[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3526 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  2d Session
                                S. 3526

  To require the imposition of sanctions with respect to the People's 
Republic of China if the People's Liberation Army initiates a military 
              invasion of Taiwan, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             January 19 (legislative day, January 18), 2022

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

_______________________________________________________________________

                                 A BILL


 
  To require the imposition of sanctions with respect to the People's 
Republic of China if the People's Liberation Army initiates a military 
              invasion of Taiwan, and for other purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Sanctions 
Targeting Aggressors of Neighboring Democracies with Taiwan Act of 
2022'' or the ``STAND with Taiwan Act of 2022''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Sense of Congress.
Sec. 4. Statement of policy.
Sec. 5. Definitions.
Sec. 6. Determination of the initiation of a military invasion by the 
                            People's Liberation Army or its proxies.
Sec. 7. Imposition of sanctions with respect to members of the Chinese 
                            Communist Party.
Sec. 8. Imposition of sanctions with respect to financial institutions 
                            affiliated with the Chinese Communist 
                            Party.
Sec. 9. Imposition of sanctions with respect to entities owned by or 
                            affiliated with the Chinese Communist 
                            Party.
Sec. 10. Prohibition on transfers of funds involving the People's 
                            Republic of China.
Sec. 11. Prohibition on listing or trading of Chinese entities on 
                            United States securities exchanges.
Sec. 12. Prohibition on investments by United States financial 
                            institutions that benefit the Chinese 
                            Communist Party.
Sec. 13. Prohibition on importation of certain goods made in the 
                            People's Republic of China.
Sec. 14. Exceptions; waiver.
Sec. 15. Implementation; penalties.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Taiwan is a free and prosperous democracy of nearly 
        24,000,000 people, an important contributor to peace and 
        stability around the world, and continues to embody and promote 
        democratic values, freedom, and human rights in Asia.
            (2) The policy of the United States toward Taiwan is guided 
        by the Taiwan Relations Act (22 U.S.C. 3301 et seq.), the 
        United States-People's Republic of China joint communiques 
        concluded in 1972, 1978, and 1982, and the Six Assurances that 
        President Ronald Reagan communicated to Taiwan in 1982.
            (3) Under section 2 of the Taiwan Relations Act (22 U.S.C. 
        3301), it is the policy of the United States--
                    (A) ``to preserve and promote extensive, close, and 
                friendly commercial, cultural, and other relations 
                between the people of the United States and the people 
                on Taiwan, as well as the people on the China mainland 
                and all other peoples of the Western Pacific area'';
                    (B) ``to declare that peace and stability in the 
                area are in the political, security, and economic 
                interests of the United States, and are matters of 
                international concern'';
                    (C) ``to make clear that the United States decision 
                to establish diplomatic relations with the People's 
                Republic of China rests upon the expectation that the 
                future of Taiwan will be determined by peaceful 
                means'';
                    (D) ``to consider any effort to determine the 
                future of Taiwan by other than peaceful means, 
                including by boycotts or embargoes, a threat to the 
                peace and security of the Western Pacific area and of 
                grave concern to the United States'';
                    (E) ``to provide Taiwan with arms of a defensive 
                character''; and
                    (F) ``to maintain the capacity of the United States 
                to resist any resort to force or other forms of 
                coercion that would jeopardize the security, or the 
                social or economic system, of the people on Taiwan''.
            (4) Since the election of President Tsai Ing-wen as 
        President of Taiwan in 2016, the Chinese Communist Party has 
        employed a variety of coercive military and nonmilitary tactics 
        short of armed conflict in its efforts to exert existential 
        pressure on Taiwan, including through diplomatic isolation, 
        restricting tourism, cyberattacks, spreading disinformation, 
        and controlling the ability of Taiwan to purchase COVID-19 
        vaccines from other countries.
            (5) In 2021, there was a notable increase in military 
        provocations by the People's Liberation Army against Taiwan, 
        including increased flights of military aircraft within 
        Taiwan's air defense identification zone, holding military 
        exercises in the vicinity of Taiwan's controlled waters, and 
        performing live-fire exercises in the South China Sea.
            (6) In March 2021, then Commander of the United States 
        Indo-Pacific Command Admiral Philip Davidson testified that the 
        threat of a military invasion of Taiwan by the People's 
        Liberation Army ``is manifest during this decade, in fact in 
        the next six years''.
            (7) In March 2021, then Commander of the United States 
        Pacific Fleet Admiral John Aquilino testified that the threat 
        of a military invasion by the People's Liberation Army of 
        Taiwan is ``much closer to us than most think'' and could 
        materialize well before 2035.
            (8) In October 2021, President Joseph R. Biden publicly 
        affirmed that the United States would come to the defense of 
        Taiwan, saying, ``yes, we have a commitment to do that''.
            (9) In addition to military power, economic and financial 
        instruments of United States power and their potential use can 
        have an important deterrent effect on the actions of other 
        countries.

SEC. 3. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) it is in the interests of the United States to maintain 
        a free and open Indo-Pacific region, with peace and stability 
        in the Taiwan Strait as a critical component;
            (2) efforts by the Chinese Communist Party to unilaterally 
        determine the future of Taiwan through non-peaceful means, 
        including threats and the direct use of force, military 
        coercion, economic boycotts or embargoes, and efforts to 
        internationally isolate or annex Taiwan--
                    (A) directly undermine the spirit, intent, and 
                purpose of the Taiwan Relations Act (22 U.S.C. 3301 et 
                seq.);
                    (B) undermine peace and stability in the Taiwan 
                Strait;
                    (C) limit a free and open Indo-Pacific region; and
                    (D) are of grave concern to the Government of the 
                United States;
            (3) the initiation of a military invasion of Taiwan by the 
        People's Liberation Army would--
                    (A) disrupt the peace and stability of the region 
                and threaten the peace and stability of the entire 
                globe; and
                    (B) undermine core the political, security, and 
                economic interests of the United States; and
            (4) as an important deterrent measure against a military 
        invasion of Taiwan, the Chinese Communist Party must understand 
        that initiating such an invasion will result in catastrophic 
        economic and financial consequences for the People's Republic 
        of China.

SEC. 4. STATEMENT OF POLICY.

    The policy of the Government of the United States on Taiwan is 
guided by the Taiwan Relations Act (22 U.S.C. 3301 et seq.), the United 
States-People's Republic of China joint communiques concluded in 1972, 
1978, and 1982, and the Six Assurances that President Ronald Reagan 
communicated to Taiwan in 1982, but in the event of the initiation of a 
military invasion of Taiwan by the People's Liberation Army, it is the 
policy of the United States--
            (1) to use and deploy all economic, commercial, and 
        financial instruments and levers of power, including--
                    (A) the imposition of sanctions with respect to 
                members of the Chinese Communist Party and financial 
                institutions and other entities affiliated with the 
                Chinese Communist Party;
                    (B) prohibiting the listing or trading of the 
                securities of Chinese entities on United States 
                securities exchanges;
                    (C) prohibiting investments by United States 
                financial institutions in economic sectors of the 
                People's Republic of China; and
                    (D) prohibiting the importation of certain goods 
                mined, produced, or manufactured in the People's 
                Republic of China into the United States; and
            (2) to work in close coordination with allies and partners 
        of the United States to encourage those allies and partners to 
        undertake similar economic, commercial, and financial actions 
        against the Chinese Communist Party.

SEC. 5. DEFINITIONS.

    In this Act:
            (1) Account; correspondent account; payable-through 
        account.--The terms ``account'', ``correspondent account'', and 
        ``payable-through account'' have the meanings given those terms 
        in section 5318A of title 31, United States Code.
            (2) Admission; admitted; alien.--The terms ``admission'', 
        ``admitted'', and ``alien'' have the meanings given those terms 
        in section 101 of the Immigration and Nationality Act (8 U.S.C. 
        1101).
            (3) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Relations, the 
                Committee on Armed Services, and the Committee on 
                Banking, Housing, and Urban Affairs of the Senate; and
                    (B) the Committee on Foreign Affairs, the Committee 
                on Armed Services, and the Committee on Financial 
                Services of the House of Representatives.
            (4) Covered determination.--The term ``covered 
        determination'' has the meaning given that term in section 
        6(a).
            (5) Financial institution.--The term ``financial 
        institution'' means a financial institution specified in 
        subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), 
        (M), or (Y) of section 5312(a)(2) of title 31, United States 
        Code.
            (6) Foreign financial institution.--The term ``foreign 
        financial institution'' has the meaning given that term in 
        regulations prescribed by the Secretary of the Treasury.
            (7) Foreign person.--The term ``foreign person'' means an 
        individual or entity that is not a United States person.
            (8) Knowingly.--The term ``knowingly'' with respect to 
        conduct, a circumstance, or a result, means that a person had 
        actual knowledge, or should have known, of the conduct, the 
        circumstance, or the result.
            (9) Military invasion.--The term ``military invasion'' 
        includes--
                    (A) an amphibious landing or assault;
                    (B) an airborne operation or air assault;
                    (C) an aerial bombardment or blockade;
                    (D) missile attacks, including rockets, ballistic 
                missiles, cruise missiles, and hypersonic missiles; and
                    (E) a naval bombardment or blockade.
            (10) United states person.--The term ``United States 
        person'' means--
                    (A) a United States citizen or an alien lawfully 
                admitted for permanent residence to the United States; 
                or
                    (B) an entity organized under the laws of the 
                United States or any jurisdiction within the United 
                States, including a foreign branch of such an entity.

SEC. 6. DETERMINATION OF THE INITIATION OF A MILITARY INVASION BY THE 
              PEOPLE'S LIBERATION ARMY OR ITS PROXIES.

    (a) Covered Determination Defined.--In this Act, the term ``covered 
determination'' means--
            (1) a determination by the President, not later than 24 
        hours after a military invasion of Taiwan by the People's 
        Liberation Army or any of its proxies, that such an invasion 
        has occurred; or
            (2) the enactment of a joint resolution pursuant to 
        subsection (b).
    (b) Determination by Joint Resolution.--
            (1) Covered joint resolution defined.--In this subsection, 
        the term ``covered joint resolution'' means only a joint 
        resolution of either House of Congress the sole matter after 
        the resolving clause of which is as follows: ``That Congress 
        determines that the People's Liberation Army or one of its 
        proxies initiated a military invasion of Taiwan on ___.'', with 
        the blank space being filled with the appropriate date.
            (2) Introduction.--A covered joint resolution may be 
        introduced--
                    (A) in the House of Representatives, by the 
                majority leader (or the majority leader's designee) or 
                the minority leader (or the minority leader's 
                designee); and
                    (B) in the Senate, by the majority leader (or the 
                majority leader's designee) or the minority leader (or 
                the minority leader's designee).
            (3) Floor consideration in house of representatives.--
                    (A) Discharge from committee.--If a committee of 
                the House of Representatives to which a covered joint 
                resolution has been referred has not reported the joint 
                resolution within 2 calendar days after the date of 
                referral of the joint resolution, the committee shall 
                be discharged from further consideration of the joint 
                resolution and the joint resolution shall be placed on 
                the appropriate calendar.
                    (B) Moving to consideration.--At any time after a 
                covered joint resolution has been placed on the 
                appropriate calendar, it is in order for the sponsor of 
                the joint resolution (or a designee) to move for the 
                consideration of that joint resolution.
                    (C) Points of order; motions.--All points of order 
                against the covered joint resolution and its 
                consideration are waived. If the motion under 
                subparagraph (B) is agreed to, the joint resolution 
                shall remain the unfinished business of the House until 
                disposed of, except as provided in paragraph (5).
                    (D) No amendments.--A covered joint resolution 
                shall not be subject to amendment in the House of 
                Representatives.
                    (E) Debate.--General debate on a covered joint 
                resolution shall not exceed 4 hours, which shall be 
                equally divided and controlled by the sponsor of the 
                joint resolution (or a designee) and an opponent.
                    (F) Final passage.--At the conclusion of debate, 
                the previous question shall be considered as ordered on 
                the resolution, and the House of Representatives shall 
                vote on final passage without intervening motion.
            (4) Consideration in the senate.--
                    (A) Reporting and discharge.--If the committee of 
                the Senate to which a covered joint resolution was 
                referred has not reported the joint resolution within 2 
                calendar days after the date of referral of the joint 
                resolution, that committee shall be discharged from 
                further consideration of the joint resolution and the 
                joint resolution shall be placed on the appropriate 
                calendar.
                    (B) Proceeding to consideration.--Notwithstanding 
                Rule XXII of the Standing Rules of the Senate, it is in 
                order at any time after the committee of the Senate to 
                which a covered joint resolution was referred reports 
                the joint resolution to the Senate or has been 
                discharged from consideration of the joint resolution 
                (even though a previous motion to the same effect has 
                been disagreed to) to move to proceed to the 
                consideration of the joint resolution, and all points 
                of order against the joint resolution (and against 
                consideration of the joint resolution) are waived. The 
                motion to proceed is not debatable. The motion is not 
                subject to a motion to postpone.
                    (C) No amendments.--An amendment to a covered joint 
                resolution, or a motion to postpone, or a motion to 
                proceed to the consideration of other business, or a 
                motion to recommit a covered joint resolution, is not 
                in order.
                    (D) Consideration.--
                            (i) Limitation on debate.--Consideration in 
                        the Senate of a covered joint resolution shall 
                        be limited to not more than 10 hours, which 
                        shall be equally divided between, and 
                        controlled by, the majority leader and the 
                        minority leader, or by their designees.
                            (ii) Vote on adoption.--Whenever all the 
                        time for debate on a covered joint resolution 
                        has been used or yielded back, the vote on the 
                        adoption of the resolution shall occur without 
                        any intervening motion or amendment, except 
                        that a single quorum call at the conclusion of 
                        the debate if requested in accordance with the 
                        Rules of the Senate may occur immediately 
                        before such vote.
                    (E) Rulings of the chair on procedure.--Appeals 
                from the decisions of the Chair relating to the 
                application of the rules of the Senate, as the case may 
                be, to the procedure relating to a covered joint 
                resolution shall be decided without debate.
                    (F) Consideration of veto messages.--Debate in the 
                Senate of any veto message with respect to a covered 
                joint resolution, including all debatable motions and 
                appeals in connection with the joint resolution, shall 
                be limited to 10 hours, to be equally divided between, 
                and controlled by, the majority leader and the minority 
                leader or their designees.
            (5) Rules relating to senate and house of 
        representatives.--
                    (A) Treatment of senate joint resolution in 
                house.--In the House of Representatives, the following 
                procedures shall apply to a covered joint resolution 
                received from the Senate (unless the House has already 
                passed a joint resolution relating to the same proposed 
                action):
                            (i) The joint resolution shall be referred 
                        to the appropriate committees.
                            (ii) If a committee to which a joint 
                        resolution has been referred has not reported 
                        the joint resolution within 2 calendar days 
                        after the date of referral, that committee 
                        shall be discharged from further consideration 
                        of the joint resolution.
                            (iii) Beginning on the third legislative 
                        day after the committee to which a joint 
                        resolution has been referred reports the joint 
                        resolution to the House or has been discharged 
                        from further consideration thereof, it shall be 
                        in order to move to proceed to consider the 
                        joint resolution in the House. All points of 
                        order against the motion are waived. Such a 
                        motion shall not be in order after the House 
                        has disposed of a motion to proceed on the 
                        joint resolution. The previous question shall 
                        be considered as ordered on the motion to its 
                        adoption without intervening motion. The motion 
                        shall not be debatable. A motion to reconsider 
                        the vote by which the motion is disposed of 
                        shall not be in order.
                            (iv) The joint resolution shall be 
                        considered as read. All points of order against 
                        the joint resolution and against its 
                        consideration are waived. The previous question 
                        shall be considered as ordered on the joint 
                        resolution to final passage without intervening 
                        motion except 4 hours of debate equally divided 
                        and controlled by the sponsor of the joint 
                        resolution (or a designee) and an opponent. A 
                        motion to reconsider the vote on passage of the 
                        joint resolution shall not be in order.
                    (B) Treatment of house joint resolution in 
                senate.--
                            (i) Receipt before passage.--If, before the 
                        passage by the Senate of a covered joint 
                        resolution, the Senate receives an identical 
                        joint resolution from the House of 
                        Representatives, the following procedures shall 
                        apply:
                                    (I) That joint resolution shall not 
                                be referred to a committee.
                                    (II) With respect to that joint 
                                resolution--
                                            (aa) the procedure in the 
                                        Senate shall be the same as if 
                                        no joint resolution had been 
                                        received from the House of 
                                        Representatives; but
                                            (bb) the vote on passage 
                                        shall be on the joint 
                                        resolution from the House of 
                                        Representatives.
                            (ii) Receipt after passage.--If, following 
                        passage of a covered joint resolution in the 
                        Senate, the Senate receives an identical joint 
                        resolution from the House of Representatives, 
                        that joint resolution shall be placed on the 
                        appropriate Senate calendar.
                            (iii) No companion measure.--If a covered 
                        joint resolution is received from the House, 
                        and no companion joint resolution has been 
                        introduced in the Senate, the Senate procedures 
                        under this subsection shall apply to the House 
                        joint resolution.
                    (C) Application to revenue measures.--The 
                provisions of this paragraph shall not apply in the 
                House of Representatives to a covered joint resolution 
                that is a revenue measure.
            (6) Rules of house of representatives and senate.--This 
        subsection is enacted by Congress--
                    (A) as an exercise of the rulemaking power of the 
                Senate and the House of Representatives, respectively, 
                and as such is deemed a part of the rules of each 
                House, respectively, and supersedes other rules only to 
                the extent that it is inconsistent with such rules; and
                    (B) with full recognition of the constitutional 
                right of either House to change the rules (so far as 
                relating to the procedure of that House) at any time, 
                in the same manner, and to the same extent as in the 
                case of any other rule of that House.

SEC. 7. IMPOSITION OF SANCTIONS WITH RESPECT TO MEMBERS OF THE CHINESE 
              COMMUNIST PARTY.

    (a) Imposition of Sanctions.--Not later than 3 days after a covered 
determination is made, the President shall--
            (1) impose the sanctions described in subsection (b) with 
        respect to any foreign person the President determines is a 
        member of the Chinese Communist Party, including any branch of 
        the armed forces or intelligence agencies of the Chinese 
        Communist Party; and
            (2) impose the sanctions described in subsection (c) with 
        respect to--
                    (A) any foreign person identified under paragraph 
                (1);
                    (B) any successor entity to that foreign person; 
                and
                    (C) any foreign person that is a parent or 
                subsidiary of that foreign person.
    (b) Sanctions Described.--The sanctions described in this 
subsection are the following:
            (1) Blocking of property.--
                    (A) In general.--The President shall exercise all 
                of the powers granted by the International Emergency 
                Economic Powers Act (50 U.S.C. 1701 et seq.) to block 
                and prohibit all transactions in all property and 
                interests in property of a foreign person described in 
                subsection (a)(1) if such property and interests in 
                property are in the United States, come within the 
                United States, or are or come within the possession or 
                control of a United States person.
                    (B) Inapplicability of national emergency 
                requirement.--The requirements of section 202 of the 
                International Emergency Economic Powers Act (50 U.S.C. 
                1701) shall not apply for purposes of this section.
            (2) Inclusion on entity list.--The President shall include 
        a foreign person described in subsection (a)(1) on the entity 
        list maintained by the Bureau of Industry and Security of the 
        Department of Commerce and set forth in Supplement No. 4 to 
        part 744 of title 15, Code of Federal Regulations, for 
        activities contrary to the national security or foreign policy 
        interests of the United States.
            (3) Banking transactions.--The President shall, pursuant to 
        such regulations as the President may prescribe, prohibit any 
        transfers of credit or payments between financial institutions 
        or by, through or to any financial institution, to the extent 
        that such transfers or payments are subject to the jurisdiction 
        of the United States and involve any interest of a foreign 
        person described in subsection (a)(1).
    (c) Ineligibility for Visas, Admission, or Parole.--
            (1) Visas, admission, or parole.--An alien described in 
        subsection (a)(2) shall be--
                    (A) inadmissible to the United States;
                    (B) ineligible to receive a visa or other 
                documentation to enter the United States; and
                    (C) otherwise ineligible to be admitted or paroled 
                into the United States or to receive any other benefit 
                under the Immigration and Nationality Act (8 U.S.C. 
                1101 et seq.).
            (2) Current visas revoked.--
                    (A) In general.--The visa or other entry 
                documentation of an alien described in subsection 
                (a)(2) shall be revoked, regardless of when such visa 
                or other entry documentation is or was issued.
                    (B) Immediate effect.--A revocation under 
                subparagraph (A) shall--
                            (i) take effect immediately; and
                            (ii) automatically cancel any other valid 
                        visa or entry documentation that is in the 
                        alien's possession.
    (d) Exception for Compliance With International Obligations and Law 
Enforcement Activities.--Sanctions under subsection (c) shall not apply 
with respect to an alien if--
            (1) admitting or paroling the alien into the United States 
        is necessary--
                    (A) to permit the United States to comply with the 
                Agreement regarding the Headquarters of the United 
                Nations, signed at Lake Success on June 26, 1947, and 
                entered into force November 21, 1947, between the 
                United Nations and the United States, or other 
                applicable international obligations of the United 
                States; or
                    (B) to carry out or assist law enforcement activity 
                in the United States; or
            (2) the alien holds a valid, unexpired A-1, A-2, C-2, G-1, 
        or G-2 visa.

SEC. 8. IMPOSITION OF SANCTIONS WITH RESPECT TO FINANCIAL INSTITUTIONS 
              AFFILIATED WITH THE CHINESE COMMUNIST PARTY.

    (a) In General.--Not later than 3 days after a covered 
determination is made, the Secretary of the Treasury shall impose the 
sanctions described in subsection (c) with respect to a foreign 
financial institution described in subsection (b).
    (b) Foreign Financial Institutions Described.--A foreign financial 
institution is described in this subsection if the Chinese Communist 
Party has a majority ownership interest in the financial institution or 
the financial institution is otherwise affiliated with the Chinese 
Communist Party, including the following financial institutions and 
their subsidiaries and successor entities:
            (1) The People's Bank of China.
            (2) The Industrial and Commercial Bank of China.
            (3) The China Construction Bank.
            (4) The Bank of China.
            (5) The Bank of Communications.
            (6) The Agricultural Bank of China.
            (7) The China CITIC Bank.
    (c) Sanctions Described.--The sanctions described in this 
subsection are the following:
            (1) Blocking of property.--
                    (A) In general.--The President shall exercise all 
                of the powers granted to the President under the 
                International Emergency Economic Powers Act (50 U.S.C. 
                1701 et seq.) to the extent necessary to block and 
                prohibit all transactions in property and interests in 
                property of a foreign financial institution subject to 
                subsection (a) if such property and interests in 
                property are in the United States, come within the 
                United States, or are or come within the possession or 
                control of a United States person.
                    (B) Inapplicability of national emergency 
                requirement.--The requirements of section 202 of the 
                International Emergency Economic Powers Act (50 U.S.C. 
                1701) shall not apply for purposes of this section.
            (2) Restrictions on correspondent and payable-through 
        accounts.--The President shall prohibit the opening, and 
        prohibit or impose strict conditions on the maintaining, in the 
        United States of a correspondent account or payable-through 
        account by a foreign financial institution subject to 
        subsection (a).

SEC. 9. IMPOSITION OF SANCTIONS WITH RESPECT TO ENTITIES OWNED BY OR 
              AFFILIATED WITH THE CHINESE COMMUNIST PARTY.

    (a) In General.--Not later than 3 days after a covered 
determination is made, the Secretary of the Treasury shall impose the 
sanctions described in subsection (b) with respect to any entity that--
            (1) the Chinese Communist Party has an ownership interest 
        in; or
            (2) is otherwise affiliated with the Chinese Communist 
        Party.
    (b) Blocking of Property.--
            (1) In general.--The President shall exercise all of the 
        powers granted to the President under the International 
        Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to the 
        extent necessary to block and prohibit all transactions in 
        property and interests in property of an entity in an industry 
        subject to subsection (a) if such property and interests in 
        property are in the United States, come within the United 
        States, or are or come within the possession or control of a 
        United States person.
            (2) Inapplicability of national emergency requirement.--The 
        requirements of section 202 of the International Emergency 
        Economic Powers Act (50 U.S.C. 1701) shall not apply for 
        purposes of this section.

SEC. 10. PROHIBITION ON TRANSFERS OF FUNDS INVOLVING THE PEOPLE'S 
              REPUBLIC OF CHINA.

    (a) In General.--Except as provided by subsection (b), a depository 
institution (as defined in section 19(b)(1)(A) of the Federal Reserve 
Act (12 U.S.C. 461(b)(1)(A))) or a broker or dealer in securities 
registered with the Securities and Exchange Commission under the 
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) may not process 
transfers of funds--
            (1) to or from the People's Republic of China; or
            (2) for the direct or indirect benefit of members of the 
        Chinese Communist Party.
    (b) Exception.--A depository institution, broker, or dealer 
described in subsection (a) may process a transfer described in that 
subsection if the transfer--
            (1) arises from, and is ordinarily incident and necessary 
        to give effect to, an underlying transaction that is authorized 
        by a specific or general license; and
            (2) does not involve debiting or crediting an Chinese 
        account.

SEC. 11. PROHIBITION ON LISTING OR TRADING OF CHINESE ENTITIES ON 
              UNITED STATES SECURITIES EXCHANGES.

    (a) In General.--The Securities and Exchange Commission shall 
prohibit the securities of an issuer described in subsection (b) from 
being traded on a national securities exchange on and after the date 
that is 3 days after a covered determination is made.
    (b) Issuers.--An issuer described in this subsection is an issuer 
that is--
            (1) an official of or individual affiliated with the 
        Chinese Communist Party; or
            (2) an entity that--
                    (A) the Chinese Communist Party has an ownership 
                interest in; or
                    (B) is otherwise affiliated with the Chinese 
                Communist Party.
    (c) Definitions.--In this section:
            (1) Issuer; security.--The terms ``issuer'' and 
        ``security'' have the meanings given those terms in section 
        3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c).
            (2) National securities exchange.--The term ``national 
        securities exchange'' means an exchange registered as a 
        national securities exchange in accordance with section 6 of 
        the Securities Exchange Act of 1934 (15 U.S.C. 78f).

SEC. 12. PROHIBITION ON INVESTMENTS BY UNITED STATES FINANCIAL 
              INSTITUTIONS THAT BENEFIT THE CHINESE COMMUNIST PARTY.

    (a) In General.--Not later than 3 days after a covered 
determination is made, the Secretary of the Treasury shall prohibit any 
United States financial institution from making any investments 
described in subsection (b).
    (b) Investments Described.--An investment described in this 
subsection is a monetary investment--
            (1) to--
                    (A) an entity owned or controlled by the Chinese 
                Communist Party; or
                    (B) the People's Liberation Army; or
            (2) for the benefit of any priority industrial sector 
        identified by the Chinese Communist Party in the ``Made in 
        China 2025'' plan or the ``14th Five Year Smart Manufacturing 
        Development Plan'', including--
                    (A) agriculture machinery;
                    (B) information technology;
                    (C) artificial intelligence, machine learning, and 
                robotics;
                    (D) green energy and green vehicles;
                    (E) aerospace equipment;
                    (F) ocean engineering and high tech ships;
                    (G) railway equipment;
                    (H) power equipment;
                    (I) new materials;
                    (J) medicine and medical devices;
                    (K) fifth generation and future generation 
                telecommunications and other advanced wireless 
                networking technologies;
                    (L) semiconductor manufacturing;
                    (M) biotechnology;
                    (N) quantum computing;
                    (O) surveillance technologies, including facial 
                recognition technologies and censorship software;
                    (P) fiber optic cables; and
                    (Q) mining and resource development.
    (c) United States Financial Institution Defined.--In this section, 
the term ``United States financial institution''--
            (1) means any financial institution that is a United States 
        person; and
            (2) includes an investment company, private equity company, 
        venture capital company, or hedge fund that is a United States 
        person.

SEC. 13. PROHIBITION ON IMPORTATION OF CERTAIN GOODS MADE IN THE 
              PEOPLE'S REPUBLIC OF CHINA.

    (a) In General.--Except as provided in subsection (b), on and after 
the date that is 3 days after a covered determination is made, all 
goods mined, produced, or manufactured wholly or in part in the 
People's Republic of China, or by a person working for or affiliated 
with an entity or industry wholly financed by the Chinese Communist 
Party or in which the Chinese Communist Party has a majority ownership 
interest, shall not be entitled to entry at any of the ports of the 
United States and the importation of such goods is prohibited.
    (b) Exception.--The prohibition under subsection (a) shall not 
apply with respect to a good if the President--
            (1) determines that the good is necessary to the national 
        security, economic security, or public health of the United 
        States; and
            (2) submits to the appropriate congressional committees and 
        make available to the public a report on that determination.

SEC. 14. EXCEPTIONS; WAIVER.

    (a) Exception for Intelligence Activities.--This Act shall not 
apply with respect to activities subject to the reporting requirements 
under title V of the National Security Act of 1947 (50 U.S.C. 3091 et 
seq.) or any authorized intelligence activities of the United States.
    (b) National Security Waiver.--The President may waive the 
imposition of sanctions under this Act with respect to a person if the 
President--
            (1) determines that such a waiver is in the national 
        security interests of the United States; and
            (2) submits to the appropriate congressional committees a 
        notification of the waiver and the reasons for the waiver.

SEC. 15. IMPLEMENTATION; PENALTIES.

    (a) Implementation.--The President may exercise all authorities 
provided under sections 203 and 205 of the International Emergency 
Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this Act.
    (b) Penalties.--A person that violates, attempts to violate, 
conspires to violate, or causes a violation of this Act or any 
regulation, license, or order issued to carry out this Act shall be 
subject to the penalties set forth in subsections (b) and (c) of 
section 206 of the International Emergency Economic Powers Act (50 
U.S.C. 1705) to the same extent as a person that commits an unlawful 
act described in subsection (a) of that section.
                                 <all>