[Congressional Record Volume 168, Number 156 (Tuesday, September 27, 2022)]
[Senate]
[Page S5087]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 5727. Mr. SCOTT of Florida submitted an amendment intended to be
proposed to amendment SA 5499 submitted by Mr. Reed (for himself and
Mr. Inhofe) and intended to be proposed to the bill H.R. 7900, to
authorize appropriations for fiscal year 2023 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 title XII, add the following:
Subtitle G--Sanctions With Respect to Chinese Communist Party
SEC. 1281. SHORT TITLE.
This subtitle may be cited as the ``Sanction Transactions
Originating from Pernicious Chinese Companies and Policies
Act of 2022'' or the ``STOP CCP Act of 2022''.
SEC. 1282. DEFINITIONS.
In this subtitle:
(1) Chinese entity.--The term ``Chinese entity'' means an
entity organized under the laws of the People's Republic of
China or otherwise subject to the jurisdiction of the
Government of the People's Republic of China.
(2) Publicly traded securities.--The term ``publicly traded
securities'' includes--
(A) any security (as defined in section 3(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)))
denominated in any currency that trades on a securities
exchange, or through the method of trading that is commonly
referred to as ``over-the-counter'', in any jurisdiction; and
(B) any security that is derivative of or designed to
provide investment exposure to a security described in
subparagraph (A).
(3) United states person.--The term ``United States
person'' means--
(A) an individual who is a United States citizen or an
alien lawfully admitted for permanent residence to the United
States;
(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; or
(C) any person in the United States.
SEC. 1283. PROHIBITION ON SECURITIES INVESTMENTS THAT FINANCE
CERTAIN COMPANIES OF THE PEOPLE'S REPUBLIC OF
CHINA.
The following activities by a United States person are
prohibited:
(1) The purchase or sale of any publicly traded securities,
or any publicly traded securities that are derivative of such
securities or are designed to provide investment exposure to
such securities, issued by any person determined by the
Secretary of the Treasury, in consultation with the Secretary
of State, and, as the Secretary of the Treasury deems
appropriate, the Secretary of Defense--
(A) to operate or have operated in the defense and related
materiel sector or the surveillance technology sector of the
economy of the People's Republic of China; or
(B) to own or control, or to be owned or controlled by,
directly or indirectly, a person described in subparagraph
(A).
(2) The execution, support, or servicing of a purchase or
sale described in paragraph (1).
(3) Any transaction that evades or avoids, has the purpose
of evading or avoiding, causes a violation of, or attempts to
violate the prohibition under paragraph (1).
(4) Any conspiracy formed to violate the prohibition under
paragraph (1).
SEC. 1284. EXPANSION OF NON-SPECIALLY DESIGNATED NATIONALS
CHINESE MILITARY-INDUSTRIAL COMPLEX COMPANIES
LIST.
Not later than 180 days after the date of the enactment of
this Act, the Secretary of the Treasury shall prescribe
regulations to expand the Non-Specially Designated Nationals
Chinese Military-Industrial Complex Companies List (commonly
referred to as the ``NS-CMIC List'') of the Office of Foreign
Assets Control to include--
(1) any entity engaged in supporting the Chinese military-
industrial complex;
(2) any entity that is owned or controlled by an entity
described in paragraph (1);
(3) any entity that is formed from a spin-off, merger or
acquisition, or sale of a business unit involving an entity
described in paragraph (1) or is otherwise a successor to
such an entity; and
(4) any entity that provides financial services for an
entity described in paragraph (1), (2), or (3).
SEC. 1285. CLOSING SANCTIONS LOOPHOLES.
(a) In General.--If sanctions are imposed with respect to a
Chinese entity under any statute or executive order described
in subsection (b), sanctions shall be imposed with respect to
the Chinese entity under each other applicable statute and
executive order described in subsection (b) unless--
(1) the President waives the imposition of such sanctions;
or
(2) a waiver provided for under such other statute or
executive order applies.
(b) Statutes and Executive Orders Described.--A statute or
executive order described in this subsection is a statute or
executive order that provides for the imposition of
sanctions.
(c) National Security Waiver.--
(1) In general.--The President may waive the application of
any sanction imposed with respect to any person under
subsection (a) if the President determines and certifies to
Congress that such a waiver is important to the national
security interests of the United States.
(2) Notification of and report to congress.--If the
President decides to exercise the waiver authority provided
under paragraph (1), the President shall, not less than 20
days before the waiver takes effect, submit to Congress a
report--
(A) notifying Congress of the decision to exercise the
waiver authority; and
(B) fully articulating the rationale and circumstances that
led to the decision.
(d) Termination of Sanctions to Be Reported to Congress.--
Not later than 20 days after the termination of any sanction
under subsection (a), the President shall promptly submit to
Congress a report on that termination and the reasons for the
termination.
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