II 

118TH CONGRESS 

2D SESSION S. 4586 

To prevent the funding of malign activities of the Chinese Communist Party 

though the sale of ‘‘A-Shares’’ on certain securities exchanges controlled 

by the Chinese Communist Party by prohibiting the purchase, sale, 

and ownership of such securities by United States investors, and for 

other purposes. 

IN THE SENATE OF THE UNITED STATES 

JUNE 18, 2024 

Mr. SCOTT of Florida introduced the following bill; which was read twice and 

referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To prevent the funding of malign activities of the Chinese 

Communist Party though the sale of ‘‘A-Shares’’ on certain securities exchanges controlled by the Chinese Communist Party by prohibiting the purchase, sale, and ownership of such securities by United States investors, 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 ‘‘Stop Funding the CCP 

5 through A-Shares Act’’. 


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1 SEC. 2. FINDINGS; PURPOSES. 

2 (a) BASIS OF FINDINGS.—The findings set forth in 

3 subsection (b) are based on facts disclosed by— 

4 (1) Executive Order 13959, Executive Order 

5 13974, and Executive Order 14032 (50 U.S.C. 1701 

6 note; relating to addressing the threat from securi7 ties investments that finance certain companies of 

8 the People’s Republic of China); 

9 (2) the record and reports of— 

10 (A) the United States-China Economic and 

11 Security Review Commission with respect to the 

12 national security implications of the bilateral 

13 economic and financial relationship between the 

14 United States and the People’s Republic of 

15 China under section 1238(b)(2) of the Floyd D. 

16 Spence National Defense Authorization Act for 

17 Fiscal Year 2001 (as enacted into law by Public 

18 Law 106–398; 22 U.S.C. 7002(b)(2)); 

19 (B) the Congressional-Executive Commis20 sion on the People’s Republic of China with re21 spect to the acts of the People’s Republic of 

22 China that reflect compliance with or violation 

23 of human rights and the development of the 

24 rule of law in the People’s Republic of China 

25 under title III of the U.S.-China Relations Act 

26 of 2000 (22 U.S.C. 6911 et seq.); and 


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1 (3) the annual threat assessment of the intel2 ligence community under section 108B of the Na3 tional Security Act of 1947 (50 U.S.C. 3043b); 

4 (4) the annual report of the Department of De5 fense on military and security developments involv6 ing the People’s Republic of China under section 

7 1202 of the National Defense Authorization Act for 

8 Fiscal Year 2000 (Public Law 106–65; 10 U.S.C. 

9 113 note); 

10 (5) the annual Country Reports on Human 

11 Rights Practices of the Department of State; and 

12 (6) facts otherwise disclosed and ascertained. 

13 (b) FINDINGS.—Congress finds that investments in 

14 securities listed on certain securities exchanges in the Peo15 ple’s Republic of China adversely affect the public interest 

16 of the United States and the interest of United States in17 vestors, in that, among other things— 

18 (1) the ideology, goals, and actions of the Chi19 nese Communist Party are inimical to the national 

20 security, economic security, fundamental values, and 

21 liberty of the United States and citizens of the 

22 United States; 

23 (2) all governmental, economic, business, and 

24 social institutions in the People’s Republic of China 

25 are effectively instrumentalities of the Chinese ComVerDate Sep 11 2014 19:10 Aug 08, 2024 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4586.IS S4586

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1 munist Party, as reflected in the Party’s charter, 

2 which states, ‘‘Government, the military, society and 

3 schools, north, south, east and west—the party leads 

4 them all’’, and are utilized by the Chinese Com5 munist Party to achieve its goals, paramount among 

6 which are staying in power and vanquishing the 

7 United States as the world’s leading superpower; 

8 (3) among those institutions is the People’s 

9 Liberation Army, an instrumentality of the Chinese 

10 Communist Party reporting to the Central Military 

11 Commission of the Chinese Communist Party; 

12 (4) the core mission of the People’s Liberation 

13 Army is to sustain the Chinese Communist Party’s 

14 grip on power, as was demonstrated by the Chinese 

15 Communist Party’s use of the People’s Liberation 

16 Army in putting down the pro-democracy dem17 onstrations of 1989; 

18 (5) the Chinese Communist Party is actively 

19 undermining the national security of the United 

20 States through a massive buildup of the military ca21 pabilities of the People’s Liberation Army and in22 creasingly aggressive actions by military and para23 military actors; 

24 (6) the Chinese Communist Party supports the 

25 buildup of those capabilities through a program of 


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1 ‘‘military-civil fusion’’ under which Chinese compa2 nies and researchers must share technology and 

3 equipment with the Chinese military, with the goal 

4 of ensuring that the People’s Liberation Army 

5 achieves global military dominance by 2049; 

6 (7) those companies, known as Chinese military 

7 industrial-complex companies, although often rep8 resenting themselves as private and civilian, are, in 

9 fact, directly supporting the Chinese Communist 

10 Party’s military, intelligence, and security 

11 apparatuses and providing aid in their development 

12 and modernization; 

13 (8) the Chinese military industrial-complex 

14 companies raise substantial capital by selling securi15 ties to United States institutional and individual in16 vestors; 

17 (9) the Chinese military industrial-complex 

18 companies increasingly do so by listing their securi19 ties for sale on the Shanghai and Shenzhen stock ex20 changes, which are self-proclaimed instrumentalities 

21 of the Chinese Communist Party and are regulated 

22 by the China Securities Regulatory Commission, 

23 which is also an instrumentality of the Chinese Com24 munist Party, and securities so listed are commonly 

25 referred to as ‘‘A-Shares’’; 


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1 (10) in addition to Chinese military industrial2 complex companies, those exchanges are replete with 

3 listings of securities of— 

4 (A) Chinese military industrial-complex 

5 companies not included on United States sanc6 tions lists; 

7 (B) subsidiaries of such companies that 

8 are not included on United States sanctions 

9 lists; 

10 (C) companies denied access to United 

11 States technology and equipment because those 

12 entities support the development, production, 

13 and deployment of military items for use by 

14 military end-users, including the Chinese armed 

15 forces, national guard, national police, and gov16 ernment intelligence organizations; 

17 (D) companies specializing in advanced 

18 weapons technologies that represent an unusual 

19 and extraordinary threat to the national secu20 rity of the United States; 

21 (E) companies managing the People’s Re22 public of China’s nuclear weapons program and 

23 the expansion of that program; 


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1 (F) companies building the People’s Lib2 eration Army Air Force’s next-generation fight3 ers and bombers; 

4 (G) companies central to the People’s Re5 public of China’s naval buildup of aircraft car6 riers, surface ships, and submarines; 

7 (H) companies conducting the construction 

8 and militarization of artificial islands in the 

9 South China Sea; and 

10 (I) companies involved in the development 

11 and use of surveillance technology to facilitate 

12 repression and egregious human rights abuses 

13 and advance the ideology and strategic goals of 

14 the Chinese Communist Party domestically and 

15 internationally; 

16 (11) investment of United States capital by 

17 United States investors in the securities of compa18 nies listed on those exchanges has increased dra19 matically through the inclusion of those securities in 

20 indices published by major index providers and in in21 vestment products tracking those indexes offered by 

22 the most prominent asset managers in the United 

23 States; 

24 (12) investment of United States capital by 

25 United States investors through those exchanges in 


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1 the securities of those companies, which directly sup2 port the efforts of the military, intelligence, and 

3 other security apparatuses of the People’s Republic 

4 of China, and in other entities indirectly contrib5 uting to the development of these apparatuses by 

6 their contribution to the country’s economy, presents 

7 an unusual and extraordinary threat to the national 

8 security, foreign policy, United States investor com9 munity, and economy of the United States, consti10 tuting a national emergency; 

11 (13) investment of United States capital by 

12 United States investors in securities listed on those 

13 exchanges also supports, both indirectly through 

14 general economic support, and directly through the 

15 operations of specific companies, the Chinese Com16 munist Party’s ongoing engagement of widespread, 

17 systematic, and egregious violations of human 

18 rights, including— 

19 (A) pursuit of a relentless campaign 

20 against the Uyghurs in the Xinjiang Uyghur 

21 Autonomous Region in the western People’s Re22 public of China, characterized by the United 

23 States Department of State as one of genocide, 

24 involving forced labor, rape, compulsory steri25 lization, and organ harvesting, all of which conVerDate Sep 11 2014 19:10 Aug 08, 2024 Jkt 049200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\S4586.IS S4586

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1 tinue, despite the enactment of the Act entitled 

2 ‘‘An Act to ensure that goods made with forced 

3 labor in the Xinjiang Autonomous Region of the 

4 People’s Republic of China do not enter the 

5 United States market, and for other purposes’’, 

6 approved December 23, 2021 (Public Law 117– 

7 78; 135 Stat. 1525) (commonly referred to as 

8 the ‘‘Uyghur Forced Labor Prevention Act’’), 

9 which was intended to block goods made with 

10 Uyghur forced labor from entering the United 

11 States; 

12 (B) continued pursuit of the decades-long 

13 campaign to eradicate Tibet’s unique religious, 

14 ethnic, cultural, and linguistic identity, with Ti15 betans living in a virtual police state and facing 

16 severe restrictions of their human rights and 

17 fundamental freedoms, including freedom of re18 ligion or belief; 

19 (C) pursuit of a 5-year plan to bring all re20 ligious doctrine and practice in line with Com21 munist Party doctrine, including forbidding 

22 youth from participating in religious activities 

23 and implementation of mass detention camps 

24 that indoctrinate detainees in Chinese Com25 munist Party ideology and force renunciation of 


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1 faith and subjecting individuals found violating 

2 the laws and regulations controlling religion to 

3 harassment, surveillance, interrogation, arrest, 

4 beatings, sentences to prison, detention, or dis5 appearance; 

6 (D) strict control of all domestic news re7 porting and the telecommunications infrastruc8 ture, ensuring that only information matching 

9 the Chinese Communist Party’s desired nar10 rative is shared, through the blocking of 

11 websites, mass deletion of posts and user ac12 counts, and imposition of severe punishment on 

13 those who dare speak out; 

14 (E) arbitrary arrest of those who do not 

15 conform to Chinese Communist Party ideology, 

16 with those brave enough to speak out subject to 

17 prolonged and secret detention without access 

18 to legal counsel or the ability to communicate 

19 with their families, and the use of such arrests 

20 and the terror they deliberately instill as tools 

21 in the Chinese Communist Party’s arsenal to 

22 maintain unchallenged power over people; 

23 (F) operation of a factory system in which 

24 occupational safety and health violations are 

25 prevalent and working and living conditions in 


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1 factories with adjacent dormitories are tanta2 mount to forced labor camps, including, in the 

3 Xinjiang Uyghur Autonomous Region, the sub4 sidization by the Chinese Communist Party of 

5 Chinese companies to set up factories near de6 tention camps in the region and to transfer 

7 camp victims and others from rural areas to 

8 factories in other parts of the region and 

9 throughout the People’s Republic of China to 

10 work as forced labor under the guise of ‘‘voca11 tional training’’ and ‘‘poverty alleviation’’ pro12 grams; and 

13 (G) imposition of a similar regime of sys14 temic repression on the people of Hong Kong, 

15 in violation of promises to the contrary, includ16 ing enactment of draconian national security 

17 legislation that provides for up to life in prison 

18 for the ambiguously defined crimes of secession, 

19 subversion, terrorism, and collusion with foreign 

20 powers, removal of books critical of the Chinese 

21 Communist Party from bookstore and library 

22 shelves, banning democratic political slogans, 

23 and requiring schools to enforce censorship of 

24 teachers and students; 


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1 (14) investment of United States capital by 

2 United States investors in securities listed on ex3 changes described in paragraph (9) also benefits 

4 companies engaged in or benefitting from the Chi5 nese Communist Party’s implementation, through 

6 instrumentalities it controls, of unfair and malicious 

7 economic and commercial practices, including— 

8 (A) intellectual property theft and coerced 

9 transfer of intellectual property in exchange for 

10 market access; 

11 (B) abuse of international trade rules and 

12 fora; 

13 (C) campaigns to monopolize targeted in14 dustries and destroy competitors via state sub15 sidization of capital and inputs, import protec16 tions and export incentives, and exploitation of 

17 labor and the environment; 

18 (D) appropriation of fishery and mineral 

19 rights of other countries through means of in20 timidation and coercion by military and para21 military actors; and 

22 (E) international exploitation and destruc23 tion of mineral and fishery resources, and asso24 ciated labor abuses; and 


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1 (15) investment of United States capital by 

2 United States investors in securities listed on those 

3 exchanges also poses a substantial, and intolerable, 

4 risk to United States investors arising from— 

5 (A) the refusal of the China Securities 

6 Regulatory Commission to accept normal ac7 counting standards in its capital markets for 

8 any securities, preventing third-party auditors 

9 from knowing whether a Chinese company is 

10 adhering to the generally accepted accounting 

11 principles guidelines required of securities trad12 ed on United States stock exchanges; and 

13 (B) the failure of Chinese publicly traded 

14 companies to engage in adequate material risk 

15 disclosure, publish their financial information, 

16 implement the rule of law, and adopt accepted 

17 corporate governance standards. 

18 (c) PURPOSES.—The purposes of this Act are to miti19 gate and, to the extent feasible, to eliminate the conditions 

20 described in subsection (b), which adversely affect the pub21 lic interest of the United States and the interests of 

22 United States investors. 

23 SEC. 3. PROHIBITED ACTS. 

24 (a) DEFINITIONS.—In this section: 


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1 (1) ACTING IN A PROFESSIONAL CAPACITY.— 

2 The term ‘‘acting in a professional capacity’’ in3 cludes acting as— 

4 (A) a member (as defined in section 

5 3(a)(3)(A) of the Securities Exchange Act of 

6 1934 (15 U.S.C. 78c(a)(3)(A))) of a national 

7 securities exchange; 

8 (B) a member (as defined in section 

9 3(a)(3)(B) of the Securities Exchange Act of 

10 1934 (15 U.S.C. 78c(a)(3)(B))) of a registered 

11 securities association; or 

12 (C) an associated person of a member (as 

13 defined in section 3(a) of the Securities Ex14 change Act of 1934 (15 U.S.C. 78c(a))) de15 scribed in subparagraph (A) or (B). 

16 (2) ASSIGNMENT.—The term ‘‘assignment’’ has 

17 the meaning given the term in section 2(a) of the In18 vestment Company Act of 1940 (15 U.S.C. 80a– 

19 2(a)). 

20 (3) COMMERCE.—The term ‘‘commerce’’ has 

21 the meaning given the term in section 4 of the Fed22 eral Trade Commission Act (15 U.S.C. 44). 

23 (4) COVERED EXCHANGE.—The term ‘‘covered 

24 exchange’’ means— 


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1 (A) the Shanghai Stock Exchange (or any 

2 subsidiary of that exchange); 

3 (B) the Shenzhen Stock Exchange (or any 

4 subsidiary of that exchange); 

5 (C) the Beijing Stock Exchange (or any 

6 subsidiary of that exchange); or 

7 (D) any other national exchange, or sub8 sidiary of such an exchange, that is subject to 

9 the influence or control of the Party Committee 

10 of the China Securities Regulatory Commission, 

11 other than the Stock Exchange of Hong Kong. 

12 (5) COVERED SECURITY.—The term ‘‘covered 

13 security’’ means a security that— 

14 (A) as of the date on which a covered 

15 transaction is executed with respect to the secu16 rity, is listed on a covered exchange; 

17 (B) is derivative of a security described in 

18 subparagraph (A); or 

19 (C) is designed to provide investment expo20 sure to a security described in subparagraph 

21 (A). 

22 (6) COVERED TRANSACTION.—The term ‘‘cov23 ered transaction’’ means a purchase, sale, or assign24 ment. 


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1 (7) ENGAGE IN.—The term ‘‘engage in’’, with 

2 respect to a transaction, means to order, approve, or 

3 otherwise perform any act in furtherance of that 

4 transaction. 

5 (8) PURCHASE; SALE; SECURITY.—The terms 

6 ‘‘purchase’’, ‘‘sale’’, and ‘‘security’’ have the mean7 ings given those terms in section 3(a) of the Securi8 ties Exchange Act of 1934 (15 U.S.C. 78c(a)). 

9 (9) U.S. PERSON.—The term ‘‘U.S. person’’ 

10 has the meaning given the term in section 120.62 of 

11 title 22, Code of Federal Regulations, or any suc12 cessor regulation. 

13 (10) WILLFULLY.—The term ‘‘willfully’’, with 

14 respect to an action, means that the action is taken 

15 voluntarily and intentionally in violation of a known 

16 legal duty. 

17 (b) PROHIBITION.— 

18 (1) IN GENERAL.—Except for the purposes of 

19 complying with paragraph (2), beginning on the date 

20 of enactment of this Act, it shall be unlawful for any 

21 U.S. person to make use of the mails or any means 

22 or instrumentality of commerce to engage in a cov23 ered transaction with respect to a covered security. 

24 (2) DIVESTMENT REQUIRED.—Not later than 

25 180 days after the date of enactment of this Act, 


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1 each U.S. person shall divest of all covered securities 

2 held by the U.S. person. 

3 (c) PENALTIES.—A U.S. person that violates, at4 tempts to violate, conspires to violate, or causes a violation 

5 of this section shall be subject to any of the following pen6 alties: 

7 (1) A civil penalty in an amount not to exceed 

8 the greater of— 

9 (A) $250,000; or 

10 (B) an amount that is twice the amount of 

11 the covered transaction that is the basis of the 

12 violation with respect to which the penalty is 

13 imposed. 

14 (2) With respect to a U.S. person that willfully 

15 violates, willfully attempts to violate, willfully con16 spires to violate, or willfully aids or abets in the 

17 commission of a violation of this section, a criminal 

18 penalty as follows: 

19 (A) If that U.S. person is an individual not 

20 acting in a professional capacity, a fine of not 

21 more than $1,000,000, a term of imprisonment 

22 of not more than 5 years, or both. 

23 (B) If that U.S. person is an individual 

24 acting in a professional capacity, a fine of not 


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1 more than $5,000,000, a term of imprisonment 

2 of not more than 20 years, or both. 

3 (C)(i) If that U.S. person is an organiza4 tion, including any entity described in clause 

5 (ii), a fine of not more than $25,000,000. 

6 (ii) An entity described in this clause is 

7 any of the following: 

8 (I) An investment company, as de9 fined in section 3 of the Investment Com10 pany Act of 1940 (15 U.S.C. 80a–3). 

11 (II) A bank, broker, dealer, exchange, 

12 insurance company, investment banker, un13 derwriter, savings and loan association, 

14 business development company, commodity 

15 pool, commodity pool operator, commodity 

16 trading advisor, major swap participant, 

17 swap dealer, or swap execution facility, as 

18 those terms are defined in section 2(a) of 

19 the Investment Company Act of 1940 (15 

20 U.S.C. 80a–2(a)). 

21 (III) An investment adviser, as de22 fined in section 202(a) of the Investment 

23 Advisers Act of 1940 (15 U.S.C. 80b– 

24 2(a)). 


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1 (IV) A market intermediary, as de2 fined in section 3(c)(2)(B)(i) of the Invest3 ment Company Act of 1940 (15 U.S.C. 

4 80a–3(c)(2)(B)(i)). 

5 (V) A fund described in section 

6 3(c)(10)(B) of the Investment Company 

7 Act of 1940 (15 U.S.C. 80a–3(c)(10)(B)). 

8 (VI) A qualified pension, profit-shar9 ing, or stock bonus plan described in sec10 tion 401 of the Internal Revenue Code of 

11 1986. 

12 (VII) An individual retirement ac13 count, as defined in section 408(a) of the 

14 Internal Revenue Code of 1986. 

15 (VIII) A tax credit employee stock 

16 ownership plan, as defined in section 

17 409(a) of the Internal Revenue Code of 

18 1986. 

19 SEC. 4. REPORTS TO CONGRESS. 

20 (a) IN GENERAL.—In accordance with subsection (b), 

21 the Secretary of the Treasury, in consultation with the 

22 Secretary of Commerce, the Secretary of State, the Sec23 retary of Defense, the Assistant to the President for Na24 tional Security Affairs, and the Director of National IntelVerDate Sep 11 2014 19:10 Aug 08, 2024 Jkt 049200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6201 E:\BILLS\S4586.IS S4586

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1 ligence, shall submit to Congress a report on, for the pe2 riod covered by the report— 

3 (1) the extent of mitigation and elimination of 

4 the conditions described in section 2(b); and 

5 (2) the extent of the occurrence of the condi6 tions described in section 2(b) with respect to securi7 ties listed on the Stock Exchange of Hong Kong. 

8 (b) FREQUENCY OF SUBMISSION.—The Secretary of 

9 the Treasury shall submit to Congress a report described 

10 in subsection (a)— 

11 (1) not later than 90 days after the date of en12 actment of this Act; 

13 (2) not later than 180 days after the date of 

14 enactment of this Act; and 

15 (3) once every 180 days after the date on which 

16 the Secretary submits the report required under 

17 paragraph (2) of this subsection. 

18 SEC. 5. ANNUAL REPORT ON UNITED STATES PORTFOLIO 

19 INVESTMENTS IN THE PEOPLE’S REPUBLIC 

20 OF CHINA. 

21 (a) DEFINITIONS.—In this section: 

22 (1) CHINESE ENTITY.—The term ‘‘Chinese en23 tity’’ means an entity organized under the laws of 

24 the People’s Republic of China or otherwise subject 


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

2 Republic of China. 

3 (2) UNITED STATES PERSON.—The term 

4 ‘‘United States person’’ means— 

5 (A) a United States citizen or an alien law6 fully admitted for permanent residence to the 

7 United States; or 

8 (B) an entity organized under the laws of 

9 the United States or any jurisdiction within the 

10 United States, including a foreign branch of 

11 such an entity. 

12 (b) REPORT.—Not later than 1 year after the date 

13 of enactment of this Act, and annually thereafter, the Sec14 retary of the Treasury shall submit to Congress a report 

15 on portfolio investments by United States persons in the 

16 People’s Republic of China, including such investments 

17 routed through a jurisdiction outside the United States. 

18 (c) ELEMENTS.—Each report required by subsection 

19 (b) shall include an assessment of the involvement of the 

20 following in portfolio investments in the People’s Republic 

21 of China: 

22 (1) United States persons making such invest23 ments, including an assessment of— 


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1 (A) the types of United States persons 

2 making such investments, including State pen3 sion funds; and 

4 (B) United States persons making more 

5 than 2 percent of the total of such investments 

6 in a year. 

7 (2) Chinese entities receiving such investments, 

8 including an assessment of— 

9 (A) such entities in individual sectors of 

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

11 including the housing sector; 

12 (B) any Chinese entities subject to sanc13 tions imposed by the United States receiving 

14 such investments; and 

15 (C) Chinese entities that receive more than 

16 $100,000,000 from such investments. 

17 (d) PERIOD COVERED.—The period covered by a re18 port required by subsection (b) shall be— 

19 (1) in the case of the first such report, the pe20 riod beginning on January 1, 2008, and ending on 

21 the date of the report; and 

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

23 the 1-year period preceding submission of the report. 


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1 SEC. 6. COORDINATION. 

2 (a) IN GENERAL.—The Secretary of the Treasury 

3 and the Securities and Exchange Commission may coordi4 nate to carry out this Act. 

5 (b) COORDINATION ON IMPOSITION OF CRIMINAL

6 PENALTIES.—For the purposes of carrying out section 

7 3(c)(2), the Secretary of the Treasury and the Securities 

8 and Exchange Commission may coordinate with the Attor9 ney General. 

Æ 


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