[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 970 Introduced in Senate (IS)]

<DOC>






118th CONGRESS
  1st Session
                                 S. 970

 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

                             March 23, 2023

Mr. Wicker (for himself and Ms. Cortez Masto) 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. SHORT TITLE.

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

SEC. 2. CHINA ECONOMIC DATA COORDINATION CENTER.

    (a) In General.--The Secretary of Commerce, in coordination with 
the Secretary of the Treasury, shall establish within the Bureau of 
Economic Analysis of the Department of Commerce a China Economic Data 
Coordination Center (in this section referred to as the ``Center'').
    (b) Duties.--The Center, in coordination with the heads of other 
relevant Federal agencies and the private sector, shall collect and 
synthesize official and unofficial economic data on developments in the 
financial markets of the People's Republic of China and the United 
States exposure to risks and vulnerabilities in the financial system of 
the People's Republic of China, including data on--
            (1) baseline economic statistics such as gross domestic 
        product 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 foreign exchange reserves of the 
        People's Republic of China;
            (6) bank loan interest rates;
            (7) United States retirement accounts tied to Chinese 
        investments;
            (8) the exposure of the People's Republic of China to 
        foreign borrowers and flows of official financing for the Belt 
        and Road Initiative and other trade-related initiatives of the 
        Government of the People's Republic of China, 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) retirement accounts and investments in the People's 
        Republic of China.
    (c) Briefings.--The Center shall provide to the appropriate 
congressional committees and the private sector on a biannual basis 
briefings on implementation of the duties of the Center.
    (d) Reports and Public Updates.--
            (1) Reports.--
                    (A) In general.--The Center shall submit to the 
                appropriate congressional committees on a quarterly 
                basis a report in writing on implementation of the 
                duties of the Center.
                    (B) Matters to be included.--The report required by 
                this subsection shall include--
                            (i) key findings and data;
                            (ii) 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 an assessment of the implications of such 
                        activities for production and employment in the 
                        United States and the economy of the United 
                        States; and
                            (iii) a description of interactions of 
                        United States industry with--
                                    (I) entities owned or controlled 
                                by, or affiliated with, the Government 
                                of the People's Republic of China; and
                                    (II) investments by entities of the 
                                People's Republic of China in the 
                                United States.
            (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 financial system of the People's Republic 
        of China; 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 Relations, the Committee on 
        Banking, Housing, and Urban Affairs, and the Committee on 
        Commerce, Science, and Transportation of the Senate; and
            (2) the Committee on Foreign Affairs, the Committee on 
        Financial Services, and the Committee on Energy and Commerce of 
        the House of Representatives.
                                 <all>