[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4789 Introduced in Senate (IS)]

<DOC>






118th CONGRESS
  2d Session
                                S. 4789

  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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 25, 2024

 Mr. Sullivan (for himself and Ms. Duckworth) 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.

    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 
2024'' or the ``STAND with Taiwan Act of 2024''.
    (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. Imposition of sanctions with respect to officials of the 
                            Government of the People's Republic of 
                            China and members of the Chinese Communist 
                            Party.
Sec. 7. Imposition of sanctions with respect to financial institutions 
                            affiliated with the Government of the 
                            People's Republic of China.
Sec. 8. Imposition of sanctions with respect to entities owned by or 
                            affiliated with the Government of the 
                            People's Republic of China or the Chinese 
                            Communist Party.
Sec. 9. Prohibition on transfers of funds involving the People's 
                            Republic of China.
Sec. 10. Prohibition on listing or trading of Chinese entities on 
                            United States securities exchanges.
Sec. 11. Prohibition on investments by United States financial 
                            institutions that benefit the Government of 
                            the People's Republic of China or the 
                            Chinese Communist Party.
Sec. 12. Prohibition on energy exports to, and investments in energy 
                            sector of, the People's Republic of China.
Sec. 13. Suspension of normal trade relations with 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) For decades and increasingly 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) Since 2020, military incursions by the People's 
        Republic of China into Taiwan's air defense identification zone 
        have been occurring at a rapidly increasing pace. In 2022, such 
        incursions occurred 1,700 times, nearly double the total in 
        2021, which was itself almost triple the 2020 total.
            (6) Since 2021, there has been a notable increase in 
        military provocations by the People's Liberation Army against 
        Taiwan, including incursions over the midline separating the 
        People's Republic of China from Taiwan, holding military 
        exercises in the vicinity of Taiwan's controlled waters, and 
        performing live-fire exercises in the South China Sea.
            (7) In August 2022, the People's Republic of China held 
        unprecedented live-fire military exercises and a simulated 
        blockade involving hundreds of military aircraft, dozens of 
        warships, and launches of short-range ballistic missiles over 
        the territory of Taiwan.
            (8) The People's Republic of China is attempting to erase 
        the midline separating it from Taiwan, increasing the prospects 
        for incidental contact between forces of the People's Republic 
        of China and Taiwan as well as shorting reaction times related 
        to provocations by the People's Republic of China.
            (9) On August 10, 2022, the Taiwan Affairs Office of the 
        State Council of the People's Republic of China released a 
        white paper entitled ``The Taiwan Question and China's 
        Reunification in the New Era'' that reiterated the long-
        standing position of the Government of the People's Republic of 
        China not to renounce the use of force to bring about 
        unification with Taiwan and to ``always be ready to respond 
        with the use of force . . . to interference by external forces 
        or radical action by separatist elements''.
            (10) 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''.
            (11) 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.
            (12) On February 24, 2022, the Armed Forces of the Russian 
        Federation initiated an unprovoked and unjustified invasion of 
        Ukraine, resulting in at least 14,000 civilian casualties, 
        including more than 5,000 deaths.
            (13) The Russian Federation invasion has destabilized 
        global markets and supply chains, from energy to food, 
        contributing to high inflation and recession in the United 
        States and deep cuts to global gross domestic product.
            (14) With the assistance of the United States and European 
        allies, Ukrainian forces have successfully repelled the Russian 
        Federation invasion and recaptured significant portions of 
        territory taken by the Russian Federation in the initial stages 
        of the invasion.
            (15) In addition to military power, timely messaging around 
        the use of 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 Government of the People's Republic of 
        China and 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, cyberattacks, 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) constitute a threat to the peace and security 
                of the Western Pacific Area and threaten the peace 
                stability of the entire globe; and
                    (B) undermine the core political, security, and 
                economic interests of the United States at home and 
                abroad; and
            (4) as an important deterrent measure against a military 
        invasion of Taiwan, the Government of the People's Republic of 
        China and 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 
                leadership of the Chinese Communist Party, key 
                officials of the Government of the People's Republic of 
                China, and financial institutions and other entities 
                affiliated with the Chinese Communist Party or the 
                Government of the People's Republic of China;
                    (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 Government of the People's Republic of China and 
        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'' means 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.
            (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 person.--The term ``foreign person'' means an 
        individual or entity that is not a United States person.
            (7) 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.
            (8) 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;
                    (E) a naval bombardment or armed blockade; and
                    (F) attack on any territory controlled or 
                administered by the Government of Taiwan, including 
                offshore islands controlled or administered by that 
                Government.
            (9) 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. IMPOSITION OF SANCTIONS WITH RESPECT TO OFFICIALS OF THE 
              GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA AND MEMBERS 
              OF THE CHINESE COMMUNIST PARTY.

    (a) In General.--Not later than 3 days after making a covered 
determination, the President shall impose the sanctions described in 
subsection (d) with respect to officials of the Government of the 
People's Republic of China and members of the Chinese Communist Party 
specified in subsection (b), to the extent such officials and members 
can be identified.
    (b) Officials Specified.--The officials specified in this 
subsection shall include--
            (1) senior civilian and military officials of the People's 
        Republic of China and military officials who have command or 
        clear and direct decision-making power over military campaigns, 
        military operations, and military planning against Taiwan 
        conducted by the People's Liberation Army;
            (2) senior civilian and military officials of the People's 
        Republic of China who have command or clear and direct 
        decision-making power in the Chinese Coast Guard and the 
        Chinese People's Armed Police and are engaged in planning or 
        implementing activities that involve the use of force against 
        Taiwan;
            (3) senior or special advisors to the General Secretary of 
        the Chinese Communist Party, the Chairman of the Central 
        Military Commission, or the President of the People's Republic 
        of China;
            (4) officials of the Government of the People's Republic of 
        China who are members of the top decision-making bodies of that 
        Government;
            (5) the highest-ranking Chinese Communist Party members of 
        the decision-making bodies referred to in paragraph (4); and
            (6) officials of the Government of the People's Republic of 
        China in the intelligence agencies or security services who--
                    (A) have clear and direct decision-making power; 
                and
                    (B) have engaged in or implemented activities 
                that--
                            (i) materially undermine the military 
                        readiness of Taiwan;
                            (ii) overthrow or decapitate the Taiwan's 
                        government;
                            (iii) debilitate Taiwan's electric grid, 
                        critical infrastructure, or cybersecurity 
                        systems through offensive electronic or cyber 
                        attacks;
                            (iv) undermine Taiwan's democratic 
                        processes through campaigns to spread 
                        disinformation; or
                            (v) involve committing serious human rights 
                        abuses against citizens of Taiwan, including 
                        forceful transfers, enforced disappearances, 
                        unjust detainment, or torture.
    (c) Additional Officials.--
            (1) List required.--Not later than 30 days after making a 
        covered determination, and every 90 days thereafter, the 
        President shall submit a list to the appropriate congressional 
        committees that identifies any additional foreign persons who--
                    (A) the President determines are officials 
                specified in subsection (b); and
                    (B) who were not included on any previous list of 
                such officials.
            (2) Imposition of sanctions.--Upon the submission of the 
        list required under paragraph (1), the President shall impose 
        the sanctions described in subsection (d) with respect to each 
        official included on the list.
    (d) Sanctions Described.--The sanctions described in this 
subsection to be imposed with respect to an official specified in 
subsection (b) or (c) 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 the official 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) Ineligibility for visas, admission, or parole.--
                    (A) Visas, admission, or parole.--The official 
                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 visa or other entry 
                        documentation of the official shall be revoked, 
                        regardless of when such visa or other entry 
                        documentation is or was issued.
                            (ii) 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 official's possession.
    (e) Exception for Compliance With International Obligations and Law 
Enforcement Activities.--Sanctions under this section shall not apply 
with respect to an official if--
            (1) admitting or paroling the official 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.
    (f) Top Decision-Making Bodies Defined.--In this section, the term 
``top decision-making bodies'' may include--
            (1) the Political Bureau of the Central Committee of the 
        Chinese Communist Party;
            (2) the Standing Committee of the Political Bureau of the 
        Central Committee of the Chinese Communist Party;
            (3) the Central Military Commission of the Chinese 
        Communist Party;
            (4) the Central Military Commission of the People's 
        Republic of China;
            (5) the National People's Congress of the People's Republic 
        of China;
            (6) the Central Committee of the Chinese Communist Party; 
        and
            (7) the State Council of the People's Republic of China.

SEC. 7. IMPOSITION OF SANCTIONS WITH RESPECT TO FINANCIAL INSTITUTIONS 
              AFFILIATED WITH THE GOVERNMENT OF THE PEOPLE'S REPUBLIC 
              OF CHINA.

    (a) In General.--Not later than 3 days after a covered 
determination is made, the Secretary of the Treasury--
            (1) shall impose the sanctions described in subsection (b) 
        with respect to--
                    (A) the People's Bank of China; and
                    (B) state-owned banks; and
            (2) may impose those sanctions with respect to any 
        subsidiary of, or successor entity to, a state-owned bank.
    (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 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 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 financial institution subject to subsection (a).
    (c) State-Owned Bank Defined.--In this section, the term ``state-
owned bank''--
            (1) means a bank that--
                    (A) is incorporated in the People's Republic of 
                China; and
                    (B) is owned in whole or part by the Government of 
                the People's Republic of China; and
            (2) includes--
                    (A) the Export-Import Bank of China;
                    (B) the China Development Bank;
                    (C) the Agricultural Development Bank of China;
                    (D) the Industrial and Commercial Bank of China;
                    (E) the China Construction Bank;
                    (F) the Bank of Communications;
                    (G) the Agricultural Bank of China; and
                    (H) the Bank of China.

SEC. 8. IMPOSITION OF SANCTIONS WITH RESPECT TO ENTITIES OWNED BY OR 
              AFFILIATED WITH THE GOVERNMENT OF THE PEOPLE'S REPUBLIC 
              OF CHINA OR 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 Government of the People's Republic of China or the 
        Chinese Communist Party has an ownership interest in; or
            (2) is otherwise affiliated with the Government of the 
        People's Republic of China or 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 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. 9. PROHIBITION ON TRANSFERS OF FUNDS INVOLVING THE PEOPLE'S 
              REPUBLIC OF CHINA.

    (a) In General.--Except as provided by subsection (b), not later 
than 3 days after a covered determination is made, 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 officials of the 
        Government of the People's Republic of China or 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. 10. 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 
        Government of the People's Republic of China or the Chinese 
        Communist Party; or
            (2) an entity that--
                    (A) the Government of the People's Republic of 
                China or the Chinese Communist Party has an ownership 
                interest in; or
                    (B) is otherwise affiliated with the Government of 
                the People's Republic of China or 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. 11. PROHIBITION ON INVESTMENTS BY UNITED STATES FINANCIAL 
              INSTITUTIONS THAT BENEFIT THE GOVERNMENT OF THE PEOPLE'S 
              REPUBLIC OF CHINA OR 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 Government 
                of the People's Republic of China or the Chinese 
                Communist Party; or
                    (B) the People's Liberation Army; or
            (2) for the benefit of any priority industrial sector 
        identified 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. 12. PROHIBITION ON ENERGY EXPORTS TO, AND INVESTMENTS IN ENERGY 
              SECTOR OF, THE PEOPLE'S REPUBLIC OF CHINA.

    (a) Prohibition on Exports.--
            (1) In general.--On and after the date that is 3 days after 
        a covered determination is made, the Secretary of Commerce 
        shall prohibit, under the Export Control Reform Act of 2018 (50 
        U.S.C. 4801 et seq.), the export, reexport, or in-country 
        transfer to or in the People's Republic of China any energy or 
        energy product produced in the United States.
            (2) Definitions.--In this subsection, the terms ``export'', 
        ``in-country transfer'', ``reexport'', and ``United States 
        person'' have the meanings given those terms in section 1742 of 
        the Export Control Reform Act of 2018 (50 U.S.C. 4801).
    (b) Prohibition on Investments.--On and after the date that is 3 
days after a covered determination is made, a United States person may 
not make an investment in the energy sector of the People's Republic of 
China.

SEC. 13. SUSPENSION OF NORMAL TRADE RELATIONS WITH THE PEOPLE'S 
              REPUBLIC OF CHINA.

    Notwithstanding the provisions of title I of Public Law 106-286 
(114 Stat. 880) or any other provision of law, beginning on the date 
that is 3 days after a covered determination is made, normal trade 
relations treatment shall not apply pursuant to section 101(a) of that 
Act to the products of the People's Republic of China.

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.
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