[Congressional Record Volume 168, Number 120 (Wednesday, July 20, 2022)]
[Senate]
[Pages S3578-S3579]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5141. Mr. SCOTT of Florida submitted an amendment intended to be 
proposed to amendment SA 5135 proposed by Mr. Schumer to the bill H.R. 
4346, making appropriations for Legislative Branch for the fiscal year 
ending September 30, 2022, and for other purposes; which was ordered to 
lie on the table; as follows:

        Beginning on page 41, strike line 19 and all that follows 
     through line 7 on page 47, and insert the following:
       ``(C) Required agreement.--
       ``(i) In general.--On or before the date on which the 
     Secretary awards Federal financial assistance to a covered 
     entity under this section, the covered entity shall enter 
     into an agreement with the Secretary specifying that, 
     beginning on the date of the award and continuing in 
     perpetuity, the covered entity--

       ``(I) may not engage in any transaction involving any 
     expansion of semiconductor manufacturing capacity in the 
     People's Republic of China or any other foreign country of 
     concern;
       ``(II) may not cooperate with the government of the 
     People's Republic of China; and
       ``(III) will immediately withdraw all operations in the 
     People's Republic of China in the event of an invasion of 
     Taiwan by the People's Republic of China.

       ``(ii) Study.--Before the date on which the Secretary 
     awards Federal financial assistance to a covered entity under 
     this section, the Secretary shall--

       ``(I) conduct an ROI analysis of the proposed assistance 
     that shows that the assistance will result in a net positive 
     financial return for taxpayers, such that the forecasted 
     revenue collections by the Treasury generated as a direct 
     result of the assistance exceed the amount of the proposed 
     assistance by the date that is 10 years after the date of the 
     award of the assistance;
       ``(II) certify to Congress that the analysis required under 
     subclause (I) has been conducted;
       ``(III) certify to Congress that the Secretary has 
     determined that the covered entity will be able to repay any 
     Federal financial assistance in the event that the covered 
     entity breaches the required agreement with the Secretary 
     under clause (i) and the Secretary recovers the Federal 
     financial assistance under subparagraph (E)(iii); and
       ``(IV) make the analysis required under subclause (I) 
     publicly available.

       ``(iii) Affiliated group.--For the purpose of applying the 
     requirements in an agreement required under clause (i), a 
     covered entity shall include the covered entity receiving 
     financial assistance under this section, as well as any 
     member of the covered entity's affiliated group under section 
     1504(a) of the Internal Revenue Code of 1986, without regard 
     to section 1504(b)(3) of such Code.
       ``(iv) Analysis.--

       ``(I) In general.--On the date that is 10 years after the 
     date on which the Secretary awards Federal financial 
     assistance under this section to a covered entity, the 
     Secretary shall conduct an analysis to determine whether the 
     revenue collections by the Treasury generated as a direct 
     result of the Federal financial assistance exceeded the 
     amount of the Federal financial assistance.
       ``(II) Recovery.--If the Secretary makes a negative 
     determination under subclause (I), the Secretary shall 
     recover from the covered entity the difference between the 
     amount of the Federal financial assistance granted to the 
     covered entity under this section and the revenue collections 
     by the Treasury generated as a direct result of the Federal 
     financial assistance.

       ``(D) Notification requirements.--During the applicable 
     term of the agreement of a covered entity required under 
     subparagraph (C)(i), the covered entity shall notify the 
     Secretary of any planned transaction of the covered entity 
     involving any expansion of semiconductor manufacturing 
     capacity in the People's Republic of China or any other 
     foreign country of concern.
       ``(E) Violation of agreement.--
       ``(i) Notification to covered entities.--Not later than 90 
     days after the date of receipt of a notification described in 
     subparagraph (D) from a covered entity, the Secretary, in 
     consultation with the Secretary of Defense and the Director 
     of National Intelligence, shall--

       ``(I) determine whether the transaction described in the 
     notification would be a violation of the agreement of the 
     covered entity required under subparagraph (C)(i); and
       ``(II) notify the covered entity of the Secretary's 
     decision under subclause (I).

       ``(ii) Opportunity to remedy.--Upon a notification under 
     clause (i)(II) that a planned transaction of a covered entity 
     is a violation of the agreement of the covered entity 
     required under subparagraph (C)(i), the Secretary shall--

       ``(I) immediately request from the covered entity tangible 
     proof that the planned transaction has ceased or been 
     abandoned; and
       ``(II) provide the covered entity 45 days to produce and 
     provide to the Secretary the tangible proof described in 
     subclause (I).

       ``(iii) Failure by the covered entity to cease or remedy 
     the activity.--Subject to clause (iv), if a covered entity 
     fails to remedy a violation as set forth under clause (ii), 
     the Secretary shall recover the full amount of the Federal 
     financial assistance provided to the covered entity under 
     this section.
       ``(F) Submission of records.--
       ``(i) In general.--The Secretary may request from a covered 
     entity records and other necessary information to review the 
     compliance of the covered entity with the agreement required 
     under subparagraph (C)(i).
       ``(ii) Eligibility.--In order to be eligible for Federal 
     financial assistance under this

[[Page S3579]]

     section, a covered entity shall agree to provide records and 
     other necessary information requested by the Secretary under 
     clause (i).
       ``(G) Public availability of agreements.--The Secretary 
     shall make publicly available any agreement entered into 
     between a covered entity and the Secretary under subparagraph 
     (C)(i).
                                 ______