[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3498 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 3498

 To direct the Secretary of Commerce to establish within the Bureau of 
 Economic Analysis of the Department of Commerce a China Economic Data 
                          Coordination Center.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 2021

    Mr. Gonzalez of Ohio (for himself, Ms. Stevens, Mr. Allred, Mr. 
 Phillips, Mr. Hill, Mr. Waltz, and Mr. Barr) introduced the following 
bill; which was referred to the Committee on Financial Services, and in 
   addition to the Committee on Foreign Affairs, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
 To direct the Secretary of Commerce to establish within the Bureau of 
 Economic Analysis of the Department of Commerce a China Economic Data 
                          Coordination Center.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Documenting Adversarial Trade 
Aggression Act'' or ``DATA Act''.

SEC. 2. CHINA ECONOMIC DATA COORDINATION CENTER.

    (a) In General.--The Secretary of Commerce, in coordination with 
the Secretary of the Treasury, shall establish within the Bureau of 
Economic Analysis of the Department of Commerce a China Economic Data 
Coordination Center (in this section referred to as the ``Center'').
    (b) Duties.--The Center, in coordination with the heads of other 
relevant Federal agencies and the private sector, shall collect and 
synthesize official and unofficial Chinese economic data on 
developments in China's financial markets and United States exposure to 
risks and vulnerabilities in China's financial system, including--
            (1) data on baseline economic statistics such as gross 
        domestic product (GDP) and other indicators of economic health;
            (2) data on national and local government debt;
            (3) data on nonperforming loan amounts;
            (4) data on the composition of shadow banking assets;
            (5) data on the composition of China's foreign exchange 
        reserves;
            (6) data on bank loan interest rates;
            (7) data on United States retirement accounts tied to 
        Chinese investments;
            (8) data on China's exposure to foreign borrowers and flows 
        of official financing for China's Belt and Road Initiative and 
        other trade-related initiatives, including data from the 
        Export-Import Bank of China, the China Export and Credit 
        Insurance Corporation (Sinosure), and the China Development 
        Bank;
            (9) data on sovereign or near-sovereign loans made by China 
        to other countries or guaranteed by sovereign entities; and
            (10) data on Chinese domestic retirement accounts and 
        investments.
    (c) Briefings.--The Center shall provide to the appropriate 
congressional committees and the private sector on a biannual basis 
briefings on implementation of the duties of the Center.
    (d) Reports and Public Updates.--
            (1) Reports.--
                    (A) In general.--The Center shall submit to the 
                appropriate congressional committees on a quarterly 
                basis a report in writing on implementation of the 
                duties of the Center.
                    (B) Matters to be included.--The report required by 
                this subsection shall include--
                            (i) key findings, data, the research and 
                        development activities of the affiliates of 
                        United States multinational enterprises 
                        operating in China, and a description of the 
                        implications of such activities for United 
                        States production, employment, and the economy; 
                        and
                            (ii) a description of United States 
                        industry interactions with Chinese state-owned 
                        enterprises and other state-affiliated entities 
                        and inbound Chinese investments.
            (2) Public updates.--The Center shall provide to the public 
        on a monthly basis updates on implementation of the duties of 
        the Center.
    (e) Recommendations and Strategies.--The Secretary of the Treasury, 
using data collected and synthesized by the Center under subsection (b) 
and in consultation with the Center, shall--
            (1) develop recommendations and strategies for ways in 
        which the United States can respond to potential risks and 
        exposures within China's financial system; and
            (2) submit to the appropriate congressional committees a 
        report that contains such recommendations and strategies.
    (f) Appropriate Congressional Committees Defined.--In this section, 
the term ``appropriate congressional committees'' means--
            (1) the Committee on Foreign Affairs, the Committee on 
        Financial Services, and the Committee on Energy and Commerce of 
        the House of Representatives; and
            (2) Committee on Foreign Relations, the Committee on 
        Banking, Housing, and Urban Affairs, and the Committee on 
        Commerce, Science, and Transportation of the Senate.
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