II 

118TH CONGRESS 

1ST SESSION S. 860 

To require an annual report on United States portfolio investments in the 

People’s Republic of China, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 16, 2023 

Mr. SCOTT of Florida (for himself and Mrs. SHAHEEN) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To require an annual report on United States portfolio investments in the People’s Republic of China, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Protecting American 

5 Capital Act of 2023’’. 


kjohnson on DSK79L0C42PROD with BILLS
2 

•S 860 IS

1 SEC. 2. ANNUAL REPORT ON UNITED STATES PORTFOLIO 

2 INVESTMENTS IN THE PEOPLE’S REPUBLIC 

3 OF CHINA. 

4 (a) IN GENERAL.—Not later than one year after the 

5 date of the enactment of this Act, and annually thereafter, 

6 the Secretary of the Treasury shall submit to Congress 

7 a report on portfolio investments by United States persons 

8 in the People’s Republic of China, including such invest9 ments routed through a jurisdiction outside the United 

10 States. 

11 (b) ELEMENTS.—Each report required by subsection 

12 (a) shall include an assessment of the involvement of the 

13 following in portfolio investments in the People’s Republic 

14 of China: 

15 (1) United States persons making such invest16 ments, including an assessment of— 

17 (A) the types of United States persons 

18 making such investments, including State pen19 sion funds; and 

20 (B) United States persons making more 

21 than 2 percent of the total of such investments 

22 in a year. 

23 (2) Chinese entities receiving such investments, 

24 including an assessment of— 


kjohnson on DSK79L0C42PROD with BILLS
3 

•S 860 IS

1 (A) such entities in individual sectors of 

2 the economic of the People’s Republic of China, 

3 including the housing sector; 

4 (B) any Chinese entities subject to sanc5 tions imposed by the United States receiving 

6 such investments; and 

7 (C) Chinese entities that receive more than 

8 $100,000,000 from such investments. 

9 (c) PERIOD COVERED.—The period covered by a re10 port required by subsection (a) shall be— 

11 (1) in the case of the first such report, the pe12 riod beginning on January 1, 2008, and ending on 

13 the date of the report; and 

14 (2) in the case of each subsequent such report, 

15 the one-year period preceding submission of the re16 port. 

17 (d) DEFINITIONS.—In this section: 

18 (1) CHINESE ENTITY.—The term ‘‘Chinese en19 tity’’ means an entity organized under the laws of 

20 the People’s Republic of China or otherwise subject 

21 to the jurisdiction of the Government of the People’s 

22 Republic of China. 

23 (2) UNITED STATES PERSON.—The term 

24 ‘‘United States person’’ means— 


kjohnson on DSK79L0C42PROD with BILLS
4 

•S 860 IS

1 (A) a United States citizen or an alien law2 fully admitted for permanent residence to the 

3 United States; or 

4 (B) an entity organized under the laws of 

5 the United States or any jurisdiction within the 

6 United States, including a foreign branch of 

7 such an entity. 

Æ 


kjohnson on DSK79L0C42PROD with BILLS