[Pages S3173-S3182]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2278. Mr. BENNET proposed an amendment to amendment SA 2228 
proposed by Mr. Ricketts (for himself and Ms. Lummis) to the bill S. 
1582, to provide for the regulation of payment stablecoins, and for 
other purposes; as follows:

        Add at the end the following:
       (__) Definition.--In this Act, the term ``senior executive 
     branch official'' includes the President and the Vice 
     President.
                                 ______
                                 
  SA 2279. Mr. KENNEDY submitted an amendment intended to be proposed 
by him to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. RATE OF PAY FOR EMPLOYEES OF THE BUREAU OF 
                   CONSUMER FINANCIAL PROTECTION.

       (a) In General.--Section 1013(a)(2) of the Consumer 
     Financial Protection Act of 2010 (12 U.S.C. 5493(a)(2)) is 
     amended to read as follows:
       ``(2) Compensation.--The rates of basic pay for all 
     employees of the Bureau shall be set and adjusted by the 
     Director in accordance with the General Schedule set forth in 
     section 5332 of title 5, United States Code.''.
       (b) Effective Date.--The amendment made by subsection (a) 
     shall take effect on the date that is 90 days after the date 
     of enactment of this Act.
                                 ______
                                 
  SA 2280. Mr. KENNEDY submitted an amendment intended to be proposed 
by him to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. __. REPEAL OF THE SMALL BUSINESS LOAN DATA COLLECTION 
                   REQUIREMENTS.

       (a) In General.--Section 704B of the Equal Credit 
     Opportunity Act (15 U.S.C. 1691c-2) is repealed.
       (b) Conforming Amendments.--
       (1) Dodd-frank wall street reform and consumer protection 
     act.--The Dodd-Frank Wall Street Reform and Consumer 
     Protection Act (12 U.S.C. 5301 et seq.) is amended--
       (A) in the table of contents in section 1(b) of such Act, 
     by striking the item relating to section 1071; and
       (B) by striking section 1071 (Public Law 111-203; 124 Stat. 
     1056).
       (2) Equal credit opportunity act.--The Equal Credit 
     Opportunity Act (15 U.S.C. 1691 et seq.) is amended--
       (A) in the table of contents for such Act, by striking the 
     item relating to section 704B; and
       (B) in section 701(b) (15 U.S.C. 1691(b))--
       (i) in paragraph (3), by adding ``or'' at the end;
       (ii) in paragraph (4), by striking ``; or'' and inserting a 
     period; and
       (iii) by striking paragraph (5).
                                 ______
                                 
  SA 2281. Mrs. SHAHEEN (for herself, Mr. Kaine, Mr. Welch, and Mr. 
Wyden) submitted an amendment intended to be proposed by her to the 
bill S. 1582, to provide for the regulation of payment stablecoins, and 
for other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. EXCLUSION OF AUTHORITY TO IMPOSE DUTIES AND TARIFF-
                   RATE QUOTAS FROM INTERNATIONAL EMERGENCY 
                   ECONOMIC POWERS ACT.

       Section 203 of the International Emergency Economic Powers 
     Act (50 U.S.C. 1702) is amended--
       (1) by redesignating subsection (c) as subsection (d); and
       (2) by inserting after subsection (b) the following:
       ``(c)(1) The authority granted to the President by this 
     section does not include the authority to impose or increase 
     a duty, or to impose a tariff-rate quota, on an article 
     entering the United States.
       ``(2) The limitation under paragraph (1) does not prohibit 
     the President from excluding all articles, or all of a 
     certain type of article, imported from a country from 
     entering the United States.''.
                                 ______
                                 
  SA 2282. Mrs. SHAHEEN submitted an amendment intended to be proposed 
by her to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. __. MODIFICATION OF IMPLEMENTATION OF THE WOMEN, PEACE, 
                   AND SECURITY ACT OF 2017.

       Section 1210E of the William M. (Mac) Thornberry National 
     Defense Authorization

[[Page S3174]]

     Act for Fiscal Year 2021 (10 U.S.C. 113 note) is amended--
       (1) in subsection (a)--
       (A) in paragraph (3)--
       (i) by striking ``sufficient'' and inserting ``not fewer 
     than 30''; and
       (ii) by striking ``as necessary'' and all that follows 
     through ``personnel;'' and inserting `` of whom--

       ``(I) not fewer than two shall be assigned to each of--

       ``(aa) the Office of the Secretary of Defense;
       ``(bb) the Joint Staff;
       ``(cc) the Defense Security Cooperation Agency;
       ``(dd) the Department of the Army;
       ``(ee) the headquarters of the Marine Corps; and
       ``(ff) the United States Africa Command;
       ``(gg) the United States Central Command;
       ``(hh) the United States European Command;
       ``(ii) the United States Indo-Pacific Command;
       ``(jj) the United States Northern Command; and
       ``(kk) the United States Southern Command; and

       ``(II) not fewer than one shall be assigned to each of--

       ``(aa) the Department of the Navy;
       ``(bb) the Chief of Naval Operations;
       ``(cc) the Department of the Air Force;
       ``(dd) the United States Cyber Command;
       ``(ee) the United States Space Command;
       ``(ff) the United States Special Operations Command;
       ``(gg) the United States Strategic Command; and
       ``(hh) the United States Transportation Command.''; and
       (B) in paragraph (4)--
       (i) by striking ``as appropriate,''; and
       (ii) by striking ``; and'' and inserting ``, including not 
     fewer than 500 individual training focal points with members 
     of the Armed Forces, Department of Defense civilian 
     employees, and Department of Defense-contracted personnel 
     who, in a part-time capacity, provide functional advice on 
     implementation of that Act in the planning and conduct of 
     directorate or division-level activities to which such 
     members, employees, and personnel are assigned; and''; and
       (2) by amending subsection (d) to read as follows:
       ``(d) Funding.--Subject to appropriations, of the funds 
     authorized to be appropriated in each fiscal year for 
     operation and maintenance, Defense-wide, and available for 
     the Defense Security Cooperation Agency for the International 
     Security Program, the Secretary of Defense shall use not less 
     than $5,000,000 each fiscal year to implement the Women, 
     Peace, and Security Act of 2017 (Public Law 115-68; 131 Stat. 
     1202).''.
                                 ______
                                 
  SA 2283. Mrs. SHAHEEN submitted an amendment intended to be proposed 
by her to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end of the bill, add the following:

                       TITLE II--WESTERN BALKANS

     SEC. 21. SHORT TITLE.--

       This title may be cited as the ``Western Balkans Democracy 
     and Prosperity Act''.

     SEC. 22. FINDINGS.

       Congress finds the following:
       (1) The Western Balkans countries (the Republic of Albania, 
     Bosnia and Herzegovina, the Republic of Croatia, the Republic 
     of Kosovo, Montenegro, the Republic of North Macedonia and 
     the Republic of Serbia) form a pluralistic, multi-ethnic 
     region in the heart of Europe that is critical to the peace, 
     stability, and prosperity of that continent.
       (2) Continued peace, stability, and prosperity in the 
     Western Balkans is directly tied to the opportunities for 
     democratic and economic advancement available to the citizens 
     and residents of those seven countries.
       (3) It is in the mutual interest of the United States and 
     the seven countries of the Western Balkans to promote stable 
     and sustainable economic growth and development in the 
     region.
       (4) The reforms and integration with the European Union 
     pursued by countries in the Western Balkans have led to 
     significant democratic and economic progress in the region.
       (5) Despite economic progress, rates of poverty and 
     unemployment in the Western Balkans remain higher than in 
     neighboring European Union countries.
       (6) Out-migration, particularly of youth, is affecting 
     demographics in each Western Balkans country, resulting in 
     population decline in all seven countries.
       (7) Implementing critical economic and governance reforms 
     could help enable investment and employment opportunities in 
     the Western Balkans, especially for youth, and can provide 
     powerful tools for economic development and for encouraging 
     broader participation in a political process that increases 
     trade and prosperity for all.
       (8) Existing regional economic efforts, such as the Common 
     Regional Market, the Berlin Process, and the Open Balkan 
     Initiative, could have the potential to improve the economic 
     conditions in the Western Balkans, while promoting inclusion 
     and transparency.
       (9) The Department of Commerce, through its Foreign 
     Commercial Service, plays an important role in promoting and 
     facilitating opportunities for United States trade and 
     investment.
       (10) Corruption, including among key political leaders, 
     continues to plague the Western Balkans and represents one of 
     the greatest impediments to further economic and political 
     development in the region.
       (11) Disinformation campaigns targeting the Western Balkans 
     undermine the credibility of its democratic institutions, 
     including the integrity of its elections.
       (12) Vulnerability to cyberattacks or attacks on 
     information and communication technology infrastructure 
     increases risks to the functioning of government and the 
     delivery of public services.
       (13) United States Cyber Command, the Department of State, 
     and other Federal agencies play a critical role in defending 
     the national security interests of the United States, 
     including by deploying cyber hunt forward teams at the 
     request of partner nations to reinforce their cyber defenses.
       (14) Securing domestic and international cyber networks and 
     ICT infrastructure is a national security priority for the 
     United States, which is exemplified by offices and programs 
     across the Federal Government that support cybersecurity.
       (15) Corruption and disinformation proliferate in political 
     environments marked by autocratic control or partisan 
     conflict.
       (16) Dependence on Russian sources of fossil fuels and 
     natural gas for the countries of the Western Balkans ties 
     their economies and politics to the Russian Federation and 
     inhibits their aspirations for European integration.
       (17) Reducing the reliance of the Western Balkans on 
     Russian natural gas supplies and fossil fuels is in the 
     national interest of the United States.
       (18) The growing influence of China in the Western Balkans 
     could also have a deleterious impact on strategic 
     competition, democracy, and economic integration with Europe.
       (19) In March 2022, President Biden launched the European 
     Democratic Resilience Initiative to bolster democratic 
     resilience, advance anti-corruption efforts, and defend human 
     rights in Ukraine and its neighbors in response to Russia's 
     war of aggression.
       (20) The parliamentary and local elections held in Serbia 
     on December 17, 2023, and their immediate aftermath are cause 
     for deep concern about the state of Serbia's democracy, 
     including due to the final report of the Organization for 
     Security and Co-operation in Europe's Office for Democratic 
     Institutions and Human Rights, which--
       (A) found ``unjust conditions'' for the election;
       (B) found ``numerous procedural deficiencies, including 
     inconsistent application of safeguards during voting and 
     counting, frequent instances of overcrowding, breaches in 
     secrecy of the vote, and numerous instances of group 
     voting''; and
       (C) asserted that ``voting must be repeated'' in certain 
     polling stations.
       (21) The Organization for Security and Co-operation in 
     Europe also noted that Serbian officials accused primarily 
     peaceful protestors, opposition parties, and civil society of 
     ``attempting to destabilize the government'', a concerning 
     allegation that threatens the safety of important elements of 
     Serbian society.
       (22) Democratic countries whose values are in alignment 
     with the United States make for stronger and more durable 
     partnerships.

     SEC. 23. SENSE OF CONGRESS.

       It is a sense of Congress that the United States should--
       (1) encourage increased trade and investment between the 
     United States and allies and partners in the Western Balkans;
       (2) expand United States assistance to regional integration 
     efforts in the Western Balkans;
       (3) strengthen and expand regional economic integration in 
     the Western Balkans, especially enterprises owned by and 
     employing women and youth;
       (4) work with allies and partners committed to improving 
     the rule of law, energy resource diversification, democratic 
     and economic reform, and the reduction of poverty in the 
     Western Balkans;
       (5) increase United States trade and investment with the 
     Western Balkans, particularly in ways that support countries' 
     efforts--
       (A) to decrease dependence on Russian energy sources and 
     fossil fuels;
       (B) to increase energy diversification, efficiency, and 
     conservation; and
       (C) to facilitate the transition to cleaner and more 
     reliable sources of energy, including renewables, as 
     appropriate;
       (6) continue to assist in the development, within the 
     Western Balkans, of--
       (A) strong civil societies;
       (B) public-private partnerships;
       (C) independent media;
       (D) transparent, accountable, citizen-responsive 
     governance, including equal representation for women and 
     youth;
       (E) political stability; and
       (F) modern, free-market based economies.
       (7) support the expeditious accession of those Western 
     Balkans countries that are not already members to the 
     European Union and to the North Atlantic Treaty Organization 
     (referred to in this section as ``NATO'') for countries that 
     desire and are eligible for such membership;
       (8) support--
       (A) maintaining the full European Union Force (EUFOR) 
     mandate in Bosnia and Herzegovina as being in the national 
     security interests of the United States;

[[Page S3175]]

       (B) encouraging NATO and the European Union to review their 
     mission mandates and posture in Bosnia and Herzegovina to 
     ensure they are playing a proactive role in establishing a 
     safe and secure environment, particularly in the realm of 
     defense;
       (C) working within NATO to encourage contingency planning 
     for an international military force to maintain a safe and 
     secure environment in Bosnia and Herzegovina, especially if 
     Russia blocks reauthorization of the mission in the United 
     Nations; and
       (D) a strengthened NATO headquarters in Sarajevo;
       (9) continue to support the European Union membership 
     aspirations of Albania, Bosnia and Herzegovina, Kosovo, North 
     Macedonia, Montenegro, and Serbia by supporting meeting the 
     benchmarks required for their accession;
       (10) continue to support the overarching mission of the 
     Berlin Process and locally-driven initiatives that are 
     inclusive of all Western Balkans countries and remains 
     aligned with the objectives and standards laid out by the 
     European Union as requirements for accession to the European 
     Union;
       (11) continue to support the cultural heritage, and 
     recognize the languages, of the Western Balkans;
       (12) coordinate closely with the European Union, the United 
     Kingdom, and other allies and partners on sanctions 
     designations in Western Balkans countries and work to align 
     efforts as much as possible to demonstrate a clear commitment 
     to upholding democratic values;
       (13) expand bilateral security cooperation with non-NATO 
     member Western Balkans countries, particularly efforts 
     focused on regional integration and cooperation, including 
     through the Adriatic Charter, which was launched at Tirana on 
     May 2, 2003;
       (14) increase efforts to combat Russian malign influence 
     campaigns and any other destabilizing or disruptive 
     activities targeting the Western Balkans through engagement 
     with government institutions, political stakeholders, 
     journalists, civil society organizations, and industry 
     leaders;
       (15) develop a series of cyber resilience standards, 
     consistent with the Enhanced Cyber Defence Policy and 
     Readiness Action Plan endorsed at the 2014 Wales Summit of 
     the North Atlantic Treaty Organization to expand cooperation 
     with partners and allies, including in the Western Balkans, 
     on cyber security and ICT infrastructure;
       (16) articulate clearly and unambiguously the United States 
     commitment to supporting democratic values and respect for 
     international law as the sole path forward for the countries 
     of the Western Balkans; and
       (17) prioritize partnerships and programming with Western 
     Balkan countries that demonstrate commitment toward 
     strengthening their democracies and show respect for human 
     rights.

     SEC. 24. DEFINITIONS.

       In this title:
       (1) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means--
       (A) the Committee on Foreign Relations of the Senate;
       (B) the Committee on Appropriations of the Senate;
       (C) the Committee on Foreign Affairs of the House of 
     Representatives; and
       (D) the Committee on Appropriations of the House of 
     Representatives.
       (2) ICT.--The term ``ICT'' means information and 
     communication technology.
       (3) Western balkans.--The term ``Western Balkans'' means 
     the region comprised of the following countries:
       (A) The Republic of Albania.
       (B) Bosnia and Herzegovina.
       (C) The Republic of Croatia.
       (D) The Republic of Kosovo.
       (E) Montenegro.
       (F) The Republic of North Macedonia.
       (G) The Republic of Serbia.
       (4) Western balkans country.--The term ``Western Balkans 
     country'' means any country listed in subparagraphs (A) 
     through (G) of paragraph (3).

     SEC. 25. CODIFICATION OF SANCTIONS RELATING TO THE WESTERN 
                   BALKANS.

       (a) In General.--Each person listed or designated for the 
     imposition of sanctions under an executive order described in 
     subsection (c) as of the date of the enactment of this Act 
     shall remain so designated, except as provided in subsections 
     (d) and (e).
       (b) Continuation of Sanctions Authorities.--Each authority 
     to impose sanctions provided for under an executive order 
     described in subsection (c) shall remain in effect.
       (c) Executive Orders Specified.--The executive orders 
     specified in this subsection are--
       (1) Executive Order 13219, as amended by Executive Order 
     13304 (50 U.S.C. 1701 note; relating to blocking property of 
     persons who threaten international stabilization efforts in 
     the Western Balkans); and
       (2) Executive Order 14033 (50 U.S.C. 1701 note; relating to 
     blocking property and suspending entry into the United States 
     of certain persons contributing to the destabilizing 
     situation in the Western Balkans), as in effect on such date 
     of enactment.
       (d) Termination of Sanctions.--The President may terminate 
     the application of a sanction described in subsection (a) 
     with respect to a person if the President certifies to the 
     appropriate congressional committees that such person--
       (1) has not engaged in the activity that was the basis for 
     such sanctions, if applicable, during the two-year period 
     immediately preceding such termination date; or
       (2) otherwise no longer meets the criteria that was the 
     basis for such sanctions.
       (e) Waiver.--
       (1) In general.--The President may waive the application of 
     sanctions under this section for renewable periods not to 
     exceed 180 days if the President--
       (A) determines that such a waiver is in the national 
     security interests of the United States; and
       (B) not less than 15 days before the granting of the 
     waiver, submits to the appropriate congressional committees a 
     notice of and justification for the waiver.
       (2) Form.--The waiver described in paragraph (1) may be 
     transmitted in classified form.
       (f) Exceptions.--
       (1) Humanitarian assistance.--Sanctions under this title 
     shall not apply to--
       (A) the conduct or facilitation of a transaction for the 
     provision of agricultural commodities, food, medicine, 
     medical devices, humanitarian assistance, or for humanitarian 
     purposes; or
       (B) transactions that are necessary for, or related to, the 
     activities described in subparagraph (A).
       (2) Compliance with international obligations and law 
     enforcement activities.--Sanctions under this title shall not 
     apply with respect to an alien if admitting or paroling such 
     alien is necessary--
       (A) to comply with United States obligations under--
       (i) the Agreement between the United Nations and the United 
     States of America regarding the Headquarters of the United 
     Nations, signed at Lake Success June 26, 1947, and entered 
     into force November 21, 1947;
       (ii) the Convention on Consular Relations, done at Vienna 
     April 24, 1963, and entered into force March 19, 1967; or
       (iii) any other international agreement; or
       (B) to carry out or assist law enforcement activity in the 
     United States.
       (3) Exception for intelligence activities.--Sanctions under 
     this title shall not apply to--
       (A) any activity subject to the reporting requirements 
     under title V of the National Security Act of 1947 (50 U.S.C. 
     3091 et seq.); or
       (B) any authorized intelligence activities of the United 
     States.
       (4) Exception relating to importation of goods.--
       (A) In general.--The requirement to block and prohibit all 
     transactions in all property and interests in property under 
     this title shall not include the authority or a requirement 
     to impose sanctions on the importation of goods.
       (B) Defined term.--In this paragraph, the term ``good'' 
     means any article, natural or manmade substance, material, 
     supply or manufactured product, including inspection and test 
     equipment, and excluding technical data.
       (g) Rulemaking.--The President is authorized to promulgate 
     such rules and regulations as may be necessary to carry out 
     the provisions of this section (which may include regulatory 
     exceptions), including under section 205 of the International 
     Emergency Economic Powers Act (50 U.S.C. 1704)).
       (h) Sunset.--This section shall cease to have force or 
     effect beginning on the date that is 8 years after the date 
     of the enactment of this Act.

     SEC. 26. DEMOCRATIC AND ECONOMIC DEVELOPMENT AND PROSPERITY 
                   INITIATIVES.

       (a) Anti-corruption Initiative.--The Secretary of State, 
     through ongoing and new programs, shall develop an initiative 
     that--
       (1) seeks to expand technical assistance in each Western 
     Balkans country, taking into account local conditions and 
     contingent on the agreement of the host country government to 
     develop new national anti-corruption strategies;
       (2) seeks to share best practices with, and provide 
     training to, civilian law enforcement agencies and judicial 
     institutions, and other relevant administrative bodies, of 
     the Western Balkans countries, to improve the efficiency, 
     transparency, and accountability of such agencies and 
     institutions;
       (3) strengthens existing national anti-corruption 
     strategies--
       (A) to combat political corruption, particularly in the 
     judiciary, independent election oversight bodies, and public 
     procurement processes; and
       (B) to strengthen regulatory and legislative oversight of 
     critical governance areas, such as freedom of information and 
     public procurement, including by strengthening cyber defenses 
     and ICT infrastructure networks;
       (4) includes the Western Balkans countries in the European 
     Democratic Resilience Initiative of the Department of State, 
     or any equivalent successor initiative, and considers the 
     Western Balkans as a recipient of anti-corruption funding for 
     such initiative; and
       (5) seeks to promote the important role of an independent 
     media in countering corruption through engagements with 
     governments of Western Balkan countries and providing 
     training opportunities for journalists on investigative 
     reporting.
       (b) Prioritizing Cyber Resilience, Regional Trade, and 
     Economic Competitiveness.--

[[Page S3176]]

       (1) Sense of congress.--It is the sense of Congress that--
       (A) promoting stronger economic, civic, and political 
     relationships among Western Balkans countries will enable 
     countries to better utilize existing resources and maximize 
     their economic security and democratic resilience by 
     reinforcing cyber defenses and increasing trade in goods and 
     services among other countries in the region; and
       (B) United States investments in and assistance toward 
     creating a more integrated region ensures political stability 
     and security for the region.
       (2) 5-year strategy for economic development and democratic 
     resilience in western balkans.--Not later than 180 days after 
     the date of the enactment of this Act, the Secretary of State 
     and the Administrator of the United States Agency for 
     International Development, in coordination with the heads of 
     other relevant Federal departments and agencies, shall submit 
     to the appropriate congressional committees a regional 
     economic development and democratic resilience strategy for 
     the Western Balkans that complements the efforts of the 
     European Union, European nations, and other multilateral 
     financing institutions--
       (A) to consider the full set of tools and resources 
     available from the relevant agencies;
       (B) to include efforts to ensure coordination with 
     multilateral and bilateral partners, such as the European 
     Union, the World Bank, and other relevant assistance 
     frameworks;
       (C) to include an initial public assessment of--
       (i) economic opportunities for which United States 
     businesses, or those of other like-minded partner countries, 
     would be competitive;
       (ii) legal, economic, governance, infrastructural, or other 
     barriers limiting United States trade and investment in the 
     Western Balkans;
       (iii) the effectiveness of all existing regional 
     cooperation initiatives, such as the Open Balkan initiative 
     and the Western Balkans Common Regional Market; and
       (iv) ways to increase United States trade and investment 
     within the Western Balkans;
       (D) to develop human and institutional capacity and 
     infrastructure across multiple sectors of economies, 
     including clean energy, energy efficiency, agriculture, small 
     and medium-sized enterprise development, health, and cyber-
     security;
       (E) to assist with the development and implementation of 
     regional and international trade agreements;
       (F) to support women-owned enterprises;
       (G) to promote government and civil society policies and 
     programs that combat corruption and encourage transparency 
     (including by supporting independent media by promoting the 
     safety and security of journalists), free and fair 
     competition, sound governance, judicial reform, environmental 
     stewardship, and business environments conducive to 
     sustainable and inclusive economic growth; and
       (H) to include a public diplomacy strategy that describes 
     the actions that will be taken by relevant agencies to 
     increase support for the United States relationship by 
     citizens of Western Balkans countries.
       (3) Briefing.--Not later than 90 days after the date of the 
     enactment of this Act, the Secretary of State shall provide a 
     briefing to the appropriate congressional committees that 
     describes the progress made towards developing the strategy 
     required under paragraph (2).
       (c) Regional Trade and Development Initiative.--
       (1) Authorization.--The Secretary of State and the 
     Administrator of the United States Agency for International 
     Development, in coordination with the heads of other relevant 
     Federal departments and agencies, may coordinate a regional 
     trade and development initiative for the region comprised of 
     each Western Balkans country and any European Union member 
     country that shares a border with a Western Balkans country 
     (referred to in this subsection as the ``Western Balkans 
     region'') in accordance with this subsection.
       (2) Initiative elements.--The initiative authorized under 
     paragraph (1) shall--
       (A) promote private sector growth and competitiveness and 
     increase the capacity of businesses, particularly small and 
     medium-sized enterprises, in the Western Balkans region;
       (B) aim to increase intraregional exports to countries in 
     the Balkans and European Union member states;
       (C) aim to increase United States exports to, and 
     investments in, countries in the Balkans;
       (D) support startup companies, including companies led by 
     youth or women, in the Western Balkans region by--
       (i) providing training in business skills and leadership; 
     and
       (ii) providing opportunities to connect to sources of 
     capital;
       (E) encourage and promote inward and outward trade and 
     investment through engagement with the Western Balkans 
     diaspora communities in the United States and abroad;
       (F) provide assistance to the governments and civil society 
     organizations of Western Balkans countries to develop--
       (i) regulations to ensure fair and effective investment; 
     and
       (ii) screening tools to identify and deter malign 
     investments and other coercive economic practices;
       (G) review existing assistance programming relating to the 
     Western Balkans across Federal agencies--
       (i) to eliminate duplication; and
       (ii) to identify areas of potential coordination within the 
     Western Balkans region;
       (H) identify areas where application of additional 
     resources could expand successful programs to 1 or more 
     countries in the Western Balkans region by building on the 
     existing experience and program architecture;
       (I) compare existing single-country sector analyses to 
     determine areas of focus that would benefit from a regional 
     approach with respect to the Western Balkans region; and
       (J) promote intraregional trade throughout the Western 
     Balkans region through--
       (i) programming, including grants, cooperative agreements, 
     and other forms of assistance;
       (ii) expanding awareness of the availability of loans and 
     other financial instruments from the United States 
     Government; and
       (iii) coordinating access to existing trade instruments 
     available through allies and partners in the Western Balkans 
     region, including the European Union and international 
     financial institutions.
       (3) Support for regional infrastructure projects.--The 
     initiative authorized under paragraph (1) should facilitate 
     and prioritize support for regional infrastructure projects, 
     including--
       (A) transportation projects that build roads, bridges, 
     railways and other physical infrastructure to facilitate 
     travel of goods and people throughout the Western Balkans 
     region;
       (B) technical support and investments needed to meet United 
     States and European Union standards for air travel, including 
     screening and information sharing;
       (C) the development of telecommunications networks with 
     trusted providers;
       (D) infrastructure projects that connect Western Balkans 
     countries to each other and to countries with which they 
     share a border;
       (E) the effective analysis of tenders and transparent 
     procurement processes;
       (F) investment transparency programs that will help 
     countries in the Western Balkans analyze gaps and establish 
     institutional and regulatory reforms necessary--
       (i) to create an enabling environment for trade and 
     investment; and
       (ii) to strengthen protections against suspect investments 
     through public procurement and privatization and through 
     foreign direct investments;
       (G) sharing best practices learned from the United States 
     and other international partners to ensure that institutional 
     and regulatory mechanisms for addressing these issues are 
     fair, nonarbitrary, effective, and free from corruption;
       (H) projects that support regional energy security and 
     reduce dependence on Russian energy;
       (I) technical assistance and generating private investment 
     in projects that promote connectivity and energy-sharing in 
     the Western Balkans region;
       (J) technical assistance to support regional collaboration 
     on environmental protection that includes governmental, 
     political, civic, and business stakeholders; and
       (K) technical assistance to develop financing options and 
     help create linkages with potential financing institutions 
     and investors.
       (4) Requirements.--All programming under the initiative 
     authorized under paragraph (1) shall--
       (A) be open to the participation of Albania, Bosnia and 
     Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia;
       (B) be consistent with European Union accession 
     requirements;
       (C) be focused on retaining talent within the Western 
     Balkans;
       (D) promote government policies in Western Balkans 
     countries that encourage free and fair competition, sound 
     governance, environmental protection, and business 
     environments that are conducive to sustainable and inclusive 
     economic growth; and
       (E) include a public diplomacy strategy to inform local and 
     regional audiences in the Western Balkans region about the 
     initiative, including specific programs and projects.
       (d) United States International Development Finance 
     Corporation.--
       (1) Appointments.--Not later than 1 year after the date of 
     the enactment of this Act, subject to the availability of 
     appropriations, the Chief Executive Officer of the United 
     States International Development Finance Corporation, in 
     collaboration with the Secretary of State, should consider 
     including a regional office with responsibilities for the 
     Western Balkans within the Corporation's plans to open new 
     regional offices.
       (2) Joint report.--Not later than 180 days after the date 
     of the enactment of this Act, the Chief Executive Officer of 
     the United States International Development Finance 
     Corporation and the Administrator of the United States Agency 
     for International Development shall submit a joint report to 
     the appropriate congressional committees that includes--
       (A) an assessment of the benefits of providing sovereign 
     loan guarantees to countries in the Western Balkans to 
     support infrastructure and energy diversification projects;
       (B) an outline of additional resources, such as tools, 
     funding, and personnel, which may be required to offer 
     sovereign loan guarantees in the Western Balkans; and
       (C) an assessment of how the United States International 
     Development Finance Corporation can deploy its insurance 
     products in

[[Page S3177]]

     support of bonds or other instruments issued to raise capital 
     through United States financial markets in the Western 
     Balkans.

     SEC. 27. PROMOTING CROSS-CULTURAL AND EDUCATIONAL ENGAGEMENT.

       (a) Sense of Congress.--It is the sense of Congress that--
       (1) promoting partnerships between United States 
     universities and universities in the Western Balkans, 
     particularly universities in traditionally under-served 
     communities, advances United States foreign policy goals and 
     requires a whole-of-government approach, including the 
     utilization of public-private partnerships;
       (2) such university partnerships would provide 
     opportunities for exchanging academic ideas, technical 
     expertise, research, and cultural understanding for the 
     benefit of the United States; and
       (3) the seven countries in the Western Balkans meet the 
     requirements under section 105(c)(4) of the Foreign 
     Assistance Act of 1961 (22 U.S.C. 2151c(c)(4)).
       (b) University Partnerships.--The President, working 
     through the Secretary of State, is authorized to provide 
     assistance, consistent with section 105 of the Foreign 
     Assistance Act of 1961 (22 U.S.C. 2151c), to promote the 
     establishment of partnerships between United States 
     universities and universities in the Western Balkans, 
     including--
       (1) supporting research and analysis on foreign policy, 
     cyber resilience, and disinformation;
       (2) working with partner governments to reform policies, 
     improve curricula, strengthen data systems, train teachers 
     and students, including English language teaching, and to 
     provide quality, inclusive learning materials;
       (3) encouraging knowledge exchanges to help provide 
     individuals, particularly at-risk youth, women, people with 
     disabilities, and other vulnerable, marginalized, or 
     underserved communities, with relevant education, training, 
     and skills for meaningful employment;
       (4) promoting teaching and research exchanges between 
     institutions of higher education in the Western Balkans and 
     in the United States; and
       (5) encouraging alliances and exchanges with like-minded 
     institutions of education within the Western Balkans and the 
     larger European continent.

     SEC. 28. PEACE CORPS IN THE WESTERN BALKANS.

       (a) Sense of Congress.--It is the sense of Congress that 
     the Peace Corps, whose mission is to promote world peace and 
     friendship, in part by helping the people of interested 
     countries in meeting their need for trained men and women, 
     provides an invaluable opportunity to connect the people of 
     the United States with the people of the Western Balkans.
       (b) Report.--Not later than 180 days after the date of the 
     enactment of this Act, the Director of the Peace Corps shall 
     submit a report to the appropriate congressional committees 
     that includes an analysis of current opportunities for Peace 
     Corps expansion in the Western Balkans region.

     SEC. 29. YOUNG BALKAN LEADERS INITIATIVE.

       (a) Sense of Congress.--It is the sense of Congress that 
     regular people-to-people exchange programs that bring 
     religious leaders, journalists, civil society members, 
     politicians, and other individuals from the Western Balkans 
     to the United States will strengthen existing relationships 
     and advance United States interests and shared values in the 
     Western Balkans region.
       (b) BOLD Leadership Program for Young Balkans Leaders.--
       (1) Sense of congress.--The Department of State, through 
     BOLD (a leadership program for young leaders in certain 
     Western Balkans countries), plays an important role to 
     develop young leaders in improving civic engagement and 
     economic development in Bosnia and Herzegovina, Serbia, and 
     Montenegro.
       (2) Expansion.--BOLD should be expanded, subject to the 
     availability of appropriations, to the entire Western Balkans 
     region.
       (c) Authorization.--The Secretary of State should further 
     develop and implement BOLD, which shall hereafter be known as 
     the ``Young Balkan Leaders Initiative'', to promote 
     educational and professional development for young adult 
     leaders and professionals in the Western Balkans who have 
     demonstrated a passion to contribute to the continued 
     development of the Western Balkans region.
       (d) Conduct of Initiative.--The goals of the Young Balkan 
     Leaders Initiative shall be--
       (1) to further build the capacity of young Balkan leaders 
     in the Western Balkans in the areas of business and 
     information technology, cyber security and digitization, 
     agriculture, civic engagement, and public administration;
       (2) to support young Balkan leaders by offering 
     professional development, training, and networking 
     opportunities, particularly in the areas of leadership, 
     innovation, civic engagement, elections, human rights, 
     entrepreneurship, good governance, public administration, and 
     journalism;
       (3) to support young political, parliamentary, and civic 
     Balkan leaders in collaboration on regional initiatives 
     related to good governance, environmental protection, 
     government ethics, and minority inclusion;
       (4) to provide increased economic and technical assistance 
     to young Balkan leaders to promote economic growth and 
     strengthen ties between businesses, investors, and 
     entrepreneurs in the United States and in Western Balkans 
     countries;
       (5) to tailor such assistance to advance the particular 
     objectives of each United States mission in the Western 
     Balkans within the framework outlined in this subsection; and
       (6) to secure funding for such assistance from existing 
     funds available to each United States Mission in the Western 
     Balkans.
       (e) Fellowships.--Under the Young Balkan Leaders 
     Initiative, the Secretary of State shall award fellowships to 
     young leaders from the Western Balkans who--
       (1) are between 18 and 35 years of age;
       (2) have demonstrated strong capabilities in 
     entrepreneurship, innovation, public service, and leadership;
       (3) have had a positive impact in their communities, 
     organizations, or institutions, including by promoting cross-
     regional and multiethnic cooperation; and
       (4) represent a cross-section of geographic, gender, 
     political, and cultural diversity.
       (f) Public Engagement and Leadership Center.--Under the 
     Young Balkan Leaders Initiative, the Secretary of State shall 
     take advantage of existing and future public diplomacy 
     facilities (commonly known as ``American Spaces'') to hire 
     staff and develop programming for the establishment of a 
     flagship public engagement and leadership center in the 
     Western Balkans that seeks--
       (1) to counter disinformation and malign influence;
       (2) to promote cross-cultural engagement;
       (3) to provide training for young leaders from Western 
     Balkans countries described in subsection (e);
       (4) to harmonize the efforts of existing venues throughout 
     Western Balkans countries established by the Office of 
     American Spaces; and
       (5) to annually bring together participants from the Young 
     Balkans Leaders Initiative to provide platforms for regional 
     networking.
       (g) Briefing on Certain Exchange Programs.--
       (1) In general.--Not later than 180 days after the date of 
     the enactment of this Act, the Secretary of State shall 
     provide a briefing to the appropriate congressional 
     committees that describes the status of exchange programs 
     involving the Western Balkans region.
       (2) Elements.--The briefing required under paragraph (1) 
     shall--
       (A) assess the factors constraining the number and 
     frequency of participants from Western Balkans countries in 
     the International Visitor Leadership Program of the 
     Department of State;
       (B) identify the resources that are necessary to address 
     the factors described in subparagraph (A); and
       (C) describe a strategy for connecting alumni and 
     participants of professional development exchange programs of 
     the Department of State in the Western Balkans with alumni 
     and participants from other countries in Europe, to enhance 
     inter-region and intra-region people-to-people ties.

     SEC. 30. SUPPORTING CYBERSECURITY AND CYBER RESILIENCE IN THE 
                   WESTERN BALKANS.

       (a) Sense of Congress.--It is the sense of Congress that--
       (1) United States support for cybersecurity, cyber 
     resilience, and secure ICT infrastructure in Western Balkans 
     countries will strengthen the region's ability to defend 
     itself from and respond to malicious cyber activity conducted 
     by nonstate and foreign actors, including foreign 
     governments, that seek to influence the region;
       (2) insecure ICT networks that are vulnerable to 
     manipulation can increase opportunities for--
       (A) the compromise of cyber infrastructure, including data 
     networks, electronic infrastructure, and software systems; 
     and
       (B) the use of online information operations by adversaries 
     and malign actors to undermine United States allies and 
     interests; and
       (3) it is in the national security interest of the United 
     States to support the cybersecurity and cyber resilience of 
     Western Balkans countries.
       (b) Interagency Report on Cybersecurity and the Digital 
     Information Environment in Western Balkans Countries.--Not 
     later than 1 year after the date of the enactment of this 
     Act, the Secretary of State, in coordination with the 
     Secretary of Defense, the Secretary of Homeland Security, and 
     the heads of other relevant Federal agencies, shall submit a 
     report to the appropriate congressional committees that 
     contains--
       (1) an overview of interagency efforts to strengthen 
     cybersecurity and cyber resilience in Western Balkans 
     countries;
       (2) a review of the information environment in each Western 
     Balkans country;
       (3) a review of existing United States Government cyber and 
     digital initiatives that--
       (A) counter influence operations and safeguard elections 
     and democratic processes in Western Balkans countries;
       (B) strengthen ICT infrastructure and cybersecurity 
     capacity in the Western Balkans;
       (C) support democracy and internet freedom in Western 
     Balkans countries; and
       (D) build cyber capacity of governments who are allies or 
     partners of the United States;
       (4) an assessment of cyber threat information sharing 
     between the United States and Western Balkans countries;
       (5) an assessment of--
       (A) options for the United States to better support 
     cybersecurity and cyber resilience in

[[Page S3178]]

     Western Balkans countries through changes to current 
     assistance authorities; and
       (B) the advantages or limitations, such as funding or 
     office space, of posting cyber professionals from other 
     Federal departments and agencies to United States diplomatic 
     posts in Western Balkans countries and providing relevant 
     training to Foreign Service Officers; and
       (6) any additional support needed from the United States 
     for the cybersecurity and cyber resilience of the following 
     NATO Allies: Albania, Montenegro, North Macedonia, and 
     Croatia.

     SEC. 31. RELATIONS BETWEEN KOSOVO AND SERBIA.

       (a) Sense of Congress.--It is the sense of Congress that--
       (1) the Agreement on the Path to Normalization of 
     Relations, which was agreed to by Kosovo and Serbia on 
     February 27, 2023, with the facilitation of the European 
     Union, is a positive step forward in advancing normalization 
     between the two countries;
       (2) Serbia and Kosovo should seek to make immediate 
     progress on the Implementation Annex to the agreement 
     referred to in paragraph (1);
       (3) once sufficient progress has been made on the 
     Implementation Annex, the United States should consider 
     advancing initiatives to strengthen bilateral relations with 
     both countries, which could include--
       (A) establishing bilateral strategic dialogues with Kosovo 
     and Serbia; and
       (B) advancing concrete initiatives to deepen trade and 
     investment with both countries; and
       (4) the United States should continue to support a 
     comprehensive final agreement between Kosovo and Serbia based 
     on mutual recognition.
       (b) Statement of Policy.--It is the policy of the United 
     States Government that--
       (1) it shall not pursue any policy that advocates for land 
     swaps, partition, or other forms of redrawing borders along 
     ethnic lines in the Western Balkans as a means to arbitrate 
     disputes between nation states in the region; and
       (2) it should support pluralistic democracies in countries 
     in the Western Balkans as a means to prevent a return to the 
     ethnic strife that once characterized the region.

     SEC. 32. REPORTS ON RUSSIAN AND CHINESE MALIGN INFLUENCE 
                   OPERATIONS AND CAMPAIGNS IN THE WESTERN 
                   BALKANS.

       (a) Reports Required..--Not later than 180 days after the 
     date of the enactment of this Act, and every 2 years 
     thereafter, the Secretary of State, in coordination with the 
     Secretary of Defense, the Director of National Intelligence, 
     and the heads of other Federal departments or agencies, as 
     appropriate, shall submit a report to the appropriate 
     congressional committees regarding Russian and Chinese malign 
     influence operations and campaigns carried out with respect 
     to Balkan countries that seek--
       (1) to undermine democratic institutions;
       (2) to promote political instability; and
       (3) to harm the interests of the United States and North 
     Atlantic Treaty Organization member and partner states in the 
     Western Balkans.
       (b) Elements.--Each report submitted pursuant to subsection 
     (a) shall include--
       (1) an assessment of the objectives of the Russian 
     Federation and the People's Republic of China regarding 
     malign influence operations and campaigns carried out with 
     respect to Western Balkans countries--
       (A) to undermine democratic institutions, including the 
     planning and execution of democratic elections;
       (B) to promote political instability; and
       (C) to manipulate the information environment;
       (2) the activities and roles of the Department of State and 
     other relevant Federal agencies in countering Russian and 
     Chinese malign influence operations and campaigns;
       (3) a comprehensive list identifying--
       (A) each network, entity and individual, to the extent such 
     information is available, of Russia, China, or any other 
     country with which Russia or China may cooperate, that is 
     supporting such Russian or Chinese malign influence 
     operations or campaigns, including the provision of financial 
     or operational support to activities in a Western Balkans 
     country that may limit freedom of speech or create barriers 
     of access to democratic processes, including exercising the 
     right to vote in a free and fair election; and
       (B) the role of each such entity in providing such support;
       (4) the identification of the tactics, techniques, and 
     procedures used in Russian or Chinese malign influence 
     operations and campaigns in Western Balkans countries;
       (5) an assessment of the effect of previous Russian or 
     Chinese malign influence operations and campaigns that 
     targeted alliances and partnerships of the United States 
     Armed Forces in the Western Balkans, including the 
     effectiveness of such operations and campaigns in achieving 
     the objectives of Russia and China, respectively;
       (6) the identification of each Western Balkans country with 
     respect to which Russia or China has conducted or attempted 
     to conduct a malign influence operation or campaign;
       (7) an assessment of the capacity and efforts of NATO and 
     of each individual Western Balkans country to counter Russian 
     or Chinese malign influence operations and campaigns carried 
     out with respect to Western Balkans countries;
       (8) the efforts by the United States to combat such malign 
     influence operations in the Western Balkans, including 
     through the Countering Russian Influence Fund and the 
     Countering People's Republic of China Malign Influence Fund;
       (9) an assessment of the tactics, techniques, and 
     procedures that the Secretary of State, in consultation with 
     the Director of National Intelligence and the Secretary of 
     Defense, determines are likely to be used in future Russian 
     or Chinese malign influence operations and campaigns carried 
     out with respect to Western Balkans countries; and
       (10) recommended authorities or activities that the 
     Department of State and other relevant Federal agencies could 
     enact to increase the United States Government's capacity to 
     counter Russian and Chinese malign influence operations and 
     campaigns in Western Balkans countries.
       (c) Form.--Each report required under subsection (a) shall 
     be submitted in unclassified form, but may include a 
     classified annex.
                                 ______
                                 
  SA 2284. Mrs. SHAHEEN submitted an amendment intended to be proposed 
by her to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end of the bill, add the following:

       TITLE II--SUPPORTING DEMOCRACY IN THE REPUBLIC OF GEORGIA

     SEC. 21. SHORT TITLE.

       This title may be cited as the ``Mobilizing and Enhancing 
     Georgia's Options for Building Accountability, Resilience, 
     and Independence Act''.

     SEC. 22. DEFINITIONS.

       In this title:
       (1) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means--
       (A) the Committee on Foreign Relations of the Senate;
       (B) the Committee on Appropriations of the Senate;
       (C) the Committee on Foreign Affairs of the House of 
     Representatives; and
       (D) the Committee on Appropriations of the House of 
     Representatives.
       (2) Georgia.--The term ``Georgia'' means the Republic of 
     Georgia.
       (3) NATO.--The term ``NATO'' means the North Atlantic 
     Treaty Organization.
       (4) Secretary.--The term ``Secretary'' means the Secretary 
     of State.

     SEC. 23. SENSE OF CONGRESS.

       It is the sense of Congress that--
       (1) the progress made by the people of Georgia in forging 
     an innovative and productive society since the country's 
     independence from the Soviet Union should be applauded;
       (2) the consolidation of democracy in Georgia is critical 
     for regional stability and United States national interests;
       (3) Georgia has seen significant democratic backsliding in 
     recent years, as evidenced by numerous independent 
     assessments and measures;
       (4) the current Government of Georgia is increasingly 
     hostile towards independent domestic civil society and its 
     chief Euro-Atlantic partners while increasingly embracing 
     enhanced ties with the Russian Federation, the People's 
     Republic of China, and other anti-Western authoritarian 
     regimes;
       (5) the United States has an interest in protecting and 
     securing democracy in Georgia; and
       (6) the Secretary should suspend the United States-Georgia 
     Strategic Partnership Commission, established through the 
     United States-Georgia Charter on Strategic Partnership on 
     January 9, 2009, until after the Government of Georgia takes 
     measures--
       (A) to represent the democratic wishes of the citizens of 
     Georgia; and
       (B) to uphold its constitutional obligation to advance the 
     country towards membership in the European Union and NATO.

     SEC. 24. STATEMENT OF POLICY.

       It is the policy of the United States--
       (1) to support the constitutionally stated aspirations of 
     Georgia to become a member of the European Union and NATO, 
     which--
       (A) is made clear under Article 78 of the Constitution of 
     Georgia; and
       (B) is supported by the overwhelming majority of the 
     citizens of Georgia;
       (2) to continue supporting the capacity of the Government 
     of Georgia to protect its sovereignty and territorial 
     integrity from further Russian aggression or encroachment 
     within its internationally recognized borders;
       (3) to call on all political parties and elected Members of 
     the Parliament of Georgia to continue working on addressing 
     the reform plan outlined by the European Commission to resume 
     Georgia's recently granted candidate status through an 
     inclusive and transparent consultation process that involves 
     opposition parties and civil society organizations, which the 
     people of Georgia have freely elected to pursue;
       (4) to reevaluate its relationship with the Government of 
     Georgia and review all forms of foreign and security 
     assistance made available to the Government if it takes the 
     required steps--
       (A) to reorient itself toward its European Union accession 
     agenda; and
       (B) to advance policy or legislation reflecting the express 
     wishes of the Georgian people;
       (5) to emphasize the importance of contributing to 
     international efforts--
       (A) to combat Russian aggression, including through 
     sanctions on trade with Russia

[[Page S3179]]

     and the implementation and enforcement of worldwide sanctions 
     on Russia; and
       (B) to reduce, rather than increase, trade ties between 
     Georgia and Russia;
       (6) to continue supporting the ongoing development of 
     democratic values in Georgia, including free and fair 
     elections, freedom of association, an independent and 
     accountable judiciary, an independent media, public-sector 
     transparency and accountability, the rule of law, countering 
     malign influence, and anti-corruption efforts, and to impose 
     swift consequences on individuals who are directly 
     responsible for leading or have directly and knowingly 
     engaged in leading actions of policies that significantly 
     undermine those standards;
       (7) to continue to support the Georgian people and civil 
     society organizations that reflect the aspirations of the 
     Georgian people for democracy and a future with the people of 
     Europe;
       (8) to continue supporting the right of the Georgian people 
     to freely engage in peaceful protest, determine their future, 
     and make independent and sovereign choices on foreign and 
     security policy, including regarding Georgia's relationship 
     with other countries and international organizations, without 
     interference, intimidation, or coercion by other countries or 
     those acting on their behalf;
       (9) to call on all political parties, elected Members of 
     the Parliament of Georgia, and officers of the Ministry of 
     Internal Affairs of Georgia to respect the freedoms of 
     peaceful assembly, association, and expression, including for 
     the press, and the rule of law, and encourage a vibrant and 
     inclusive civil society;
       (10) to call on the Government of Georgia to release all 
     persons detained or imprisoned on politically motivated 
     grounds and drop any pending charges against them;
       (11) to call on the Government of Georgia to thoroughly 
     investigate all allegations emerging from the recent national 
     elections, which took place on October 26, 2024, make a 
     determination whether the elections should be judged as 
     illegitimate and hold those responsible for interference in 
     the elections; and
       (12) to continue impressing upon the Government of Georgia 
     that the United States is committed to sustaining and 
     deepening bilateral relations and supporting Georgia's Euro-
     Atlantic aspirations.

     SEC. 25. REPORTS AND BRIEFINGS.

       (a) Defined Term.--In this section, the term ``appropriate 
     committees of Congress'' means--
       (1) the Committee on Foreign Relations of the Senate;
       (2) the Select Committee on Intelligence of the Senate;
       (3) the Committee on Armed Services of the Senate;
       (4) the Committee on Foreign Affairs of the House of 
     Representatives;
       (5) the Permanent Select Committee on Intelligence of the 
     House of Representatives; and
       (6) the Committee on Armed Services of the House of 
     Representatives.
       (b) Report on Russian Intelligence Assets in Georgia.--Not 
     later than 180 days after the date of the enactment of this 
     Act, the Secretary, in coordination with the Director of 
     National Intelligence and the Secretary of Defense, shall 
     submit to the appropriate committees of Congress a classified 
     report, prepared consistent with the protection of sources 
     and methods, examining the penetration of Russian 
     intelligence elements and their assets in Georgia, that 
     includes an annex examining Chinese influence and the 
     potential intersection of Russian-Chinese cooperation in 
     Georgia.
       (c) 5-year United States Strategy for Bilateral Relations 
     With Georgia.--
       (1) In general.--Not later than 90 days after the date of 
     the enactment of this Act, the Secretary and the 
     Administrator of the United States Agency for International 
     Development, in coordination with the heads of other relevant 
     Federal departments and agencies, shall submit to the 
     appropriate congressional committees a detailed strategy 
     that--
       (A) outlines specific objectives for enhancing bilateral 
     ties which reflect the current domestic political environment 
     in Georgia;
       (B) includes a determination of the tools, resources, and 
     funding that should be available to achieve the objectives 
     outlined pursuant to subparagraph (A) and an assessment 
     whether Georgia should remain the second-highest recipient of 
     United States funding in the Europe and Eurasia region;
       (C) includes a determination of the extent to which the 
     United States should continue to invest in its partnership 
     with Georgia;
       (D) includes a plan for how the United States can continue 
     to support civil society and independent media organizations 
     in Georgia; and
       (E) includes a determination whether the Government of 
     Georgia remains committed to expanding trade ties with the 
     United States and Europe and whether the United States 
     Government should continue to invest in Georgian projects.
       (2) Form.--The report required under paragraph (1) shall be 
     submitted in unclassified form, with a classified annex.

     SEC. 26. SANCTIONS.

       (a) Definitions.--In this section:
       (1) Admission, admitted, alien.--The terms ``admission'', 
     ``admitted'', and ``alien'' have the meanings given such 
     terms in section 101 of the Immigration and Nationality Act 
     (8 U.S.C. 1101).
       (2) Appropriate committees of congress.--The term 
     ``appropriate committees of Congress'' means--
       (A) the Committee on Foreign Relations of the Senate;
       (B) the Committee on Banking, Housing, and Urban Affairs of 
     the Senate;
       (C) the Committee on the Judiciary of the Senate;
       (D) the Committee on Foreign Affairs of the House of 
     Representatives;
       (E) the Committee on the Judiciary of the House of 
     Representatives; and
       (F) the Committee on Financial Services of the House of 
     Representatives.
       (3) Foreign person.--The term ``foreign person'' means any 
     individual or entity that is not a United States person.
       (4) Immediate family members.--The term ``immediate family 
     members'' has the meaning given the term ``immediate 
     relatives'' in section 201(b)(2)(A)(i) of the Immigration and 
     Nationality Act (8 U.S.C. 1201(b)(2)(A)(i)).
       (5) Knowingly.--The term ``knowingly'', with respect to 
     conduct, a circumstance, or a result, means that a person has 
     actual knowledge, or should have known, of the conduct, the 
     circumstance, or the result.
       (6) 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;
       (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; and
       (C) any person within the United States.
       (b) Inadmissibility of Officials of Government of Georgia 
     and Certain Other Individuals Involved in Blocking Euro-
     Atlantic Integration.--
       (1) In general.--Not later than 90 days after the date of 
     the enactment of this Act, the President shall determine 
     whether each of the following foreign persons has knowingly 
     engaged in significant acts of corruption, or acts of 
     violence or intimidation in relation to the blocking of Euro-
     Atlantic integration in Georgia:
       (A) Any individual who, on or after January 1, 2014, has 
     served as a member of the Parliament of the Government of 
     Georgia or as a current or former senior official of a 
     Georgian political party.
       (B) Any individual who is serving as an official in a 
     leadership position working on behalf of the Government of 
     Georgia, including law enforcement, intelligence, judicial, 
     or local or municipal government.
       (C) An immediate family member of an official described in 
     subparagraph (A) or a person described in subparagraph (B) 
     who benefitted from the conduct of such official or person.
       (2) Sanctions.--The President shall impose the sanctions 
     described in subsection (d)(2) with respect to each foreign 
     person with respect to which the President has made an 
     affirmative decision under paragraph (1).
       (3) Briefing.--Not later than 90 days after the date of the 
     enactment of this Act, the Secretary shall brief the 
     appropriate committees of Congress with respect to--
       (A) any foreign person with respect to which the President 
     has made an affirmative determination under paragraph (1); 
     and
       (B) the specific facts that justify each such affirmative 
     determination.
       (4) Waiver.--The President may waive the imposition of 
     sanctions under this subsection, on a case-by-case basis, if 
     the President determines and reports to the appropriate 
     committees of Congress that--
       (A) such waiver would serve national security interests; or
       (B) the circumstances which caused the individual to be 
     ineligible have sufficiently changed.
       (c) Imposition of Sanctions With Respect to Undermining 
     Peace, Security, Stability, Sovereignty or Territorial 
     Integrity of Georgia.--
       (1) In general.--The President may impose the sanctions 
     described in subsection (d)(1) and shall impose the sanctions 
     described in subsection (d)(2) with respect to each foreign 
     person the President determines, on or after the date of the 
     enactment of this Act--
       (A) is responsible for, complicit in, or has directly or 
     indirectly engaged in or attempted to engage in, actions or 
     policies, including ordering, controlling, or otherwise 
     directing acts that are intended to undermine the peace, 
     security, stability, sovereignty, or territorial integrity of 
     Georgia;
       (B) is or has been a leader or official of an entity that 
     has, or whose members have, engaged in any activity described 
     in subparagraph (A); or
       (C) is an immediate family member of a person subject to 
     sanctions for conduct described in subparagraph (A) or (B) 
     and benefitted from the conduct of such person.
       (2) Brief and written notification.--Not later than 10 days 
     after imposing sanctions on a foreign person or persons 
     pursuant to this subsection, the President shall brief and 
     provide written notification to the appropriate committees of 
     Congress regarding the imposition of such sanctions, which 
     shall describe--
       (A) the foreign person or persons subject to the imposition 
     of such sanctions;
       (B) the activity justifying the imposition of such 
     sanctions; and
       (C) the specific sanctions imposed on such foreign person 
     or persons.
       (3) Waiver.--The President may waive the application of 
     sanctions under this subsection with respect to a foreign 
     person for renewable periods not to exceed 180 days if,

[[Page S3180]]

     not later than 15 days before the date on which such waiver 
     is to take effect, the President submits to the appropriate 
     committees of Congress a written determination and 
     justification that the waiver is in the national security 
     interests of the United States.
       (d) Sanctions Described.--The sanctions described in this 
     subsection, with respect to a foreign person described in 
     subsection (b) or (c), are the following:
       (1) Blocking of property.--Notwithstanding the requirements 
     under section 202 of the International Emergency Economic 
     Powers Act (50 U.S.C. 1701), the President shall exercise all 
     authorities granted 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 the foreign person 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) Ineligibility for visas, admission, or parole.--
       (A) Visas, admission, or parole.--A foreign person that is 
     an alien shall be--
       (i) inadmissible to the United States;
       (ii) ineligible to receive a visa or other documentation to 
     enter the United States; and
       (iii) 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.).
       (B) Current visas revoked.--
       (i) In general.--The foreign person shall be subject to 
     revocation of any visa or other entry documentation 
     regardless of when the visa or other entry documentation is 
     or was issued.
       (ii) Effective date.--Each revocation under clause (i) 
     shall take effect immediately and automatically cancel any 
     other valid visa or entry documentation that is in the 
     foreign person's possession.
       (e) Implementation; Penalties.--
       (1) 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 section.
       (2) Penalties.--A person that violates, attempts to 
     violate, conspires to violate, or causes a violation of 
     subsection (d)(2)(A) or any regulation, license, or order 
     issued under that subsection shall be subject to the 
     penalties set forth in subsections (b) and (c) of section 206 
     of the International 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 such section.
       (3) Rule of construction.--Nothing in this title, or in any 
     amendment made by this title, may be construed to limit the 
     authority of the President to designate or sanction persons 
     pursuant to an applicable Executive order or otherwise 
     pursuant to the International Emergency Economic Powers Act 
     (50 U.S.C. 1701 et seq.).
       (f) Rulemaking.--
       (1) In general.--Not later than 120 days after the date of 
     the enactment of this Act, the President shall prescribe such 
     regulations as are necessary for the implementation of this 
     section.
       (2) Notification to congress.--Not later than 10 days 
     before prescribing regulations pursuant to paragraph (1), the 
     President shall notify the appropriate committees of Congress 
     of the proposed regulations and the provisions of this 
     section that the regulations are implementing.
       (g) Sanctions With Respect to Broader Corruption in 
     Georgia.--
       (1) Determination.--The President shall determine whether 
     there are foreign persons who, on or after the date of the 
     enactment of this Act, have engaged in significant corruption 
     in Georgia or acts that are intended to undermine the peace, 
     security, stability, sovereignty, or territorial integrity of 
     Georgia for the purposes of potential imposition of sanctions 
     pursuant to powers granted to the President under the 
     International Emergency Economic Powers Act (50 U.S.C. 1701 
     et seq.).
       (2) Report.--
       (A) In general.--Not later than 180 days after the date of 
     the enactment of this Act, the President shall submit a 
     report to the appropriate committees of Congress that--
       (i) identifies all foreign persons the President has 
     determined, pursuant to this subsection, have engaged in 
     significant corruption in Georgia or committed acts that are 
     intended to undermine the peace, security, stability, 
     sovereignty, or territorial integrity of Georgia;
       (ii) the dates on which sanctions were imposed; and
       (iii) the reasons for imposing such sanctions.
       (B) Form.--The report required under subparagraph (A) shall 
     be provided in unclassified form, but may include a 
     classified annex.
       (h) Termination of Sanctions.--Any sanctions imposed on a 
     foreign person pursuant to this section shall terminate on 
     the earlier of--
       (1) the date on which the President certifies to the 
     appropriate committees of Congress that the foreign person is 
     no longer engaging in the activities that led to the 
     imposition of such sanction; or
       (2) the sunset date set forth in section 28.
       (i) Exceptions.--
       (1) Definitions.--In this subsection:
       (A) Agricultural commodity.--The term ``agricultural 
     commodity'' has the meaning given such term in section 102 of 
     the Agricultural Trade Act of 1978 (7 U.S.C. 5602).
       (B) Good.--The term ``good'' means any article, natural or 
     man-made substance, material, supply, or manufactured 
     product, including inspection and test equipment and 
     excluding technical data.
       (C) Medical device.--The term ``medical device'' has the 
     meaning given the term ``device'' in section 201 of the 
     Federal Food, Drug, and Cosmetic Act (21 U.S.C. 321).
       (D) Medicine.--The term ``medicine'' has the meaning given 
     the term ``drug'' in section 201 of the Federal Food, Drug, 
     and Cosmetic Act (21 U.S.C. 321).
       (2) Exceptions.--
       (A) Exception relating to intelligence activities.--
     Sanctions under this section shall not apply to--
       (i) any activity subject to the reporting requirements 
     under title V of the National Security Act of 1947 (50 U.S.C. 
     3091 et seq.); or
       (ii) any authorized intelligence activities of the United 
     States.
       (B) Exception to comply with international obligations.--
     Sanctions under this section shall not apply with respect to 
     a foreign person if admitting or paroling the person into the 
     United States is necessary to permit the United States to 
     comply with the Agreement regarding the Headquarters of the 
     United Nations, signed at Lake Success June 26, 1947, and 
     entered into force November 21, 1947, between the United 
     Nations and the United States, or other applicable 
     international obligations.
       (C) Humanitarian assistance.--Sanctions under this section 
     shall not apply to--
       (i) the conduct or facilitation of a transaction for the 
     provision of agricultural commodities, food, medicine, 
     medical devices, or humanitarian assistance, or for 
     humanitarian purposes; or
       (ii) transactions that are necessary for, or related to, 
     the activities described in clause (i).
       (j) Exception Relating to Importation of Goods.--The 
     requirement to block and prohibit all transactions in all 
     property and interests in property under this section shall 
     not include the authority or a requirement to impose 
     sanctions on the importation of goods.

     SEC. 27. ADDITIONAL ASSISTANCE WITH RESPECT TO GEORGIA.

       (a) In General.--Upon submission to Congress of the 
     certification described in subsection (c)--
       (1) the Secretary of State, in consultation with other 
     heads of other relevant Federal departments and agencies, 
     should seek to further enhance people-to-people contacts and 
     academic exchanges between the United States and Georgia; and
       (2) the President, in consultation with the Secretary of 
     Defense, should maintain and expand, as appropriate, military 
     cooperation with Georgia, including by providing further 
     security and defense equipment ideally suited for territorial 
     defense against Russian aggression and related training, 
     maintenance, and operations support elements.
       (b) Sense of Congress.--It is the sense of Congress that if 
     the Government of Georgia takes steps, after the submission 
     of the certification described in subsection (c), to realign 
     itself with its Euro-Atlantic agenda, including by making 
     significant changes to the foreign influence law, the 
     President should take steps to improve the bilateral 
     relationship between the United States and Georgia, including 
     actions to bolster Georgia's ability to deter threats from 
     Russia and other malign actors.
       (c) Certification Described.--The certification described 
     in this subsection is a certification submitted by the 
     President to Congress that Georgia has shown significant and 
     sustained progress towards reinvigorating its democracy and 
     advancing its Euro-Atlantic integration.

     SEC. 28. SUNSET.

       This title shall cease to have any force or effect 
     beginning on the date that is 5 years after the date of the 
     enactment of this Act.
                                 ______
                                 
  SA 2285. Mr. TUBERVILLE submitted an amendment intended to be 
proposed by him to the bill S. 1582, to provide for the regulation of 
payment stablecoins, and for other purposes; which was ordered to lie 
on the table; as follows:

       In section 18(a), add at the end the following:
       (4) The foreign payment stablecoin issuer is not owned, in 
     whole or in part, by--
       (A) the People's Republic of China, including the Hong Kong 
     Special Administrative Region and the Macao Special 
     Administrative Region;
       (B) the Republic of Cuba;
       (C) the Islamic Republic of Iran;
       (D) the Democratic People's Republic of Korea;
       (E) the Russian Federation; or
       (F) the Bolivarian Republic of Venezuela under the regime 
     of Nicolas Maduro Moros.
                                 ______
                                 
  SA 2286. Mr. CRUZ submitted an amendment intended to be proposed by 
him to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

[[Page S3181]]

  


     SEC. ___. PROHIBITION ON RESTRICTING TRANSACTIONS USING SELF-
                   CUSTODIAL SOFTWARE INTERFACES.

       (a) Definition.--In this section, the term ``covered 
     office'' means--
       (1) the Department of the Treasury;
       (2) an appropriate Federal banking agency;
       (3) the Board;
       (4) the Comptroller;
       (5) the Corporation; or
       (6) a primary Federal payment stablecoin regulator.
       (b) Prohibition.--No covered office may prohibit, restrict, 
     or otherwise impair the ability of a person to conduct a 
     transaction that--
       (1) is for that person's own and otherwise lawful purposes; 
     and
       (2) uses self-custodial software or hardware.
                                 ______
                                 
  SA 2287. Mr. VAN HOLLEN (for himself, Mr. Blumenthal, and Ms. Warren) 
submitted an amendment intended to be proposed by him to the bill S. 
1582, to provide for the regulation of payment stablecoins, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place in section 4, insert the 
     following:
       (__) Disclosures Relating to Interests in Payment 
     Stablecoin Issuers and Other Virtual Currency.--Section 13104 
     of title 5, United States Code, is amended--
       (1) in subsection (a), by adding at the end the following:
       ``(9) Interests in payment stablecoin issuers and other 
     virtual currency.--The identity and category of value of any 
     interest in a permitted payment stablecoin issuer (as defined 
     in section 2 of the GENIUS Act) and the value of any payment 
     stablecoins (as defined in section 2 of the GENIUS Act) and 
     other virtual currencies.'';
       (2) in subsection (b)(1)(B), by striking ``(3) and (4)'' 
     and inserting ``(3), (4), and (9)''; and
       (3) in subsection (d)(1)--
       (A) in the paragraph heading, by striking ``(3), (4), (5), 
     and (8)'' and inserting ``(3), (4), (5), (8), and (9)''; and
       (B) in the matter preceding subparagraph (A), by striking 
     ``(3), (4), (5), and (8)'' and inserting ``(3), (4), (5), 
     (8), and (9)''.
                                 ______
                                 
  SA 2288. Mrs. SHAHEEN submitted an amendment intended to be proposed 
by her to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. __. INTELLIGENCE SUPPORT FOR UKRAINE.

       (a) In General.--The Secretary of Defense shall provide 
     intelligence support, including information, intelligence, 
     and imagery collection authorized under title 10, United 
     States Code, to the Government of Ukraine for the purpose of 
     supporting military operations of the Government of Ukraine 
     that are specifically intended or reasonably expected--
       (1) to defend the territory of Ukraine; or
       (2) to retake territory of Ukraine held by Russian 
     Federation-led military forces before February 24, 2022.
       (b) Territory of Ukraine Defined.--In this section, the 
     term ``territory of Ukraine'' includes the Donbas and Crimea.
                                 ______
                                 
  SA 2289. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. LEGAL TENDER.

       (a) Amendments.--Section 5103 of title 31, United States 
     Code, is amended--
       (1) by striking ``United States coins'' and inserting the 
     following:
       ``(a) In General.--United States coins'';
       (2) by inserting ``the exclusive'' before ``legal tender 
     for all debts, public charges, taxes, and dues'';
       (3) by striking ``Foreign gold or silver coins are not 
     legal tender for debts'' and inserting ``No foreign gold, 
     silver coins, or digital assets shall be legal tender or 
     treated as legal tender''; and
       (4) by adding at the end the following:
       ``(b) Digital Asset Defined.--The term `digital asset' 
     means any digital representation of value that can be 
     exclusively possessed and transferred, person to person, 
     without necessary reliance on an intermediary, and is 
     recorded on a cryptographically secured public distributed 
     ledger.''.
       (b) Preemption.--A State, political subdivision of a State, 
     or political authority of 2 or more States may not enact or 
     enforce a law, regulation, or other provision having the 
     force and effect of a law relating to treating digital assets 
     (as defined in section 5103(b) of title 31, United States 
     Code, as added by this section) as legal tender for any debt, 
     public charge, tax, or due.
                                 ______
                                 
  SA 2290. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       Strike section 6(b)(1) and insert the following:
       (1) Suspension or revocation of registration.--
       (A) Suspension or revocation.--
       (i) In general.--The primary Federal payment stablecoin 
     regulator of a permitted payment stablecoin issuer that is 
     not a State qualified payment stablecoin issuer with a 
     payment stablecoin with a consolidated total outstanding 
     issuance of less than $10,000,000,000 may, after a hearing, 
     suspend or revoke a registration under this Act--

       (I) on any ground on which such regulator might refuse to 
     issue an original registration;
       (II) for a violation of any provision of this Act or the 
     regulations issued thereunder;
       (III) for good cause shown; or
       (IV) for failure of the registrant to pay a judgment, 
     recovered in any court by a claimant or creditor in an action 
     arising out of, or relating to, the registrant's stablecoin 
     business activity, within 30 days after the judgment becomes 
     final or within 30 days after expiration or termination of a 
     stay of execution on the judgment, provided that, if 
     execution on the judgment is stayed, by court order or 
     operation of law or otherwise, then proceedings to suspend or 
     revoke the registration (for failure of the registrant to pay 
     such judgment) may not be commenced by the primary Federal 
     payment stablecoin regulator during the time of such stay, 
     and for 30 days thereafter.

       (ii) Good cause.--For purposes of this paragraph, ``good 
     cause'' ``'' shall exist when a registrant has defaulted or 
     is likely to default in performing its obligations or 
     financial engagements or engages in unlawful, dishonest, 
     wrongful, or inequitable conduct or practices that may cause 
     harm to the public.
       (B) Hearing.--
       (i) Notice required.--The primary Federal payment 
     stablecoin regulator shall give a registrant nor less than 10 
     days' written notice of the time and place of a hearing to 
     suspend or revoke registration.
       (ii) Service.--The notice under clause (i) shall be 
     provided by registered or certified mail addressed to the 
     principal place of business of the registrant.
       (C) Decision.--Any order of the primary Federal payment 
     stablecoin regulator suspending or revoking such license 
     shall state the grounds upon which it is based and be sent by 
     registered or certified mail to the registrant at its 
     principal place of business as shown in the records of the 
     primary Federal payment stablecoin regulator.
       (D) Preliminary injunction.--The primary Federal payment 
     stablecoin regulator may, when determined by such regulator 
     to be in the public interest, seek a preliminary injunction 
     to restrain a registrant from continuing to perform acts that 
     violate any provision of law.
       (E) Rule of construction.--Nothing in this section shall be 
     construed as limiting any power granted to the primary 
     Federal payment stablecoin regulator under any other 
     provision of law, including any power to investigate possible 
     violations of law, rule, or regulation or to impose penalties 
     or take any other action against any person for violation of 
     such laws, rules, or regulations.
                                 ______
                                 
  SA 2291. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       Strike section 4(a)(4)(A)(i)(II) and insert the following:

       (II) minimum capital requirements and operating expenses 
     that are no less stringent than such requirements applicable 
     to institutions chartered under the Special Purpose 
     Depository Institutions Act in Wyoming (Wyo. Stat. Ann. tit. 
     13, ch. 12) or to companies that are approved to issue 
     payment stablecoins under the New York Financial Services Law 
     and the virtual currency regulation issued thereunder (23 
     N.Y. Comp. Codes R. & Regs. tit. 23, Part 200).

                                 ______
                                 
  SA 2292. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 1582, to provide for the regulation of payment 
stablecoins, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place in section 4, insert the 
     following:
       (__) Change of Control.--
       (1) In general.--No action may be taken, except with the 
     prior written approval of the primary Federal payment 
     stablecoin regulator, that may result in a change of control 
     of a permitted payment stablecoin issuer.
       (2) Application to acquire a permitted payment stablecoin 
     issuer.--
       (A) Submission.--Prior to any change of control described 
     in paragraph (1), a person seeking to acquire control of a 
     permitted payment stablecoin issuer shall submit to the 
     primary Federal payment stablecoin regulator a written 
     application, in form and substance acceptable to such 
     regulator, that includes detailed information about the 
     applicant and all directors, principal officers, principal 
     stockholders, and principal beneficiaries of the applicant, 
     as applicable.
       (B) Determination of control.--
       (i) In general.--Not later than 30 days after the receipt 
     of an application under subparagraph (A), or such further 
     period as the

[[Page S3182]]

     primary Federal payment stablecoin regulator may prescribe, 
     the primary Federal payment stablecoin regulator shall 
     determine whether the applicant does not or will not, upon 
     the taking of the proposed action, control another person.
       (ii) Effect of filing.--The filing of an application 
     pursuant to this subdivision in good faith by any person 
     shall relieve the applicant from any obligation or liability 
     imposed by this section with respect to the subject of the 
     application until the primary Federal payment stablecoin 
     regulator has acted upon the application.
       (iii) Revocation or modification.--The primary Federal 
     payment stablecoin regulator may revoke or modify a 
     determination under this subparagraph after notice and 
     opportunity to be heard, if, in the determination of the 
     primary Federal payment stablecoin regulator, revocation or 
     modification is consistent with this section.
       (iv) Factors.--In making a determination under this 
     subparagraph, the primary Federal payment stablecoin 
     regulator may consider--

       (I) whether the person's purchase of common stock is made 
     solely for investment purposes and not to acquire control 
     over the permitted payment stablecoin issuer;
       (II) whether the person could direct, or cause the 
     direction of, the management or policies of the permitted 
     payment stablecoin issuer;
       (III) whether the person could propose directors in 
     opposition to nominees proposed by the management or board of 
     directors of the permitted payment stablecoin issuer;
       (IV) whether the person could seek or accept representation 
     on the board of directors of the permitted payment stablecoin 
     issuer;
       (V) whether the person could solicit or participate in 
     soliciting proxy votes with respect to any matter presented 
     to the shareholders of the permitted payment stablecoin 
     issuer; and
       (VI) any other factor that indicates such person would or 
     would not exercise control of the permitted payment 
     stablecoin issuer.

       (C) Approval or denial of application.--
       (i) In general.--Not later than 120 days after the primary 
     Federal payment stablecoin regulator deems an application 
     under this subsection to be complete, the primary Federal 
     payment stablecoin regulator shall approve or deny the 
     application.
       (ii) Extension.--The primary Federal payment stablecoin 
     regulator may, for good cause shown, extend the period under 
     clause (i) for such additional reasonable period of time as 
     may be required to enable compliance with the requirements 
     and conditions of this Act.
       (iii) Consideration of public interest.--In determining 
     whether to approve or deny an application under this 
     subsection, the primary Federal payment stablecoin regulator 
     shall, among other factors, take into consideration the 
     public interest and the needs and convenience of the public.
       (3) Control defined.--
       (A) In general.--In this subsection, the term ``control'' 
     means the possession, directly or indirectly, of the power to 
     direct or cause the direction of the management and policies 
     of a permitted payment stablecoin issuer, whether through the 
     ownership of stock of such issuer, the stock of any person 
     that possesses such power, or otherwise.
       (B) Presumptions.--
       (i) Voting power.--Control shall be presumed to exist if a 
     person, directly or indirectly, owns, controls, or holds with 
     power to vote 10 percent or more of the voting stock of a 
     permitted payment stablecoin issuer or of any person that 
     owns, controls, or holds with power to vote 10 percent or 
     more of the voting stock of such issuer.
       (ii) Officers and directors.--No person shall be deemed to 
     control another person solely by reason of being an officer 
     or director of such other person.
       (__) Mergers and Acquisitions.--
       (1) In general.--No action may be taken, except with the 
     prior written approval of the primary Federal payment 
     stablecoin regulator, that may result in a merger or 
     acquisition of all or a substantial part of the assets of a 
     permitted payment stablecoin issuer.
       (2) Application for merger or acquisition.--
       (A) Submission.--Prior to any merger or acquisition 
     described in paragraph (1), any merging entities or the 
     acquiring entity, as applicable, shall submit to the primary 
     Federal payment stablecoin regulator an application 
     containing a written plan of merger or acquisition, in form 
     and substance acceptable to such regulator, that--
       (i) specifies each entity to be merged, the surviving 
     entity, or the entity acquiring all or substantially all of 
     the assets of the permitted payment stablecoin issuer, as 
     applicable; and
       (ii) describes the terms and conditions of the merger or 
     acquisition, as applicable, and the mode of carrying it into 
     effect.
       (B) Approval or denial of application.--
       (i) In general.--Not later than 120 days after the primary 
     Federal payment stablecoin regulator deems an application 
     under this subsection to be complete, the primary Federal 
     payment stablecoin regulator shall approve or deny the 
     application.
       (ii) Extension.--The primary Federal payment stablecoin 
     regulator may, for good cause shown, extend the period under 
     clause (i) for such additional reasonable period of time as 
     may be required to enable compliance with the requirements 
     and conditions of this Act.
       (iii) Consideration of public interest.--In determining 
     whether to approve or deny an application under this 
     subsection, the primary Federal payment stablecoin regulator 
     shall, among other factors, take into consideration the 
     public interest and the needs and convenience of the public.

                          ____________________