II 

118TH CONGRESS 

2D SESSION S. 4026 

To require a report on the state of economic integration between the United 

States and the People’s Republic of China and the risks of that integration to the national security of the United States. 

IN THE SENATE OF THE UNITED STATES 

MARCH 21, 2024 

Mr. ROMNEY (for himself, Ms. CORTEZ MASTO, Mr. LANKFORD, Mr. BROWN, 

Mr. CORNYN, and Mr. YOUNG) introduced the following bill; which was 

read twice and referred to the Committee on Finance 

A BILL 

To require a report on the state of economic integration 

between the United States and the People’s Republic 

of China and the risks of that integration to the national 

security of the United States. 

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 ‘‘American Economic 

5 Independence Act of 2024’’. 


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1 SEC. 2. REPORT ON ECONOMIC INTEGRATION BETWEEN 

2 THE UNITED STATES AND THE PEOPLE’S RE3 PUBLIC OF CHINA AND RISKS TO THE NA4 TIONAL SECURITY OF THE UNITED STATES. 

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

6 date of the enactment of this Act, and every 3 years there7 after for 15 years, the President, acting through the Di8 rector of the Office of Management and Budget (in this 

9 section referred to as the ‘‘Director’’ ), and in consultation 

10 with the officials specified in subsection (c), shall submit 

11 to Congress a report on— 

12 (1) the state of economic integration between 

13 the United States and the People’s Republic of 

14 China; and 

15 (2) the risks that integration poses to the na16 tional security interests of the United States. 

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

18 (a) shall include the following: 

19 (1) An assessment of the current level of eco20 nomic integration between the United States and the 

21 People’s Republic of China in each priority sector. 

22 (2) An assessment of how economic integration 

23 between the United States and the People’s Republic 

24 of China has changed since 2000, and is predicted 

25 to change during the 3 years following submission of 

26 the report, for each priority sector. 


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1 (3) An analysis of the extent to which the de2 gree of current or predicted economic integration be3 tween the United States and the People’s Republic 

4 of China in each priority sector presents significant 

5 risks to the national security of the United States. 

6 The analysis with respect to each such sector shall 

7 address the following: 

8 (A) The sector’s reliance on entities orga9 nized under the laws of, or otherwise subject to 

10 the jurisdiction of, the People’s Republic of 

11 China, including entities owned or controlled by 

12 the Government of the People’s Republic of 

13 China, for foreign direct investment and other 

14 sources of financial capital. 

15 (B) The sector’s reliance on supply chains 

16 that have a significant dependence on products 

17 or processes based in the People’s Republic of 

18 China. 

19 (C) An assessment of the risks of intellec20 tual property theft or economic espionage by in21 dividuals or entities linked to or subject to the 

22 control of the Government of the People’s Re23 public of China or the Chinese Communist 

24 Party. 


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1 (D) An assessment of the risks to the de2 fense industrial base of the United States. 

3 (E) An assessment of the risks posed by 

4 the use of subsidies and the dumping of goods 

5 into the customs territory of the United States 

6 by entities in the People’s Republic of China, 

7 including entities owned or controlled by the 

8 Government of the People’s Republic of China. 

9 (4) Recommendations for steps the United 

10 States Government should take to mitigate the risks 

11 identified under paragraph (3). 

12 (5) Any other information the Director con13 siders appropriate. 

14 (c) OFFICIALS SPECIFIED.—The officials specified in 

15 this subsection are the following: 

16 (1) The Secretary of State. 

17 (2) The Secretary of the Treasury. 

18 (3) The Secretary of Defense. 

19 (4) The Attorney General. 

20 (5) The Secretary of the Interior. 

21 (6) The Secretary of Commerce. 

22 (7) The Secretary of Health and Human Serv23 ices. 

24 (8) The Secretary of Energy. 

25 (9) The Secretary of Homeland Security. 


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1 (10) The United States Trade Representative. 

2 (11) The Director of National Intelligence. 

3 (12) The Director of the National Science 

4 Foundation. 

5 (13) The head of any other agency the Director 

6 considers appropriate. 

7 (d) CONSULTATION AUTHORITY.—In developing a re8 port required by subsection (a), the Director may consult 

9 with any nongovernmental entity that the Director con10 siders necessary. 

11 (e) FORM OF REPORT.—Each report required by sub12 section (a) shall be submitted to Congress in unclassified 

13 form but may include a classified annex. 

14 (f) APPLICABILITY OF FOIA.—Nothing in this sec15 tion, or in a report required by subsection (a), shall be 

16 construed to allow the disclosure of information or a 

17 record that is exempt from public disclosure under section 

18 552 of title 5, United States Code (commonly known as 

19 the ‘‘Freedom of Information Act’’). 

20 (g) APPLICABILITY OF PAPERWORK REDUCTION

21 ACT.—Subchapter I of chapter 35 of title 44, United 

22 States Code (commonly known as the ‘‘Paperwork Reduc23 tion Act’’), shall not apply to this section. 


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1 (h) PRIORITY SECTOR DEFINED.—In this section, 

2 the term ‘‘priority sector’’ means one of the following ele3 ments of an economy: 

4 (1) Financial services. 

5 (2) Critical minerals (as defined in section 

6 7002(a) of the Energy Act of 2020 (30 U.S.C. 

7 1606(a))), including rare-earth elements, that the 

8 Secretary of Defense determines to be important to 

9 the national security of the United States. 

10 (3) Semiconductors and microelectronics. 

11 (4) Artificial intelligence. 

12 (5) Communications, including telecommuni13 cations, social media applications, satellites and 

14 other space-based systems, and undersea cables. 

15 (6) Quantum computing. 

16 (7) Cloud-based systems, including computing 

17 services and data storage. 

18 (8) Biotechnology. 

19 (9) Pharmaceuticals and medical technology, in20 cluding medical devices. 

21 (10) Manufacturing processes, particularly cast22 ing, machining, joining, and forming. 

Æ 


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