[Congressional Record Volume 167, Number 194 (Thursday, November 4, 2021)]
[Senate]
[Pages S7918-S7919]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4403. Mr. LANKFORD submitted an amendment intended to be proposed 
to amendment SA 3867 submitted by Mr. Reed and intended to be proposed 
to the bill H.R. 4350, to authorize appropriations for fiscal year 2022 
for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of subtitle F of title XII, add the following:

     SEC. 1264. CHINESE DEBT STUDY.

       (a) Reports.--Not later than 60 days after the date of the 
     enactment of this Act, and annually thereafter, the Secretary 
     of State, working through the Under Secretary of State for 
     Economic Affairs, shall direct each United States embassy to 
     prepare a report outlining Chinese equity and assets within 
     their respective countries of operation.
       (b) Contents.--Each report prepared pursuant to subsection 
     (a) shall include, with respect to the indebted country--
       (1) an assessment of the country's overall debt obligations 
     to the People's Republic of China;
       (2) a list of known infrastructure projects that are 
     financed from capital provided by--
       (A) the banking system of the People's Republic of China, 
     including--
       (i) policy banks, including--

       (I) the China Development Bank;
       (II) the Export-Import Bank of China; and
       (III) the Agricultural Development Bank of China;

       (ii) commercial banks owned by the Government of the 
     People's Republic of China, including--

       (I) the Bank of China;
       (II) the Industrial and Commercial Bank of China;
       (III) the Agricultural Bank of China;
       (IV) the China Construction Bank; and
       (V) the Bank of Communications Limited;

       (iii) sovereign wealth funds, including--

       (I) China Investment Corporation;
       (II) China Life Insurance Company;
       (III) China National Social Security Fund; and
       (IV) the Silk Road Fund;

       (iv) urban commercial banks; and
       (v) rural financial institutions;
       (B) international financing institutions, including--
       (i) the World Bank Group;
       (ii) the Asian Development Bank;
       (iii) the Asian Infrastructure Investment Bank; and

[[Page S7919]]

       (iv) the New Development Bank; and
       (C) any other financial institution or entity the Secretary 
     of State considers appropriate;
       (3) an assessment of which known infrastructure projects 
     included in the list described in paragraph (2) are projects 
     under the Belt and Road Initiative;
       (4) any domestic vulnerabilities that the debts referred to 
     in paragraph (1) could exacerbate in such country;
       (5) a list of collateral for debts incurred by Belt and 
     Road Initiative projects described in paragraph (3); and
       (6) a list of known assets in the country that are owned by 
     entities controlled by the Government of the People's 
     Republic of China, including telecommunications and critical 
     infrastructure.
       (c) Submission; Compilation.--
       (1) Staffing.--Each diplomatic post shall designate at 
     least 1 employee--
       (A) to monitor the investments of the entities referred to 
     in subsection (b)(2); and
       (B) to compile the reports required under subsection (a).
       (2) Submission.--Not later than 120 days after receiving 
     each directive described in subsection (a), the ambassador or 
     charge d'affaires of each embassy shall submit a report 
     containing the information described in subsection (b) to the 
     Under Secretary of State for Economic Growth.
       (3) Compilation.--The Under Secretary of State for Economic 
     Growth shall annually compile the information contained in 
     the reports submitted pursuant to paragraph (2) to create a 
     centralized database of information about Chinese capital 
     investments in the developing world.
       (d) Notifications; Annual Report.--
       (1) Notifications.--After the submission of the initial 
     reports pursuant to subsection (c)(2), the Under Secretary of 
     State for Economic Growth require that the employees 
     designated under subsection (c)(1), under the supervision of 
     the ambassador or charge d'affaires of the diplomatic post to 
     which they are assigned, to notify the Under Secretary not 
     later than 30 days after the date on which the employee 
     discovers that an entity referred to in subsection (b)(2) has 
     made a new investment in an infrastructure project in the 
     country in which such diplomatic post is located.
       (2) Annual report.--The ambassador or charge d'affaires of 
     each embassy shall submit a holistic annual report to the 
     Under Secretary of State for Economic Growth that contains 
     information about all investments in infrastructure projects 
     made in the country in which such embassy is located by any 
     entity referred to in subsection (b)(2) during the 1-year 
     period immediately preceding such submission.
       (e) Use of Information.--The Under Secretary of State for 
     Economic Growth, in consultation with the Under Secretary of 
     State for Political Affairs, shall utilize the information in 
     the database compiled pursuant to subsection (c)(2) to 
     provide guidance to the leadership and staff of relevant 
     embassies to counter the influence of the People's Republic 
     of China in the indebted countries.
                                 ______