[Congressional Record Volume 168, Number 158 (Thursday, September 29, 2022)]
[Senate]
[Pages S5666-S5670]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 6123. Mr. SULLIVAN 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 appropriate place, insert the following:

    Subtitle G--Sanctions in Response to Military Invasion of Taiwan

     SEC. 1281. SHORT TITLE.

       This subtitle may be cited as the ``Sanctions Targeting 
     Aggressors of Neighboring Democracies with Taiwan Act of 
     2022'' or the ``STAND with Taiwan Act of 2022''.

     SEC. 1282. FINDINGS.

       Congress makes the following findings:
       (1) Taiwan is a free and prosperous democracy of nearly 
     24,000,000 people, an important contributor to peace and 
     stability around the world, and continues to embody and 
     promote democratic values, freedom, and human rights in Asia.
       (2) The policy of the United States toward Taiwan is guided 
     by the Taiwan Relations Act (22 U.S.C. 3301 et seq.), the 
     United States-People's Republic of China joint communiques 
     concluded in 1972, 1978, and 1982, and the Six Assurances 
     that President Ronald Reagan communicated to Taiwan in 1982.
       (3) Under section 2 of the Taiwan Relations Act (22 U.S.C. 
     3301), it is the policy of the United States--
       (A) ``to preserve and promote extensive, close, and 
     friendly commercial, cultural, and other relations between 
     the people of the United States and the people on Taiwan, as 
     well as the people on the China mainland and all other 
     peoples of the Western Pacific area'';
       (B) ``to declare that peace and stability in the area are 
     in the political, security, and economic interests of the 
     United States, and are matters of international concern'';
       (C) ``to make clear that the United States decision to 
     establish diplomatic relations

[[Page S5667]]

     with the People's Republic of China rests upon the 
     expectation that the future of Taiwan will be determined by 
     peaceful means'';
       (D) ``to consider any effort to determine the future of 
     Taiwan by other than peaceful means, including by boycotts or 
     embargoes, a threat to the peace and security of the Western 
     Pacific area and of grave concern to the United States'';
       (E) ``to provide Taiwan with arms of a defensive 
     character''; and
       (F) ``to maintain the capacity of the United States to 
     resist any resort to force or other forms of coercion that 
     would jeopardize the security, or the social or economic 
     system, of the people on Taiwan''.
       (4) Since the election of President Tsai Ing-wen as 
     President of Taiwan in 2016, the Chinese Communist Party has 
     employed a variety of coercive military and nonmilitary 
     tactics short of armed conflict in its efforts to exert 
     existential pressure on Taiwan, including through diplomatic 
     isolation, restricting tourism, cyberattacks, spreading 
     disinformation, and controlling the ability of Taiwan to 
     purchase COVID-19 vaccines from other countries.
       (5) Since 2021, there has been a notable increase in 
     military provocations by the People's Liberation Army against 
     Taiwan, including increased flights of military aircraft 
     within Taiwan's air defense identification zone, incursions 
     over the midline separating the People's Republic of China 
     from Taiwan, holding military exercises in the vicinity of 
     Taiwan's controlled waters, and performing live-fire 
     exercises in the South China Sea.
       (6) In August 2022, the People's Republic of China held 
     unprecedented live-fire military exercises and a simulated 
     blockade involving hundreds of military aircraft, dozens of 
     warships, and launches of short-range ballistic missiles over 
     the territory of Taiwan.
       (7) The midline separating the People's Republic of China 
     from Taiwan has been effectively erased, increasing the 
     prospects for incidental contact between forces of the 
     People's Republic of China and Taiwan as well as shorting 
     reaction times related to provocations by the People's 
     Republic of China.
       (8) On August 10, 2022, the Taiwan Affairs Office of the 
     State Council of the People's Republic of China released a 
     white paper entitled ``The Taiwan Question and China's 
     Reunification in the New Era'' that reiterated the long-
     standing position of the Government of the People's Republic 
     of China not to renounce the use of force to bring about 
     unification with Taiwan and to ``always be ready to respond 
     with the use of force . . . to interference by external 
     forces or radical action by separatist elements''.
       (9) In March 2021, then Commander of the United States 
     Indo-Pacific Command Admiral Philip Davidson testified that 
     the threat of a military invasion of Taiwan by the People's 
     Liberation Army ``is manifest during this decade, in fact in 
     the next six years''.
       (10) In March 2021, then Commander of the United States 
     Pacific Fleet Admiral John Aquilino testified that the threat 
     of a military invasion by the People's Liberation Army of 
     Taiwan is ``much closer to us than most think'' and could 
     materialize well before 2035.
       (11) On February 24, 2022, the Armed Forces of the Russian 
     Federation initiated an unprovoked and unjustified invasion 
     of Ukraine, resulting in at least 14,000 civilian casualties, 
     including more than 5,000 deaths.
       (12) The Russian Federation invasion has destabilized 
     global markets and supply chains, from energy to food, 
     contributing to high inflation and recession in the United 
     States and deep cuts to global gross domestic product.
       (13) With the assistance of the United States and European 
     allies, Ukrainian forces have successfully repelled the 
     Russian Federation invasion and recaptured significant 
     portions of territory taken by the Russian Federation in the 
     initial stages of the invasion.
       (14) In addition to military power, economic and financial 
     instruments of United States power and their potential use 
     can have an important deterrent effect on the actions of 
     other countries.

     SEC. 1283. SENSE OF CONGRESS.

       It is the sense of Congress that--
       (1) it is in the interests of the United States to maintain 
     a free and open Indo-Pacific region, with peace and stability 
     in the Taiwan Strait as a critical component;
       (2) efforts by the Government of the People's Republic of 
     China and the Chinese Communist Party to unilaterally 
     determine the future of Taiwan through non-peaceful means, 
     including threats and the direct use of force, military 
     coercion, economic boycotts or embargoes, and efforts to 
     internationally isolate or annex Taiwan--
       (A) directly undermine the spirit, intent, and purpose of 
     the Taiwan Relations Act (22 U.S.C. 3301 et seq.);
       (B) undermine peace and stability in the Taiwan Strait;
       (C) limit a free and open Indo-Pacific region; and
       (D) are of grave concern to the Government of the United 
     States;
       (3) the initiation of a military invasion of Taiwan by the 
     People's Liberation Army would--
       (A) constitute a threat to the peace and security of the 
     Western Pacific Area and threaten the peace stability of the 
     entire globe; and
       (B) undermine the core political, security, and economic 
     interests of the United States at home and abroad; and
       (4) as an important deterrent measure against a military 
     invasion of Taiwan, the Government of the People's Republic 
     of China and the Chinese Communist Party must understand that 
     initiating such an invasion will result in catastrophic 
     economic and financial consequences for the People's Republic 
     of China.

     SEC. 1284. STATEMENT OF POLICY.

       The policy of the Government of the United States on Taiwan 
     is guided by the Taiwan Relations Act (22 U.S.C. 3301 et 
     seq.), the United States-People's Republic of China joint 
     communiques concluded in 1972, 1978, and 1982, and the Six 
     Assurances that President Ronald Reagan communicated to 
     Taiwan in 1982, but in the event of the initiation of a 
     military invasion of Taiwan by the People's Liberation Army, 
     it is the policy of the United States--
       (1) to use and deploy all economic, commercial, and 
     financial instruments and levers of power, including--
       (A) the imposition of sanctions with respect to leadership 
     of the Chinese Communist Party, key officials of the 
     Government of the People's Republic of China, and financial 
     institutions and other entities affiliated with the Chinese 
     Communist Party or the Government of the People's Republic of 
     China;
       (B) prohibiting the listing or trading of the securities of 
     Chinese entities on United States securities exchanges;
       (C) prohibiting investments by United States financial 
     institutions in economic sectors of the People's Republic of 
     China; and
       (D) prohibiting the importation of certain goods mined, 
     produced, or manufactured in the People's Republic of China 
     into the United States; and
       (2) to work in close coordination with allies and partners 
     of the United States to encourage those allies and partners 
     to undertake similar economic, commercial, and financial 
     actions against the Government of the People's Republic of 
     China and the Chinese Communist Party.

     SEC. 1285. DEFINITIONS.

       In this subtitle:
       (1) Account; correspondent account; payable-through 
     account.--The terms ``account'', ``correspondent account'', 
     and ``payable-through account'' have the meanings given those 
     terms in section 5318A of title 31, United States Code.
       (2) Admission; admitted; alien.--The terms ``admission'', 
     ``admitted'', and ``alien'' have the meanings given those 
     terms in section 101 of the Immigration and Nationality Act 
     (8 U.S.C. 1101).
       (3) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means--
       (A) the Committee on Foreign Relations, the Committee on 
     Armed Services, and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate; and
       (B) the Committee on Foreign Affairs, the Committee on 
     Armed Services, and the Committee on Financial Services of 
     the House of Representatives.
       (4) Covered determination.--The term ``covered 
     determination'' has the meaning given that term in section 
     1286(a).
       (5) Financial institution.--The term ``financial 
     institution'' means a financial institution specified in 
     subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), 
     (J), (M), or (Y) of section 5312(a)(2) of title 31, United 
     States Code.
       (6) Foreign person.--The term ``foreign person'' means an 
     individual or entity that is not a United States person.
       (7) Knowingly.--The term ``knowingly'' with respect to 
     conduct, a circumstance, or a result, means that a person had 
     actual knowledge, or should have known, of the conduct, the 
     circumstance, or the result.
       (8) Military invasion.--The term ``military invasion'' 
     includes--
       (A) an amphibious landing or assault;
       (B) an airborne operation or air assault;
       (C) an aerial bombardment or blockade;
       (D) missile attacks, including rockets, ballistic missiles, 
     cruise missiles, and hypersonic missiles;
       (E) a naval bombardment or blockade; and
       (F) attack on any territory controlled or administered by 
     the Government of Taiwan, including offshore islands 
     controlled or administered by that Government.
       (9) United states person.--The term ``United States 
     person'' means--
       (A) a United States citizen or an alien lawfully admitted 
     for permanent residence to the United States; or
       (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.

     SEC. 1286. DETERMINATION OF THE INITIATION OF A MILITARY 
                   INVASION BY THE PEOPLE'S LIBERATION ARMY OR ITS 
                   PROXIES.

       (a) Covered Determination Defined.--In this subtitle, the 
     term ``covered determination'' means--
       (1) a determination by the President, not later than 24 
     hours after a military invasion of Taiwan by the People's 
     Liberation Army or any of its proxies, that such an invasion 
     has occurred; or
       (2) the enactment of a joint resolution pursuant to 
     subsection (b).
       (b) Determination by Joint Resolution.--
       (1) Covered joint resolution defined.--In this subsection, 
     the term ``covered joint resolution'' means only a joint 
     resolution of either House of Congress the sole matter after 
     the resolving clause of which is as follows:

[[Page S5668]]

     ``That Congress determines that the People's Liberation Army 
     or one of its proxies initiated a military invasion of Taiwan 
     on ___.'', with the blank space being filled with the 
     appropriate date.
       (2) Introduction.--A covered joint resolution may be 
     introduced--
       (A) in the House of Representatives, by the majority leader 
     (or the majority leader's designee) or the minority leader 
     (or the minority leader's designee); and
       (B) in the Senate, by the majority leader (or the majority 
     leader's designee) or the minority leader (or the minority 
     leader's designee).
       (3) Floor consideration in house of representatives.--
       (A) Discharge from committee.--If a committee of the House 
     of Representatives to which a covered joint resolution has 
     been referred has not reported the joint resolution within 2 
     calendar days after the date of referral of the joint 
     resolution, the committee shall be discharged from further 
     consideration of the joint resolution and the joint 
     resolution shall be placed on the appropriate calendar.
       (B) Moving to consideration.--At any time after a covered 
     joint resolution has been placed on the appropriate calendar, 
     it is in order for the sponsor of the joint resolution (or a 
     designee) to move for the consideration of that joint 
     resolution.
       (C) Points of order; motions.--All points of order against 
     the covered joint resolution and its consideration are 
     waived. If the motion under subparagraph (B) is agreed to, 
     the joint resolution shall remain the unfinished business of 
     the House until disposed of, except as provided in paragraph 
     (5).
       (D) No amendments.--A covered joint resolution shall not be 
     subject to amendment in the House of Representatives.
       (E) Debate.--General debate on a covered joint resolution 
     shall not exceed 4 hours, which shall be equally divided and 
     controlled by the sponsor of the joint resolution (or a 
     designee) and an opponent.
       (F) Final passage.--At the conclusion of debate, the 
     previous question shall be considered as ordered on the 
     resolution, and the House of Representatives shall vote on 
     final passage without intervening motion.
       (4) Consideration in the senate.--
       (A) Reporting and discharge.--If the committee of the 
     Senate to which a covered joint resolution was referred has 
     not reported the joint resolution within 2 calendar days 
     after the date of referral of the joint resolution, that 
     committee shall be discharged from further consideration of 
     the joint resolution and the joint resolution shall be placed 
     on the appropriate calendar.
       (B) Proceeding to consideration.--Notwithstanding Rule XXII 
     of the Standing Rules of the Senate, it is in order at any 
     time after the committee of the Senate to which a covered 
     joint resolution was referred reports the joint resolution to 
     the Senate or has been discharged from consideration of the 
     joint resolution (even though a previous motion to the same 
     effect has been disagreed to) to move to proceed to the 
     consideration of the joint resolution, and all points of 
     order against the joint resolution (and against consideration 
     of the joint resolution) are waived. The motion to proceed is 
     not debatable. The motion is not subject to a motion to 
     postpone.
       (C) No amendments.--An amendment to a covered joint 
     resolution, or a motion to postpone, or a motion to proceed 
     to the consideration of other business, or a motion to 
     recommit a covered joint resolution, is not in order.
       (D) Consideration.--
       (i) Limitation on debate.--Consideration in the Senate of a 
     covered joint resolution shall be limited to not more than 10 
     hours, which shall be equally divided between, and controlled 
     by, the majority leader and the minority leader, or by their 
     designees.
       (ii) Vote on adoption.--Whenever all the time for debate on 
     a covered joint resolution has been used or yielded back, the 
     vote on the adoption of the resolution shall occur without 
     any intervening motion or amendment, except that a single 
     quorum call at the conclusion of the debate if requested in 
     accordance with the Rules of the Senate may occur immediately 
     before such vote.
       (E) Rulings of the chair on procedure.--Appeals from the 
     decisions of the Chair relating to the application of the 
     rules of the Senate, as the case may be, to the procedure 
     relating to a covered joint resolution shall be decided 
     without debate.
       (F) Consideration of veto messages.--Debate in the Senate 
     of any veto message with respect to a covered joint 
     resolution, including all debatable motions and appeals in 
     connection with the joint resolution, shall be limited to 10 
     hours, to be equally divided between, and controlled by, the 
     majority leader and the minority leader or their designees.
       (5) Rules relating to senate and house of 
     representatives.--
       (A) Treatment of senate joint resolution in house.--In the 
     House of Representatives, the following procedures shall 
     apply to a covered joint resolution received from the Senate 
     (unless the House has already passed a joint resolution 
     relating to the same proposed action):
       (i) The joint resolution shall be referred to the 
     appropriate committees.
       (ii) If a committee to which a joint resolution has been 
     referred has not reported the joint resolution within 2 
     calendar days after the date of referral, that committee 
     shall be discharged from further consideration of the joint 
     resolution.
       (iii) Beginning on the third legislative day after the 
     committee to which a joint resolution has been referred 
     reports the joint resolution to the House or has been 
     discharged from further consideration thereof, it shall be in 
     order to move to proceed to consider the joint resolution in 
     the House. All points of order against the motion are waived. 
     Such a motion shall not be in order after the House has 
     disposed of a motion to proceed on the joint resolution. The 
     previous question shall be considered as ordered on the 
     motion to its adoption without intervening motion. The motion 
     shall not be debatable. A motion to reconsider the vote by 
     which the motion is disposed of shall not be in order.
       (iv) The joint resolution shall be considered as read. All 
     points of order against the joint resolution and against its 
     consideration are waived. The previous question shall be 
     considered as ordered on the joint resolution to final 
     passage without intervening motion except 4 hours of debate 
     equally divided and controlled by the sponsor of the joint 
     resolution (or a designee) and an opponent. A motion to 
     reconsider the vote on passage of the joint resolution shall 
     not be in order.
       (B) Treatment of house joint resolution in senate.--
       (i) Receipt before passage.--If, before the passage by the 
     Senate of a covered joint resolution, the Senate receives an 
     identical joint resolution from the House of Representatives, 
     the following procedures shall apply:

       (I) That joint resolution shall not be referred to a 
     committee.
       (II) With respect to that joint resolution--

       (aa) the procedure in the Senate shall be the same as if no 
     joint resolution had been received from the House of 
     Representatives; but
       (bb) the vote on passage shall be on the joint resolution 
     from the House of Representatives.
       (ii) Receipt after passage.--If, following passage of a 
     covered joint resolution in the Senate, the Senate receives 
     an identical joint resolution from the House of 
     Representatives, that joint resolution shall be placed on the 
     appropriate Senate calendar.
       (iii) No companion measure.--If a covered joint resolution 
     is received from the House, and no companion joint resolution 
     has been introduced in the Senate, the Senate procedures 
     under this subsection shall apply to the House joint 
     resolution.
       (C) Application to revenue measures.--The provisions of 
     this paragraph shall not apply in the House of 
     Representatives to a covered joint resolution that is a 
     revenue measure.
       (6) Rules of house of representatives and senate.--This 
     subsection is enacted by Congress--
       (A) as an exercise of the rulemaking power of the Senate 
     and the House of Representatives, respectively, and as such 
     is deemed a part of the rules of each House, respectively, 
     and supersedes other rules only to the extent that it is 
     inconsistent with such rules; and
       (B) with full recognition of the constitutional right of 
     either House to change the rules (so far as relating to the 
     procedure of that House) at any time, in the same manner, and 
     to the same extent as in the case of any other rule of that 
     House.

     SEC. 1287. IMPOSITION OF SANCTIONS WITH RESPECT TO OFFICIALS 
                   OF THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF 
                   CHINA AND MEMBERS OF THE CHINESE COMMUNIST 
                   PARTY.

       (a) In General.--Not later than 3 days after making a 
     covered determination, the President shall impose the 
     sanctions described in subsection (d) with respect to 
     officials of the Government of the People's Republic of China 
     and members of the Chinese Communist Party specified in 
     subsection (b), to the extent such officials and members can 
     be identified.
       (b) Officials Specified.--The officials specified in this 
     subsection shall include--
       (1) senior civilian and military officials of the People's 
     Republic of China and military officials who have command or 
     clear and direct decision-making power over military 
     campaigns, military operations, and military planning against 
     Taiwan conducted by the People's Liberation Army;
       (2) senior civilian and military officials of the People's 
     Republic of China who have command or clear and direct 
     decision-making power in the Chinese Coast Guard and the 
     Chinese People's Armed Police and are engaged in planning or 
     implementing activities that involve the use of force against 
     Taiwan;
       (3) senior or special advisors to the President of the 
     People's Republic of China;
       (4) officials of the Government of the People's Republic of 
     China who are members of the top decision-making bodies of 
     that Government;
       (5) the highest-ranking Chinese Communist Party members of 
     the decision-making bodies referred to in paragraph (4); and
       (6) officials of the Government of the People's Republic of 
     China in the intelligence agencies or security services who--
       (A) have clear and direct decisionmaking power; and
       (B) have engaged in or implemented activities that--
       (i) materially undermine the military readiness of Taiwan;
       (ii) overthrow or decapitate the Taiwan's government;
       (iii) debilitate Taiwan's electric grid, critical 
     infrastructure, or cybersecurity systems

[[Page S5669]]

     through offensive electronic or cyber attacks;
       (iv) undermine Taiwan's democratic processes through 
     campaigns to spread disinformation; or
       (v) involve committing serious human rights abuses against 
     citizens of Taiwan, including forceful transfers, enforced 
     disappearances, unjust detainment, or torture.
       (c) Additional Officials.--
       (1) List required.--Not later than 30 days after making a 
     covered determination, and every 90 days thereafter, the 
     President shall submit a list to the appropriate 
     congressional committees that identifies any additional 
     foreign persons who--
       (A) the President determines are officials specified in 
     subsection (b); and
       (B) who were not included on any previous list of such 
     officials.
       (2) Imposition of sanctions.--Upon the submission of the 
     list required under paragraph (1), the President shall impose 
     the sanctions described in subsection (d) with respect to 
     each official included on the list.
       (d) Sanctions Described.--The sanctions described in this 
     subsection to be imposed with respect to an official 
     specified in subsection (b) or (c) are the following:
       (1) Blocking of property.--
       (A) In general.--The President shall exercise all of the 
     powers granted by the International Emergency Economic Powers 
     Act (50 U.S.C. 1701 et seq.) to block and prohibit all 
     transactions in all property and interests in property of the 
     official if such property and interests in property are in 
     the United States, come within the United States, or are or 
     come within the possession or control of a United States 
     person.
       (B) Inapplicability of national emergency requirement.--The 
     requirements of section 202 of the International Emergency 
     Economic Powers Act (50 U.S.C. 1701) shall not apply for 
     purposes of this section.
       (2) Ineligibility for visas, admission, or parole.--
       (A) Visas, admission, or parole.--The official shall be--
       (i) inadmissible to the United States;
       (ii) ineligible to receive a visa or other documentation to 
     enter the United States; and
       (iii) otherwise ineligible to be admitted or paroled into 
     the United States or to receive any other benefit under the 
     Immigration and Nationality Act (8 U.S.C. 1101 et seq.).
       (B) Current visas revoked.--
       (i) In general.--The visa or other entry documentation of 
     the official shall be revoked, regardless of when such visa 
     or other entry documentation is or was issued.
       (ii) Immediate effect.--A revocation under subparagraph (A) 
     shall--

       (I) take effect immediately; and
       (II) automatically cancel any other valid visa or entry 
     documentation that is in the official's possession.

       (e) Exception for Compliance With International Obligations 
     and Law Enforcement Activities.--Sanctions under this section 
     shall not apply with respect to an official if--
       (1) admitting or paroling the official into the United 
     States is necessary--
       (A) to permit the United States to comply with the 
     Agreement regarding the Headquarters of the United Nations, 
     signed at Lake Success on June 26, 1947, and entered into 
     force November 21, 1947, between the United Nations and the 
     United States, or other applicable international obligations 
     of the United States; or
       (B) to carry out or assist law enforcement activity in the 
     United States; or
       (2) the alien holds a valid, unexpired A-1, A-2, C-2, G-1, 
     or G-2 visa.
       (f) Top Decision-making Bodies Defined.--In this section, 
     the term ``top decision-making bodies'' may include--
       (1) the Politburo Standing Committee of the Chinese 
     Communist Party;
       (2) the Party Central Military Commission of the Chinese 
     Communist Party;
       (3) the Politburo of the Chinese Communist Party;
       (4) the Central Committee of the Chinese Communist Party;
       (5) the National Congress of the Chinese Communist Party;
       (6) the State Council of the People's Republic of China; 
     and
       (7) the State Central Military Commission of the Chinese 
     Communist Party.

     SEC. 1288. IMPOSITION OF SANCTIONS WITH RESPECT TO FINANCIAL 
                   INSTITUTIONS AFFILIATED WITH THE GOVERNMENT OF 
                   THE PEOPLE'S REPUBLIC OF CHINA.

       (a) In General.--Not later than 3 days after a covered 
     determination is made, the Secretary of the Treasury--
       (1) shall impose the sanctions described in subsection (c) 
     with respect to each joint-equity bank, national joint-stock 
     commercial bank, and national state-owned policy bank; and
       (2) may impose those sanctions with respect to any 
     subsidiary of, or successor entity to, a joint-equity bank, 
     national joint-stock commercial bank, or national state-owned 
     policy bank.
       (b) Additional People's Republic of China Financial 
     Institutions.--
       (1) List required.--Not later than 30 days after a covered 
     determination is made, and every 90 days thereafter, the 
     President shall submit a list to the appropriate 
     congressional committees that identifies any foreign persons 
     that the President determines--
       (A) are significant financial institutions owned or 
     operated by the Government of the People's Republic of China; 
     and
       (B) should be sanctioned in the interest of United States 
     national security.
       (2) Imposition of sanctions.--Upon the submission of each 
     list required under paragraph (1), the President shall impose 
     the sanctions described in subsection (c) with respect to 
     each foreign person identified on such list.
       (c) Sanctions Described.--The sanctions described in this 
     subsection are the following:
       (1) Blocking of property.--
       (A) In general.--The President shall exercise all of the 
     powers granted to the President under the International 
     Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to the 
     extent necessary to block and prohibit all transactions in 
     property and interests in property of a foreign person 
     subject to subsection (a) or (b) if such property and 
     interests in property are in the United States, come within 
     the United States, or are or come within the possession or 
     control of a United States person.
       (B) Inapplicability of national emergency requirement.--The 
     requirements of section 202 of the International Emergency 
     Economic Powers Act (50 U.S.C. 1701) shall not apply for 
     purposes of this section.
       (2) Restrictions on correspondent and payable-through 
     accounts.--The President shall prohibit the opening, and 
     prohibit or impose strict conditions on the maintaining, in 
     the United States of a correspondent account or payable-
     through account by a foreign person subject to subsection (a) 
     or (b).
       (d) Definitions.--In this section:
       (1) Joint-equity bank.--The term ``joint-equity bank'' 
     means a bank under the jurisdiction of the People's Republic 
     of China in which--
       (A) the bank's equity is owned jointly by the shareholders; 
     and
       (B) the Government of the People's Republic of China holds 
     an interest.
       (2) National joint-stock commercial bank.--The term 
     ``national joint-stock commercial bank'' means a bank under 
     the jurisdiction of the People's Republic of China in which--
       (A) the bank's stock is owned jointly by the shareholders; 
     and
       (B) the Government of the People's Republic of China holds 
     an interest.
       (3) National state-owned policy bank.--The term ``national 
     state-owned policy bank'' means a bank that--
       (A) is incorporated in the People's Republic of China; and
       (B) was established by the Government of the People's 
     Republic of China to advance investments in specific policy 
     domains that advance the interests and goals of the People's 
     Republic of China.

     SEC. 1289. IMPOSITION OF SANCTIONS WITH RESPECT TO ENTITIES 
                   OWNED BY OR AFFILIATED WITH THE GOVERNMENT OF 
                   THE PEOPLE'S REPUBLIC OF CHINA OR THE CHINESE 
                   COMMUNIST PARTY.

       (a) In General.--Not later than 3 days after a covered 
     determination is made, the Secretary of the Treasury shall 
     impose the sanctions described in subsection (b) with respect 
     to any entity that--
       (1) the Government of the People's Republic of China or the 
     Chinese Communist Party has an ownership interest in; or
       (2) is otherwise affiliated with the Government of the 
     People's Republic of China or the Chinese Communist Party.
       (b) Blocking of Property.--
       (1) In general.--The President shall exercise all of the 
     powers granted to the President under the International 
     Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to the 
     extent necessary to block and prohibit all transactions in 
     property and interests in property of an entity in an 
     industry subject to subsection (a) if such property and 
     interests in property are in the United States, come within 
     the United States, or are or come within the possession or 
     control of a United States person.
       (2) Inapplicability of national emergency requirement.--The 
     requirements of section 202 of the International Emergency 
     Economic Powers Act (50 U.S.C. 1701) shall not apply for 
     purposes of this section.

     SEC. 1290. PROHIBITION ON TRANSFERS OF FUNDS INVOLVING THE 
                   PEOPLE'S REPUBLIC OF CHINA.

       (a) In General.--Except as provided by subsection (b), not 
     later than 3 days after a covered determination is made, a 
     depository institution (as defined in section 19(b)(1)(A) of 
     the Federal Reserve Act (12 U.S.C. 461(b)(1)(A))) or a broker 
     or dealer in securities registered with the Securities and 
     Exchange Commission under the Securities Exchange Act of 1934 
     (15 U.S.C. 78a et seq.) may not process transfers of funds--
       (1) to or from the People's Republic of China; or
       (2) for the direct or indirect benefit of officials of the 
     Government of the People's Republic of China or members of 
     the Chinese Communist Party.
       (b) Exception.--A depository institution, broker, or dealer 
     described in subsection (a) may process a transfer described 
     in that subsection if the transfer--
       (1) arises from, and is ordinarily incident and necessary 
     to give effect to, an underlying transaction that is 
     authorized by a specific or general license; and
       (2) does not involve debiting or crediting an Chinese 
     account.

[[Page S5670]]

  


     SEC. 1291. PROHIBITION ON LISTING OR TRADING OF CHINESE 
                   ENTITIES ON UNITED STATES SECURITIES EXCHANGES.

       (a) In General.--The Securities and Exchange Commission 
     shall prohibit the securities of an issuer described in 
     subsection (b) from being traded on a national securities 
     exchange on and after the date that is 3 days after a covered 
     determination is made.
       (b) Issuers.--An issuer described in this subsection is an 
     issuer that is--
       (1) an official of or individual affiliated with the 
     Government of the People's Republic of China or the Chinese 
     Communist Party; or
       (2) an entity that--
       (A) the Government of the People's Republic of China or the 
     Chinese Communist Party has an ownership interest in; or
       (B) is otherwise affiliated with the Government of the 
     People's Republic of China or the Chinese Communist Party.
       (c) Definitions.--In this section:
       (1) Issuer; security.--The terms ``issuer'' and 
     ``security'' have the meanings given those terms in section 
     3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c).
       (2) National securities exchange.--The term ``national 
     securities exchange'' means an exchange registered as a 
     national securities exchange in accordance with section 6 of 
     the Securities Exchange Act of 1934 (15 U.S.C. 78f).

     SEC. 1292. PROHIBITION ON INVESTMENTS BY UNITED STATES 
                   FINANCIAL INSTITUTIONS THAT BENEFIT THE 
                   GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA OR 
                   THE CHINESE COMMUNIST PARTY.

       (a) In General.--Not later than 3 days after a covered 
     determination is made, the Secretary of the Treasury shall 
     prohibit any United States financial institution from making 
     any investments described in subsection (b).
       (b) Investments Described.--An investment described in this 
     subsection is a monetary investment--
       (1) to--
       (A) an entity owned or controlled by the Government of the 
     People's Republic of China or the Chinese Communist Party; or
       (B) the People's Liberation Army; or
       (2) for the benefit of any priority industrial sector 
     identified in the ``Made in China 2025'' plan or the ``14th 
     Five Year Smart Manufacturing Development Plan'', including--
       (A) agriculture machinery;
       (B) information technology;
       (C) artificial intelligence, machine learning, and 
     robotics;
       (D) green energy and green vehicles;
       (E) aerospace equipment;
       (F) ocean engineering and high tech ships;
       (G) railway equipment;
       (H) power equipment;
       (I) new materials;
       (J) medicine and medical devices;
       (K) fifth generation and future generation 
     telecommunications and other advanced wireless networking 
     technologies;
       (L) semiconductor manufacturing;
       (M) biotechnology;
       (N) quantum computing;
       (O) surveillance technologies, including facial recognition 
     technologies and censorship software;
       (P) fiber optic cables; and
       (Q) mining and resource development.
       (c) United States Financial Institution Defined.--In this 
     section, the term ``United States financial institution''--
       (1) means any financial institution that is a United States 
     person; and
       (2) includes an investment company, private equity company, 
     venture capital company, or hedge fund that is a United 
     States person.

     SEC. 1293. PROHIBITION ON IMPORTATION OF CERTAIN GOODS MADE 
                   IN THE PEOPLE'S REPUBLIC OF CHINA.

       (a) In General.--Except as provided in subsection (b), on 
     and after the date that is 3 days after a covered 
     determination is made, all goods mined, produced, or 
     manufactured wholly or in part in the People's Republic of 
     China, or by a person working for or affiliated with an 
     entity or industry wholly financed by the Government of the 
     People's Republic of China or the Chinese Communist Party or 
     in which the Government of the People's Republic of China or 
     the Chinese Communist Party has a majority ownership 
     interest, shall not be entitled to entry at any of the ports 
     of the United States and the importation of such goods is 
     prohibited.
       (b) Exception.--The prohibition under subsection (a) shall 
     not apply with respect to a good if the President--
       (1) determines that the good is necessary to the national 
     security, economic security, or public health of the United 
     States; and
       (2) submits to the appropriate congressional committees and 
     make available to the public a report on that determination.

     SEC. 1294. EXCEPTIONS; WAIVER.

       (a) Exception for Intelligence Activities.--This subtitle 
     shall not apply with respect to activities subject to the 
     reporting requirements under title V of the National Security 
     Act of 1947 (50 U.S.C. 3091 et seq.) or any authorized 
     intelligence activities of the United States.
       (b) National Security Waiver.--The President may waive the 
     imposition of sanctions under this subtitle with respect to a 
     person if the President--
       (1) determines that such a waiver is in the national 
     security interests of the United States; and
       (2) submits to the appropriate congressional committees a 
     notification of the waiver and the reasons for the waiver.

     SEC. 1295. IMPLEMENTATION; PENALTIES.

       (a) Implementation.--The President may exercise all 
     authorities provided under sections 203 and 205 of the 
     International Emergency Economic Powers Act (50 U.S.C. 1702 
     and 1704) to carry out this subtitle.
       (b) Penalties.--A person that violates, attempts to 
     violate, conspires to violate, or causes a violation of this 
     subtitle or any regulation, license, or order issued to carry 
     out this subtitle shall be subject to the penalties set forth 
     in subsections (b) and (c) of section 206 of the 
     International Emergency Economic Powers Act (50 U.S.C. 1705) 
     to the same extent as a person that commits an unlawful act 
     described in subsection (a) of that section.
                                 ______