[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4026 Introduced in Senate (IS)]
<DOC>
118th CONGRESS
2d Session
S. 4026
To require a report on the state of economic integration between the
United States and the People's Republic of China and the risks of that
integration to the national security of the United States.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 21, 2024
Mr. Romney (for himself, Ms. Cortez Masto, Mr. Lankford, Mr. Brown, Mr.
Cornyn, and Mr. Young) introduced the following bill; which was read
twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To require a report on the state of economic integration between the
United States and the People's Republic of China and the risks of that
integration to the national security of the United States.
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 ``American Economic Independence Act
of 2024''.
SEC. 2. REPORT ON ECONOMIC INTEGRATION BETWEEN THE UNITED STATES AND
THE PEOPLE'S REPUBLIC OF CHINA AND RISKS TO THE NATIONAL
SECURITY OF THE UNITED STATES.
(a) In General.--Not later than one year after the date of the
enactment of this Act, and every 3 years thereafter for 15 years, the
President, acting through the Director of the Office of Management and
Budget (in this section referred to as the ``Director'' ), and in
consultation with the officials specified in subsection (c), shall
submit to Congress a report on--
(1) the state of economic integration between the United
States and the People's Republic of China; and
(2) the risks that integration poses to the national
security interests of the United States.
(b) Elements.--Each report required by subsection (a) shall include
the following:
(1) An assessment of the current level of economic
integration between the United States and the People's Republic
of China in each priority sector.
(2) An assessment of how economic integration between the
United States and the People's Republic of China has changed
since 2000, and is predicted to change during the 3 years
following submission of the report, for each priority sector.
(3) An analysis of the extent to which the degree of
current or predicted economic integration between the United
States and the People's Republic of China in each priority
sector presents significant risks to the national security of
the United States. The analysis with respect to each such
sector shall address the following:
(A) The sector's reliance on entities organized
under the laws of, or otherwise subject to the
jurisdiction of, the People's Republic of China,
including entities owned or controlled by the
Government of the People's Republic of China, for
foreign direct investment and other sources of
financial capital.
(B) The sector's reliance on supply chains that
have a significant dependence on products or processes
based in the People's Republic of China.
(C) An assessment of the risks of intellectual
property theft or economic espionage by individuals or
entities linked to or subject to the control of the
Government of the People's Republic of China or the
Chinese Communist Party.
(D) An assessment of the risks to the defense
industrial base of the United States.
(E) An assessment of the risks posed by the use of
subsidies and the dumping of goods into the customs
territory of the United States by entities in the
People's Republic of China, including entities owned or
controlled by the Government of the People's Republic
of China.
(4) Recommendations for steps the United States Government
should take to mitigate the risks identified under paragraph
(3).
(5) Any other information the Director considers
appropriate.
(c) Officials Specified.--The officials specified in this
subsection are the following:
(1) The Secretary of State.
(2) The Secretary of the Treasury.
(3) The Secretary of Defense.
(4) The Attorney General.
(5) The Secretary of the Interior.
(6) The Secretary of Commerce.
(7) The Secretary of Health and Human Services.
(8) The Secretary of Energy.
(9) The Secretary of Homeland Security.
(10) The United States Trade Representative.
(11) The Director of National Intelligence.
(12) The Director of the National Science Foundation.
(13) The head of any other agency the Director considers
appropriate.
(d) Consultation Authority.--In developing a report required by
subsection (a), the Director may consult with any nongovernmental
entity that the Director considers necessary.
(e) Form of Report.--Each report required by subsection (a) shall
be submitted to Congress in unclassified form but may include a
classified annex.
(f) Applicability of FOIA.--Nothing in this section, or in a report
required by subsection (a), shall be construed to allow the disclosure
of information or a record that is exempt from public disclosure under
section 552 of title 5, United States Code (commonly known as the
``Freedom of Information Act'').
(g) Applicability of Paperwork Reduction Act.--Subchapter I of
chapter 35 of title 44, United States Code (commonly known as the
``Paperwork Reduction Act''), shall not apply to this section.
(h) Priority Sector Defined.--In this section, the term ``priority
sector'' means one of the following elements of an economy:
(1) Financial services.
(2) Critical minerals (as defined in section 7002(a) of the
Energy Act of 2020 (30 U.S.C. 1606(a))), including rare-earth
elements, that the Secretary of Defense determines to be
important to the national security of the United States.
(3) Semiconductors and microelectronics.
(4) Artificial intelligence.
(5) Communications, including telecommunications, social
media applications, satellites and other space-based systems,
and undersea cables.
(6) Quantum computing.
(7) Cloud-based systems, including computing services and
data storage.
(8) Biotechnology.
(9) Pharmaceuticals and medical technology, including
medical devices.
(10) Manufacturing processes, particularly casting,
machining, joining, and forming.
<all>