[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
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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:
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``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
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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.
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