[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1822 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 1822

 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 SENATE OF THE UNITED STATES

                              May 25, 2021

  Mr. Wicker introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 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. 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 the People's Republic of China's financial markets and 
United States exposure to risks and vulnerabilities in the People's 
Republic of China's financial system, including data on--
            (1) baseline economic statistics such as gross domestic 
        product (GDP) and other indicators of economic health;
            (2) national and local government debt;
            (3) nonperforming loan amounts;
            (4) the composition of shadow banking assets;
            (5) the composition of the People's Republic of China's 
        foreign exchange reserves;
            (6) bank loan interest rates;
            (7) United States retirement accounts tied to Chinese 
        investments;
            (8) the People's Republic of China's exposure to foreign 
        borrowers and flows of official financing for the Belt and Road 
        Initiatve 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) sovereign or near-sovereign loans made by the People's 
        Republic of China to other countries or guaranteed by sovereign 
        entities; and
            (10) 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 reports required 
                by subparagraph (A) shall include--
                            (i) key findings, data, a description of 
                        the research and development activities of the 
                        affiliates of United States multinational 
                        enterprises operating in the People's Republic 
                        of 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 the People's Republic of 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) the 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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