[Congressional Record Volume 170, Number 114 (Wednesday, July 10, 2024)]
[Senate]
[Pages S4405-S4408]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2163. Mr. SULLIVAN (for himself and Ms. Duckworth) submitted an 
amendment intended to be proposed by

[[Page S4406]]

him to the bill S. 4638, to authorize appropriations for fiscal year 
2025 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 division A, add the following:

               TITLE XVII--STAND WITH TAIWAN ACT OF 2024

     SEC. 1701. SHORT TITLE.

       This title may be cited as the ``Sanctions Targeting 
     Aggressors of Neighboring Democracies with Taiwan Act of 
     2024'' or the ``STAND with Taiwan Act of 2024''.

     SEC. 1702. 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 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) For decades and increasingly 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 2020, military incursions by the People's 
     Republic of China into Taiwan's air defense identification 
     zone have been occurring at a rapidly increasing pace. In 
     2022, such incursions occurred 1,700 times, nearly double the 
     total in 2021, which was itself almost triple the 2020 total.
       (6) Since 2021, there has been a notable increase in 
     military provocations by the People's Liberation Army against 
     Taiwan, including 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.
       (7) 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.
       (8) The People's Republic of China is attempting to erase 
     the midline separating it from Taiwan, 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.
       (9) 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''.
       (10) 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''.
       (11) 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.
       (12) 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.
       (13) 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.
       (14) 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.
       (15) In addition to military power, timely messaging around 
     the use of 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. 1703. 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, cyberattacks, 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. 1704. 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. 1705. DEFINITIONS.

       In this title:
       (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.

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       (4) Covered determination.--The term ``covered 
     determination'' means 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.
       (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 armed 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. 1706. 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 General Secretary of 
     the Chinese Communist Party, the Chairman of the Central 
     Military Commission, or 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 decision-making 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 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 Political Bureau of the Central Committee of the 
     Chinese Communist Party;
       (2) the Standing Committee of the Political Bureau of the 
     Central Committee of the Chinese Communist Party;
       (3) the Central Military Commission of the Chinese 
     Communist Party;
       (4) the Central Military Commission of the People's 
     Republic of China;
       (5) the National People's Congress of the People's Republic 
     of China;
       (6) the Central Committee of the Chinese Communist Party; 
     and
       (7) the State Council of the People's Republic of China.

     SEC. 1707. 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 (b) 
     with respect to--
       (A) the People's Bank of China; and
       (B) state-owned banks; and
       (2) may impose those sanctions with respect to any 
     subsidiary of, or successor entity to, a state-owned bank.
       (b) 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 financial institution 
     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.
       (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 financial institution subject to 
     subsection (a).
       (c) State-owned Bank Defined.--In this section, the term 
     ``state-owned bank''--
       (1) means a bank that--
       (A) is incorporated in the People's Republic of China; and
       (B) is owned in whole or part by the Government of the 
     People's Republic of China; and
       (2) includes--
       (A) the Export-Import Bank of China;
       (B) the China Development Bank;
       (C) the Agricultural Development Bank of China;
       (D) the Industrial and Commercial Bank of China;

[[Page S4408]]

       (E) the China Construction Bank;
       (F) the Bank of Communications;
       (G) the Agricultural Bank of China; and
       (H) the Bank of China.

     SEC. 1708. 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 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. 1709. 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.

     SEC. 1710. 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. 1711. 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. 1712. PROHIBITION ON ENERGY EXPORTS TO, AND INVESTMENTS 
                   IN ENERGY SECTOR OF, THE PEOPLE'S REPUBLIC OF 
                   CHINA.

       (a) Prohibition on Exports.--
       (1) In general.--On and after the date that is 3 days after 
     a covered determination is made, the Secretary of Commerce 
     shall prohibit, under the Export Control Reform Act of 2018 
     (50 U.S.C. 4801 et seq.), the export, reexport, or in-country 
     transfer to or in the People's Republic of China any energy 
     or energy product produced in the United States.
       (2) Definitions.--In this subsection, the terms ``export'', 
     ``in-country transfer'', ``reexport'', and ``United States 
     person'' have the meanings given those terms in section 1742 
     of the Export Control Reform Act of 2018 (50 U.S.C. 4801).
       (b) Prohibition on Investments.--On and after the date that 
     is 3 days after a covered determination is made, a United 
     States person may not make an investment in the energy sector 
     of the People's Republic of China.

     SEC. 1713. SUSPENSION OF NORMAL TRADE RELATIONS WITH THE 
                   PEOPLE'S REPUBLIC OF CHINA.

       Notwithstanding the provisions of title I of Public Law 
     106-286 (114 Stat. 880) or any other provision of law, 
     beginning on the date that is 3 days after a covered 
     determination is made, normal trade relations treatment shall 
     not apply pursuant to section 101(a) of that Act to the 
     products of the People's Republic of China.

     SEC. 1714. EXCEPTIONS; WAIVER.

       (a) Exception for Intelligence Activities.--This title 
     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 title 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. 1715. 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 title.
       (b) Penalties.--A person that violates, attempts to 
     violate, conspires to violate, or causes a violation of this 
     title or any regulation, license, or order issued to carry 
     out this title 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.
                                 ______