[Congressional Record Volume 167, Number 87 (Wednesday, May 19, 2021)]
[Senate]
[Pages S2802-S2803]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1555. Mr. WICKER submitted an amendment intended to be proposed by 
him to the bill S. 1260, to establish a new Directorate for Technology 
and Innovation in the National Science Foundation, to establish a 
regional technology hub program, to require a strategy and report on 
economic security, science, research, innovation, manufacturing, and 
job creation, to establish a critical supply chain resiliency program, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of title IV of division C, add the following:

     SEC. 3409. CHINA ECONOMIC DATA COORDINATION CENTER.

       (a) In General.--The Secretary of Commerce, in coordination 
     with the Secretary of the Treasury, shall establish within 
     the Bureau of Economic Analysis of the Department of Commerce 
     a China Economic Data Coordination Center (in this section 
     referred to as the ``Center'').
       (b) Duties.--The Center, in coordination with the heads of 
     other relevant Federal agencies and the private sector, shall 
     collect and synthesize official and unofficial Chinese 
     economic data on developments in the People's Republic of 
     China's financial markets and United States exposure to risks 
     and vulnerabilities in the People's Republic of China's 
     financial system, including data on--
       (1) baseline economic statistics such as gross domestic 
     product (GDP) and other indicators of economic health;
       (2) national and local government debt;
       (3) nonperforming loan amounts;
       (4) the composition of shadow banking assets;
       (5) the composition of the People's Republic of China's 
     foreign exchange reserves;

[[Page S2803]]

       (6) bank loan interest rates;
       (7) United States retirement accounts tied to Chinese 
     investments;
       (8) the People's Republic of China's exposure to foreign 
     borrowers and flows of official financing for the Belt and 
     Road Initiatve and other trade-related initiatives, including 
     data from the Export-Import Bank of China, the China Export 
     and Credit Insurance Corporation (Sinosure), and the China 
     Development Bank;
       (9) sovereign or near-sovereign loans made by the People's 
     Republic of China to other countries or guaranteed by 
     sovereign entities; and
       (10) Chinese domestic retirement accounts and investments.
       (c) Briefings.--The Center shall provide to the appropriate 
     congressional committees and the private sector on a biannual 
     basis briefings on implementation of the duties of the 
     Center.
       (d) Reports and Public Updates.--
       (1) Reports.--
       (A) In general.--The Center shall submit to the appropriate 
     congressional committees on a quarterly basis a report in 
     writing on implementation of the duties of the Center.
       (B) Matters to be included.--The reports required by 
     subparagraph (A) shall include--
       (i) key findings, data, a description of the research and 
     development activities of the affiliates of United States 
     multinational enterprises operating in the People's Republic 
     of China, and a description of the implications of such 
     activities for United States production, employment, and the 
     economy; and
       (ii) a description of United States industry interactions 
     with Chinese state-owned enterprises and other state-
     affiliated entities and inbound Chinese investments.
       (2) Public updates.--The Center shall provide to the public 
     on a monthly basis updates on implementation of the duties of 
     the Center.
       (e) Recommendations and Strategies.--The Secretary of the 
     Treasury, using data collected and synthesized by the Center 
     under subsection (b) and in consultation with the Center, 
     shall--
       (1) develop recommendations and strategies for ways in 
     which the United States can respond to potential risks and 
     exposures within the People's Republic of China's financial 
     system; and
       (2) submit to the appropriate congressional committees a 
     report that contains such recommendations and strategies.
       (f) Appropriate Congressional Committees Defined.--In this 
     section, the term ``appropriate congressional committees'' 
     means--
       (1) the Committee on Foreign Affairs, the Committee on 
     Financial Services, and the Committee on Energy and Commerce 
     of the House of Representatives; and
       (2) the Committee on Foreign Relations, the Committee on 
     Banking, Housing, and Urban Affairs, and the Committee on 
     Commerce, Science, and Transportation of the Senate.
                                 ______