS MADE IN THE
PEOPLE'S REPUBLIC OF CHINA.
(a) In General.--Except as provided in subsection (b), on and after
the date that is 3 days after a covered determination is made, all
goods mined, produced, or manufactured wholly or in part in the
People's Republic of China, or by a person working for or affiliated
with an entity or industry wholly financed by the Chinese Communist
Party or in which the Chinese Communist Party has a majority ownership
interest, shall not be entitled to entry at any of the ports of the
United States and the importation of such goods is prohibited.
(b) Exception.--The prohibition under subsection (a) shall not
apply with respect to a good if the President--
(1) determines that the good is necessary to the national
security, economic security, or public health of the United
States; and
(2) submits to the appropriate congressional committees and
make available to the public a report on that determination.
SEC. 14. EXCEPTIONS; WAIVER.
(a) Exception for Intelligence Activities.--This Act shall not
apply with respect to activities subject to the reporting requirements
under title V of the National Security Act of 1947 (50 U.S.C. 3091 et
seq.) or any authorized intelligence activities of the United States.
(b) National Security Waiver.--The President may waive the
imposition of sanctions under this Act with respect to a person if the
President--
(1) determines that such a waiver is in the national
security interests of the United States; and
(2) submits to the appropriate congressional committees a
notification of the waiver and the reasons for the waiver.
SEC. 15. IMPLEMENTATION; PENALTIES.
(a) Implementation.--The President may exercise all authorities
provided under sections 203 and 205 of the International Emergency
Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this Act.
(b) Penalties.--A person that violates, attempts to violate,
conspires to violate, or causes a violation of this Act or any
regulation, license, or order issued to carry out this Act shall be
subject to the penalties set forth in subsections (b) and (c) of
section 206 of the International Emergency Economic Powers Act (50
U.S.C. 1705) to the same extent as a person that commits an unlawful
act described in subsection (a) of that section.
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