II 

118TH CONGRESS 

2D SESSION S. 3945 

To restrict the Chinese Government from accessing United States capital 

markets and exchanges if it fails to comply with international laws 

relating to finance, trade, and commerce. 

IN THE SENATE OF THE UNITED STATES 

MARCH 14, 2024 

Mr. VANCE introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To restrict the Chinese Government from accessing United 

States capital markets and exchanges if it fails to comply 

with international laws relating to finance, trade, and 

commerce. 

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

3 SECTION 1. CONDITIONAL ACCESS FOR THE CHINESE GOV4 ERNMENT TO UNITED STATES CAPITAL MAR5 KETS AND EXCHANGES. 

6 (a) DEFINITIONS.—In this section: 

7 (1) APPLICABLE LAWS.—The term ‘‘applicable 

8 laws’’ means— 


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1 (A) the public international doctrine of 

2 state succession, as it relates to international 

3 norms and rules of finance, trade, and com4 merce, including the successor government doc5 trine with respect to sovereign debt; 

6 (B) United States and foreign laws and 

7 regulations governing transparency and disclo8 sures applicable to major capital markets, com9 modities markets, and exchanges; and 

10 (C) international laws prohibiting the prac11 tice of exclusionary settlement, discriminatory 

12 payments, and selective default. 

13 (2) APPLICABLE UNITED STATES ENTITY.—The 

14 term ‘‘applicable United States entity’’ means— 

15 (A) a national securities exchange that is 

16 registered in accordance with section 6 of the 

17 Securities Exchange Act of 1934 (15 U.S.C. 

18 78f); 

19 (B) a broker or a dealer (as defined in the 

20 Securities Act of 1933 (15 U.S.C. 77a et seq.) 

21 or in the Securities Exchange Act of 1934 (15 

22 U.S.C. 78a et seq.)); 

23 (C) an alternative trading system (as de24 fined in section 242.300 of title 17, Code of 

25 Federal Regulations); 


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1 (D) an investment company (as defined in 

2 section 3(a)(1) of the Investment Company Act 

3 (15 U.S.C. 80a–3(a)(1)); 

4 (E) a commodity pool operator, a futures 

5 commission merchant, an introducing broker, a 

6 swap dealer, or a swap execution facility (as 

7 such terms are defined in section 1a of the 

8 Commodity Exchange Act (7 U.S.C. 1a)) or a 

9 contract market designated pursuant to section 

10 5 of such Act (7 U.S.C. 7); 

11 (F) a national bank, a State bank, or a 

12 savings association (as such terms are defined 

13 in section 2 of the Federal Deposit Insurance 

14 Act (12 U.S.C. 1813)); 

15 (G) a credit union, whether chartered 

16 under the Federal Credit Union Act or under 

17 State law; 

18 (H) a real estate broker registered as such 

19 under State law; 

20 (I) a Federal, State, or local government 

21 agency; 

22 (J) a government-sponsored enterprise (as 

23 defined in section 3(8) of the Congressional 

24 Budget and Impoundment Control Act of 1974 

25 (2 U.S.C. 622(8))); and 


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1 (K) any other entity authorized to accept 

2 investments from, or engage in or effect trans3 actions on behalf of, the Government of the 

4 People’s Republic of China or any commercial 

5 entity under the control of such government 

6 designated by the Secretary as an applicable 

7 United States entity. 

8 (b) IN GENERAL.—If the Secretary of the Treasury, 

9 in consultation with the Committee on Foreign Investment 

10 in the United States, determines that the Government of 

11 the People’s Republic of China is not in compliance with 

12 applicable laws relating to finance, trade, and commerce, 

13 as specified in subsection (c) and including the successor 

14 government doctrine with respect to sovereign debt, the 

15 Secretary shall prohibit any applicable United States enti16 ty, including capital markets, bond markets, and ex17 changes, from accepting any new investment, or effecting 

18 any transaction for others relating to a new investment, 

19 from such government or any commercial entities under 

20 the control of such government. 

21 (c) SPECIFIED INTERNATIONAL LAWS.—The inter22 national laws specified in this subsection are— 

23 (1) the public international doctrine of state 

24 succession, as it relates to international norms and 

25 rules of finance, trade, and commerce; 


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1 (2) the transparency and disclosure rules and 

2 regulations applicable to major capital markets and 

3 exchanges; and 

4 (3) international laws prohibiting the practice 

5 of exclusionary settlement, discriminatory payments, 

6 and selective default. 

Æ 


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