[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4026 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 4026

 To require a report on the state of economic integration between the 
United States and the People's Republic of China and the risks of that 
       integration to the national security of the United States.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 21, 2024

Mr. Romney (for himself, Ms. Cortez Masto, Mr. Lankford, Mr. Brown, Mr. 
 Cornyn, and Mr. Young) introduced the following bill; which was read 
             twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To require a report on the state of economic integration between the 
United States and the People's Republic of China and the risks of that 
       integration to the national security of the United States.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Economic Independence Act 
of 2024''.

SEC. 2. REPORT ON ECONOMIC INTEGRATION BETWEEN THE UNITED STATES AND 
              THE PEOPLE'S REPUBLIC OF CHINA AND RISKS TO THE NATIONAL 
              SECURITY OF THE UNITED STATES.

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