II 

118TH CONGRESS 

2D SESSION S. 5016 

To combat the economic aggression of the People’s Republic of China, and 

for other purposes. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 10, 2024 

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

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To combat the economic aggression of 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 ‘‘Combat Chinese Eco5 nomic Aggression Act of 2024’’. 


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1 SEC. 2. REVIEW BY COMMITTEE ON FOREIGN INVESTMENT 

2 IN THE UNITED STATES OF INVESTMENTS IM3 PACTING ECONOMIC OR TECHNOLOGICAL 

4 COMPETITIVENESS. 

5 (a) IN GENERAL.—Subsection (a)(4) of section 721 

6 of the Defense Production Act of 1950 (50 U.S.C. 4565) 

7 is amended— 

8 (1) in subparagraph (A)— 

9 (A) in clause (i), by striking ‘‘; and’’ and 

10 inserting a semicolon; 

11 (B) in clause (ii)— 

12 (i) by striking ‘‘clauses (ii) through 

13 (v)’’ and inserting ‘‘any of clauses (ii) 

14 through (iv) or clause (vii)’’; and 

15 (ii) by striking the period at the end 

16 and inserting ‘‘; and’’; 

17 (C) by adding at the end the following: 

18 ‘‘(iii) any transaction described in 

19 clause (v) or (vi) of subparagraph (B) pro20 posed or pending after the date of the en21 actment of this clause.’’; and 

22 (2) in subparagraph (B)— 

23 (A) by redesignating clause (v) as clause 

24 (vii); and 

25 (B) by inserting after clause (iv) the fol26 lowing: 


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1 ‘‘(v) Any other investment, subject to 

2 regulations prescribed under subparagraph 

3 (D), by a foreign person in a United States 

4 business that could support the acquisition 

5 by a foreign country of capabilities to at6 tain technological self-sufficiency or impair 

7 the economic and technological competi8 tiveness of the United States, including— 

9 ‘‘(I) an investment in a United 

10 States business that has received di11 rect funding from, or has been award12 ed a contract by, the Department of 

13 Defense, the Department of Com14 merce, the Department of Energy, or 

15 another Federal agency; or 

16 ‘‘(II) any other investment the 

17 Committee determines, by regulation, 

18 may provide to the foreign person ac19 cess to expertise, business networks, 

20 or production methods critical to 

21 maintaining the economic and techno22 logical competitiveness of the United 

23 States. 


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1 ‘‘(vi) Any other investment, subject to 

2 regulations prescribed under subparagraph 

3 (D)— 

4 ‘‘(I) in a United States business 

5 that produces, designs, tests, manu6 factures, fabricates, or develops one or 

7 more critical technologies; and 

8 ‘‘(II) by a foreign entity of con9 cern (as defined in section 9901 of the 

10 William M. (Mac) Thornberry Na11 tional Defense Authorization Act for 

12 Fiscal Year 2021 (15 U.S.C. 4651)) 

13 that is organized under the laws of or 

14 otherwise subject to the jurisdiction of 

15 the People’s Republic of China.’’. 

16 (b) MANDATORY DECLARATIONS.—Section 

17 721(b)(1)(C)(v)(IV) of the Defense Production Act of 

18 1950 (50 U.S.C. 4565(b)(1)(C)(v)(IV)) is amended by 

19 adding at the end the following: 

20 ‘‘(hh) REQUIRED DECLARA21 TIONS FOR CERTAIN TRANS22 ACTIONS.—The parties to a cov23 ered transaction shall submit a 

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1 clause (I) with respect to the 

2 transaction if— 

3 ‘‘(AA) a foreign person 

4 that is a party to the trans5 action is a national of the 

6 People’s Republic of China 

7 or an entity organized under 

8 the laws of or otherwise sub9 ject to the jurisdiction of the 

10 People’s Republic of China; 

11 or 

12 ‘‘(BB) the transaction 

13 is in the metallurgy, tele14 communications, energy, in15 dustrial gas, chemicals, or 

16 petrochemicals sector or any 

17 other sector the Secretary 

18 determines appropriate for 

19 purposes of this item.’’. 

20 (c) ANALYSIS BY INTERNATIONAL TRADE ADMINIS21 TRATION.—Section 721(b)(1) of the Defense Production 

22 Act of 1950 (50 U.S.C. 4565(b)(1)) is amended by adding 

23 at the end the following: 


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1 ‘‘(I) ANALYSIS BY INTERNATIONAL TRADE

2 ADMINISTRATION WITH RESPECT TO CERTAIN

3 TRANSACTIONS.— 

4 ‘‘(i) IN GENERAL.—In the case of a 

5 review of a covered transaction described 

6 in clause (ii), the Secretary of Commerce, 

7 in consultation with other members of the 

8 Committee as appropriate, shall conduct 

9 an analysis of— 

10 ‘‘(I) the sector or industry in 

11 which the United States business in12 volved in the transaction operates; 

13 ‘‘(II) the cumulative control of, 

14 or pattern of recent transactions by, 

15 foreign persons, including, directly or 

16 indirectly, foreign governments, in 

17 that sector or industry; and 

18 ‘‘(III) the effect of foreign invest19 ment in that sector or industry on the 

20 national security of the United States. 

21 ‘‘(ii) TRANSACTIONS DESCRIBED.—A 

22 covered transaction described in this clause 

23 is a covered transaction— 

24 ‘‘(I) described in clause (vi) or 

25 (vii) of subsection (a)(4)(B); and 


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1 ‘‘(II) to which a foreign person 

2 that is a national of the People’s Re3 public of China or an entity organized 

4 under the laws of or otherwise subject 

5 to the jurisdiction of the People’s Re6 public of China is a party.’’. 

7 (d) AUTHORIZATION OF APPROPRIATIONS.—There 

8 are authorized to be appropriated for the Committee on 

9 Foreign Investment in the United States such sums as 

10 may be necessary to carry out the amendments made by 

11 this section. 

12 SEC. 3. ENHANCED SECURITIES DISCLOSURE REQUIRE13 MENTS. 

14 (a) DEFINITIONS.—In this section: 

15 (1) COMMISSION.—The term ‘‘Commission’’ 

16 means the Securities and Exchange Commission. 

17 (2) COUNTRY OF CONCERN.—The term ‘‘coun18 try of concern’’— 

19 (A) has the meaning given the term ‘‘cov20 ered nation’’ in section 4872(d) of title 10, 

21 United States Code; and 

22 (B) includes a jurisdiction that the Com23 mission, in consultation with the Secretary of 

24 State and the Secretary of the Treasury, deter25 mines to be subject to the political and legal 


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1 control of a covered nation, as defined in sec2 tion 4872(d) of title 10, United States Code. 

3 (3) COVERED ENTITY.—The term ‘‘covered en4 tity’’ means an entity or person that is required to 

5 file Form PF. 

6 (4) EXEMPT REPORTING ADVISER.—The term 

7 ‘‘exempt reporting adviser’’ means an investment ad8 viser described in section 275.204–4(a) of title 17, 

9 Code of Federal Regulations, or any successor regu10 lation. 

11 (5) FORM ADV.—The term ‘‘Form ADV’’ 

12 means the form described in section 279.1 of title 

13 17, Code of Federal Regulations, or any successor 

14 regulation. 

15 (6) FORM PF.—The term ‘‘Form PF’’ means 

16 the form described in section 279.9 of title 17, Code 

17 of Federal Regulations, or any successor regulation. 

18 (7) PRIVATE FUND.—The term ‘‘private fund’’ 

19 has the meaning given the term in section 202(a) of 

20 the Investment Advisers Act of 1940 (15 U.S.C. 

21 80b–2(a)). 

22 (8) PRIVATE FUND ASSETS.—The term ‘‘private 

23 fund assets’’ has the meaning given the term in sec24 tion 275.204(b)–1 of title 17, Code of Federal Regu25 lations, or any successor regulation. 


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1 (b) ENHANCED DISCLOSURE REQUIREMENTS FOR

2 ADVISERS OF PRIVATE FUNDS.— 

3 (1) REQUIREMENTS.— 

4 (A) IN GENERAL.—Not later than 1 year 

5 after the date of enactment of this Act, the 

6 Commission shall amend Form PF and Form 

7 ADV, and the rules of the Commission gov8 erning the submission of Form PF and Form 

9 ADV, to, subject to subparagraph (B), require 

10 each covered entity and each exempt reporting 

11 adviser to annually disclose when submitting 

12 Form PF or Form ADV, respectively, the total 

13 private fund assets in countries of concern at14 tributable to the private funds advised by the 

15 covered entity or exempt reporting adviser, as 

16 applicable, which shall be broken down by the 

17 percentage of those assets in each country of 

18 concern. 

19 (B) APPLICATION.—For the purposes of 

20 subparagraph (A), the Commission shall deter21 mine whether a private fund asset is in a coun22 try of concern based on— 

23 (i) the amount of capital that is in24 vested in an entity (including a subsidiary 

25 of an entity)— 


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1 (I) that has a physical presence 

2 or employees in that country of con3 cern; or 

4 (II) the plurality of the sales of 

5 which are from that country of con6 cern; and 

7 (ii) the proportion of the total assets 

8 and liabilities of an entity described in 

9 clause (i) that are located in that country 

10 of concern. 

11 (2) REPORTING BY COMMISSION.— 

12 (A) PUBLICLY AVAILABLE REPORTS.— 

13 (i) IN GENERAL.—Not later than 1 

14 year after the date on which the Commis15 sion makes the amendments required 

16 under paragraph (1), and not less fre17 quently than annually thereafter, the Com18 mission shall prepare and make publicly 

19 available a report containing a list of cov20 ered entities and exempt reporting advisers 

21 that, for the period covered by the report, 

22 have disclosed more than 0 private fund 

23 assets under Form PF or Form ADV (as 

24 amended pursuant to that subsection) in at 

25 least 1 country of concern, which shall be 


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1 aggregated by the covered entity or exempt 

2 reporting adviser making that disclosure. 

3 (ii) ADDITIONAL REQUIREMENTS.— 

4 Each report prepared and made available 

5 by the Commission under clause (i) shall— 

6 (I) be aggregated by covered en7 tity or exempt reporting adviser; and 

8 (II) include the percentage of pri9 vate fund assets disclosed by a cov10 ered entity or exempt reporting ad11 viser, as applicable. 

12 (B) RULE OF CONSTRUCTION.—Nothing in 

13 this paragraph may be construed to permit the 

14 Commission to make available any information 

15 that appears on Form PF or Form ADV other 

16 than the information that is included on Form 

17 PF or Form ADV as a result of the require18 ments under paragraph (1). 

19 (c) EXEMPTED TRANSACTIONS.—The Securities Ex20 change Act of 1934 (15 U.S.C. 78a et seq.) is amended 

21 by inserting after section 13A (15 U.S.C. 78m–1) the fol22 lowing: 

23 ‘‘SEC. 13B. DISCLOSURE REQUIREMENTS RELATING TO 

24 CERTAIN EXEMPTED TRANSACTIONS. 

25 ‘‘(a) DEFINITIONS.—In this section: 


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1 ‘‘(1) BENEFICIAL OWNER.—The term ‘bene2 ficial owner’ means a person that is determined to 

3 be a beneficial owner under section 240.13d–3 of 

4 title 17, Code of Federal Regulations, or any suc5 cessor regulation. 

6 ‘‘(2) COUNTRY OF CONCERN.—The term ‘coun7 try of concern’— 

8 ‘‘(A) has the meaning given the term ‘cov9 ered nation’ in section 4872(d) of title 10, 

10 United States Code; and 

11 ‘‘(B) includes a jurisdiction that the Com12 mission, in consultation with the Secretary of 

13 State and the Secretary of the Treasury, deter14 mines to be subject to the political and legal 

15 control of a covered nation, as defined in sec16 tion 4872(d) of title 10, United States Code. 

17 ‘‘(3) COVERED EXEMPTED TRANSACTION.—The 

18 term ‘covered exempted transaction’ means an offer 

19 or sale of a security that is— 

20 ‘‘(A) exempt from registration under sec21 tion 5 of the Securities Act of 1933 (15 U.S.C. 

22 77e); and 

23 ‘‘(B) structured or intended to comply 

24 with— 


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1 ‘‘(i) section 230.506(b) of title 17, 

2 Code of Federal regulations, or any suc3 cessor regulation; 

4 ‘‘(ii) sections 230.901, 230.902, and 

5 230.903 of title 17, Code of Federal Regu6 lations, or any successor regulations; or 

7 ‘‘(iii) section 230.144A of title 17, 

8 Code of Federal Regulations, or any suc9 cessor regulation. 

10 ‘‘(b) REQUIREMENT.— 

11 ‘‘(1) IN GENERAL.—Notwithstanding any other 

12 provision of law, in the case of an issuer that con13 ducts a covered exempted transaction described in 

14 paragraph (2), that issuer shall provide to the Com15 mission, at such time and in such manner as the 

16 Commission may prescribe, the following informa17 tion: 

18 ‘‘(A) The identity of the issuer. 

19 ‘‘(B) The place of incorporation of the 

20 issuer. 

21 ‘‘(C) Whether the issuer is associated with 

22 at least 1 consolidated entity, the plurality of 

23 the assets of which are in a country of concern. 


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1 ‘‘(D) Whether the issuer is associated with 

2 at least 1 consolidated entity that is incor3 porated in a country of concern. 

4 ‘‘(E) The amount of securities sold pursu5 ant to the covered exempted transaction and 

6 the net proceeds to the issuer. 

7 ‘‘(F) The beneficial owners of the issuer. 

8 ‘‘(G) The intended use of the proceeds 

9 from the covered exempted transaction, includ10 ing each country in which the issuer intends to 

11 invest those proceeds, which shall be broken 

12 down by the percentage of net proceeds by in13 dustry within each such country. 

14 ‘‘(H) The exemption the issuer relies on 

15 with respect to the covered exempted trans16 action. 

17 ‘‘(2) PARTICULAR COVERED EXEMPTED TRANS18 ACTION DESCRIBED.—A covered exempted trans19 action described in this paragraph is, with respect to 

20 the issuer offering or selling the security that is the 

21 subject of the covered exempted transaction, either 

22 of the following instances: 

23 ‘‘(A) An offer or sale of securities in an 

24 amount that is not less than $25,000,000. 


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1 ‘‘(B) An offer or sale of a security such 

2 that the offer or sale, together with all covered 

3 exempted transactions by that issuer during the 

4 1-year period preceding the date on which the 

5 issuer offers or sells the security, constitutes of6 fers or sales in the aggregate of an amount that 

7 is not less than $50,000,000. 

8 ‘‘(c) AUTHORITY TO REVISE AND PROMULGATE

9 RULES, REGULATIONS, AND FORMS.—The Commission 

10 shall, for the protection of investors and fair and orderly 

11 markets— 

12 ‘‘(1) revise and issue such rules, regulations, 

13 and forms as may be necessary to carry out this sec14 tion; and 

15 ‘‘(2) issue rules to set conditions that limit the 

16 future use of covered exempted transactions for 

17 issuers that do not comply with the disclosure re18 quirements of this section. 

19 ‘‘(d) APPLICABILITY.—This section shall apply with 

20 respect to any covered exempted transaction that occurs 

21 on or after the date that is 1 year after the date of enact22 ment of this section. 

23 ‘‘(e) REPORTS.—The Commission shall, on a quar24 terly basis, prepare and make publicly available a report 

25 that includes all information submitted by an issuer under 


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1 this section during the quarter covered by the report, if 

2 that issuer— 

3 ‘‘(1) is— 

4 ‘‘(A) incorporated in a country of concern; 

5 or 

6 ‘‘(B) incorporated outside of a country of 

7 concern and is associated with at least 1 con8 solidated entity— 

9 ‘‘(i) the plurality of the assets of 

10 which are in a country of concern; or 

11 ‘‘(ii) that is incorporated in a country 

12 of concern; or 

13 ‘‘(2) discloses in a filing made pursuant to this 

14 section that the issuer intends to invest the proceeds 

15 from a covered exempted transaction in a country of 

16 concern.’’. 

17 SEC. 4. PROTECTION OF COVERED SECTORS. 

18 The Defense Production Act of 1950 (50 U.S.C. 

19 4501 et seq.) is amended by adding at the end the fol20 lowing: 

21 ‘‘TITLE VIII—PROTECTION OF 

22 COVERED SECTORS 

23 ‘‘SEC. 801. DEFINITIONS. 

24 ‘‘In this title: 


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1 ‘‘(1) APPROPRIATE CONGRESSIONAL COMMIT2 TEES.—The term ‘appropriate congressional com3 mittees’ means— 

4 ‘‘(A) the Committee on Foreign Affairs, 

5 the Committee on Financial Services, the Com6 mittee on Ways and Means, the Committee on 

7 Appropriations, and the Permanent Select Com8 mittee on Intelligence of the House of Rep9 resentatives; and 

10 ‘‘(B) the Committee on Foreign Relations, 

11 the Committee on Banking, Housing, and 

12 Urban Affairs, the Committee on Finance, the 

13 Committee on Appropriations, and the Select 

14 Committee on Intelligence of the Senate. 

15 ‘‘(2) COUNTRY OF CONCERN.—The term ‘coun16 try of concern’ includes— 

17 ‘‘(A) the Democratic People’s Republic of 

18 North Korea; 

19 ‘‘(B) the People’s Republic of China, in20 cluding the Hong Kong Special Administrative 

21 Region and the Macau Special Administrative 

22 Region; 

23 ‘‘(C) the Russian Federation; 

24 ‘‘(D) the Islamic Republic of Iran; and 


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1 ‘‘(E) any other country that the President 

2 has identified as engaging in a comprehensive, 

3 long-term strategy that directs, facilitates, or 

4 otherwise supports advancements in sensitive 

5 technologies and products that are critical to 

6 the military, intelligence, surveillance, or cyber7 enabled capabilities of the country to counter 

8 United States capabilities in a way that threat9 ens the national security of the United States; 

10 and 

11 ‘‘(F) any other country the President de12 termines necessary to ensure a country de13 scribed in any of subparagraphs (A) through 

14 (E) is unable to circumvent the provisions of 

15 this title and the regulations issued pursuant to 

16 this title. 

17 ‘‘(3) COVERED ACTIVITY.— 

18 ‘‘(A) IN GENERAL.—Subject to such regu19 lations as may be prescribed in accordance with 

20 section 807, and except as provided in subpara21 graph (B), the term ‘covered activity’ means 

22 any activity engaged in by a United States per23 son that involves— 

24 ‘‘(i) an acquisition by such United 

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1 tingent equity interest, or monetary capital 

2 contribution, in a covered foreign entity, 

3 directly or indirectly, by contractual com4 mitment or otherwise; 

5 ‘‘(ii) an arrangement for an interest 

6 held by such United States person in the 

7 short- or long-term debt obligations of a 

8 covered foreign entity that includes govern9 ance rights that are characteristic of an 

10 equity investment, management, or other 

11 important rights; 

12 ‘‘(iii) the establishment of a wholly 

13 owned subsidiary in a country of concern, 

14 such as a greenfield investment, for the 

15 purpose of production, design, testing, 

16 manufacturing, fabrication, or development 

17 related to one or more covered sectors; 

18 ‘‘(iv) the establishment by such 

19 United States person of a joint venture in 

20 a country of concern or with a covered for21 eign entity for the purpose of production, 

22 design, testing, manufacturing, fabrication, 

23 or research, or other contractual or other 

24 commitments involving a covered foreign 

25 entity to jointly research and develop new 


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1 innovation, including through the transfer 

2 of capital or intellectual property or other 

3 business proprietary information; or 

4 ‘‘(v) the acquisition by a United 

5 States person with a covered foreign entity 

6 of— 

7 ‘‘(I) operational cooperation, such 

8 as through supply or support arrange9 ments; 

10 ‘‘(II) the right to board represen11 tation (as an observer, even if limited, 

12 or as a member) or an executive role 

13 (as may be defined through regula14 tion) in a covered foreign entity; 

15 ‘‘(III) the ability to direct or in16 fluence such operational decisions as 

17 may be defined through such regula18 tions; 

19 ‘‘(IV) formal governance rep20 resentation in any operating affiliate, 

21 such as a portfolio company, of a cov22 ered foreign entity; or 

23 ‘‘(V) a new relationship to share 

24 or provide business services, such as 

25 financial services, marketing services, 


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1 maintenance, or assembly functions; 

2 or 

3 ‘‘(vi) knowingly directing transactions 

4 by foreign persons that would constitute 

5 covered activity if engaged in by a United 

6 States person. 

7 ‘‘(B) EXCEPTIONS.—The term ‘covered ac8 tivity’ does not include— 

9 ‘‘(i) any transaction the value of 

10 which the President determines is de mini11 mis, as defined in regulations prescribed in 

12 accordance with section 807; 

13 ‘‘(ii) any category of transactions that 

14 the President determines is in the national 

15 interest of the United States, as may be 

16 defined in regulations prescribed in accord17 ance with section 807; 

18 ‘‘(iii) an investment in— 

19 ‘‘(I) a publicly traded security (as 

20 such term is defined in section 

21 3(a)(10) of the Securities Exchange 

22 Act of 1934 (15 U.S.C. 78c(a)(10))); 

23 ‘‘(II) an index fund, mutual 

24 fund, exchange-traded fund, or a simi25 lar instrument (including associated 


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1 derivatives) offered by an investment 

2 company (as such term is defined in 

3 section 3(a)(1) of the Investment 

4 Company Act of 1940 (15 U.S.C. 

5 80a–3(a)(1))), or by a private invest6 ment fund; or 

7 ‘‘(III) a venture capital fund, pri8 vate equity fund, fund of funds, or 

9 other pooled investment funds, as the 

10 limited partner, in each case in which 

11 the limited partner’s contribution is 

12 solely capital in a limited partnership 

13 structure and— 

14 ‘‘(aa) the limited partner 

15 cannot make managerial deci16 sions, is not responsible for any 

17 debts beyond its investment, and 

18 does not have the ability (for19 mally or informally) to influence 

20 or participate in the fund’s or a 

21 covered foreign entity’s decision 

22 making or operations; or 

23 ‘‘(bb) the investment is 

24 below a de minimis threshold to 

25 be determined by the President; 


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1 ‘‘(iv) the acquisition of the equity or 

2 other interest owned or held by a covered 

3 foreign entity in an entity or assets located 

4 outside of a country of concern in which 

5 the United States person is acquiring all 

6 interests in the entity or assets held by 

7 covered foreign entity; 

8 ‘‘(v) an intracompany transfer of 

9 funds from a United States parent com10 pany to a subsidiary located in a country 

11 of concern, as specified in regulations pre12 scribed in accordance with section 807; 

13 ‘‘(vi) a transaction made pursuant to 

14 a binding, uncalled capital commitment en15 tered into before the date on which the 

16 regulations prescribed in accordance with 

17 section 807 take effect; or 

18 ‘‘(vii) any ordinary or administrative 

19 business transaction as may be defined in 

20 such regulations. 

21 ‘‘(4) COVERED FOREIGN ENTITY.—Subject to 

22 regulations prescribed in accordance with section 

23 807, the term ‘covered foreign entity’ means the fol24 lowing: 


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1 ‘‘(A) Any entity that is incorporated in, 

2 has a principal place of business in, or is orga3 nized under the laws of a country of concern. 

4 ‘‘(B) Any entity the equity securities of 

5 which are traded in the ordinary course of busi6 ness on one or more exchanges in a country of 

7 concern. 

8 ‘‘(C) Any agency or instrumentality of the 

9 government of a country of concern. 

10 ‘‘(D) Any entity in which any entity de11 scribed in subparagraph (A), (B), or (C) holds, 

12 individually or in the aggregate, directly or indi13 rectly, an ownership interest of greater than 50 

14 percent. 

15 ‘‘(E) Any other entity that is not a United 

16 States person and that meets such criteria as 

17 may be specified by the President in such regu18 lations prescribed in accordance with section 

19 807. 

20 ‘‘(5) COVERED SECTORS.—Subject to regula21 tions prescribed in accordance with section 807, the 

22 term ‘covered sectors’ includes sectors within the fol23 lowing areas: 

24 ‘‘(A) Semiconductors and microelectronics. 

25 ‘‘(B) Artificial intelligence. 


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1 ‘‘(C) Quantum information science and 

2 technology. 

3 ‘‘(D) Hypersonics. 

4 ‘‘(E) Satellite-based communications. 

5 ‘‘(F) Networked laser scanning systems 

6 with both military and civilian applications. 

7 ‘‘(6) LEAD AGENCY.—The term ‘lead agency’ 

8 means the Federal agency to which the President 

9 delegates, pursuant to section 802, the authorities 

10 provided under this title. 

11 ‘‘(7) PARTY.—The term ‘party’, with respect to 

12 an activity, has the meaning given that term in reg13 ulations prescribed in accordance with section 807. 

14 ‘‘(8) UNITED STATES PERSON.—The term 

15 ‘United States person’ means— 

16 ‘‘(A) an individual who is a United States 

17 citizen or an alien lawfully admitted for perma18 nent residence to the United States; or 

19 ‘‘(B) an entity organized under the laws of 

20 the United States or of any jurisdiction within 

21 the United States, including any foreign branch 

22 of such an entity. 

23 ‘‘SEC. 802. DELEGATION OF AUTHORITIES. 

24 ‘‘Except as provided by section 808, the President 

25 may delegate the authorities provided under this title to 


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1 the head of any Federal agency the President determines 

2 appropriate in order to carry out the provisions of this 

3 title. 

4 ‘‘SEC. 803. IDENTIFICATION OF CATEGORIES OF TECH5 NOLOGIES AND PRODUCTS IN COVERED SEC6 TORS THAT MAY POSE THREATS TO UNITED 

7 STATES NATIONAL SECURITY. 

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

9 date of the enactment of this title, the President shall— 

10 ‘‘(1) identify categories of technologies and 

11 products in covered sectors that may pose an acute 

12 threat to the national security of the United States 

13 if developed or acquired by a country of concern; 

14 and 

15 ‘‘(2) publish a list of the categories of tech16 nologies and products identified under paragraph (1) 

17 in the Federal Register. 

18 ‘‘(b) ANNUAL UPDATES.—Not later than one year 

19 after the publication of the initial list required by sub20 section (a)(2), the President shall— 

21 ‘‘(1) review the categories of technologies and 

22 products on that list; and 

23 ‘‘(2) publish an updated list of the categories of 

24 technologies and products in the Federal Register if 

25 the list has changed. 


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1 ‘‘SEC. 804. PROHIBITION ON COVERED ACTIVITIES. 

2 ‘‘(a) IN GENERAL.—The President may, on or after 

3 the date on which the initial list of categories of tech4 nologies and products is published in the Federal Register 

5 under section 803(a), prescribe, subject to public notice 

6 and comment, regulations to prohibit a United States per7 son from engaging, directly or indirectly, in a covered ac8 tivity involving a category of technologies and products on 

9 the list. 

10 ‘‘(b) ELEMENTS.—Regulations prescribed under sub11 section (a) may— 

12 ‘‘(1) require that a United States person take 

13 all reasonable steps to prohibit and prevent any 

14 transaction by a foreign entity under the control of 

15 the United States person that would be a prohibited 

16 transaction if engaged in by a United States person; 

17 and 

18 ‘‘(2) exclude any transaction consisting of the 

19 acquisition of an equity or other interest in an entity 

20 located outside a country of concern, if the President 

21 has determined that the government of the country 

22 in which that entity is established or has its prin23 cipal place of business has in place a program for 

24 the restriction of certain activities involving coun25 tries of concern that is comparable to the provisions 


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1 provided for in this title, after consideration of other 

2 relevant factors. 

3 ‘‘SEC. 805. MANDATORY NOTIFICATION OF COVERED AC4 TIVITIES. 

5 ‘‘(a) MANDATORY NOTIFICATION.— 

6 ‘‘(1) IN GENERAL.—Beginning on the date that 

7 is 90 days after the date on which the initial list of 

8 categories of technologies and products is published 

9 in the Federal Register under section 803(a), a 

10 United States person engaging in a covered activity 

11 described in paragraph (2), or that controls a for12 eign entity engaging in an activity that would be a 

13 covered activity described in paragraph (2) if en14 gaged in by a United States person, shall submit to 

15 the President a complete written notification of the 

16 activity not later than 14 days after the completion 

17 date of the activity. 

18 ‘‘(2) COVERED ACTIVITIES DESCRIBED.—A cov19 ered activity described in this paragraph is a covered 

20 activity— 

21 ‘‘(A) involving a category of technologies 

22 and products on the list published under section 

23 803; and 

24 ‘‘(B) that is not prohibited pursuant to 

25 section 804. 


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1 ‘‘(3) CIRCULATION OF NOTIFICATION.— 

2 ‘‘(A) IN GENERAL.—The President shall, 

3 upon receipt of a notification under paragraph 

4 (1), promptly inspect the notification for com5 pleteness. 

6 ‘‘(B) INCOMPLETE NOTIFICATION.—If a 

7 notification submitted under paragraph (1) is 

8 incomplete, the President shall promptly inform 

9 the United States person that submits the noti10 fication that the notification is not complete 

11 and provide an explanation for relevant mate12 rial with respect to which the notification is not 

13 complete. 

14 ‘‘(4) IDENTIFICATION OF NON-NOTIFIED ACTIV15 ITY.—The President shall establish a process to 

16 identify a covered activity described in paragraph (2) 

17 for which— 

18 ‘‘(A) a notification is not submitted to the 

19 President under paragraph (1); and 

20 ‘‘(B) information is reasonably available. 

21 ‘‘(b) CONFIDENTIALITY OF INFORMATION.— 

22 ‘‘(1) IN GENERAL.—Except as provided in para23 graph (2), any information or documentary material 

24 filed with the President or the President’s designee 

25 pursuant to this section shall be exempt from discloVerDate Sep 11 2014 03:15 Sep 17, 2024 Jkt 049200 PO 00000 Frm 00029 Fmt 6652 Sfmt 6201 E:\BILLS\S5016.IS S5016

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1 sure under section 552(b)(3) of title 5, United 

2 States Code, and no such information or documen3 tary material may be made public. 

4 ‘‘(2) EXCEPTIONS.—Subject to appropriate con5 fidentiality and classification requirements, the ex6 emption from disclosure provided by paragraph (1) 

7 shall not prevent the disclosure of the following: 

8 ‘‘(A) Information relevant to any adminis9 trative or judicial action or proceeding. 

10 ‘‘(B) Information to Congress or any of 

11 the appropriate committees or subcommittees of 

12 Congress. 

13 ‘‘(C) Information important to national se14 curity analysis or actions of the President to 

15 any domestic governmental entity, or to any 

16 foreign governmental entity of an ally or part17 ner of the United States, under the exclusive di18 rection and authorization of the President or 

19 the President’s designee, only to the extent nec20 essary for national security purposes, and sub21 ject to appropriate confidentiality and classifica22 tion requirements. 

23 ‘‘(D) Information that the parties have 

24 consented to be disclosed to third parties. 


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1 ‘‘(3) APPLICABILITY TO CONGRESS.—Members 

2 of Congress, and staff of either House of Congress 

3 or any committee of Congress, are subject to the 

4 limitations on disclosure of information and docu5 mentary material that are applicable under this sub6 section. 

7 ‘‘SEC. 806. REPORTING REQUIREMENTS. 

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

9 date on which the regulations prescribed under section 

10 807 take effect, and not less frequently than annually 

11 thereafter, the President shall submit to the appropriate 

12 congressional committees a report that— 

13 ‘‘(1) lists all notifications submitted under sec14 tion 805 during the year preceding submission of the 

15 report, disaggregated by— 

16 ‘‘(A) sector; 

17 ‘‘(B) covered activity; 

18 ‘‘(C) covered foreign entity; and 

19 ‘‘(D) country of concern; 

20 ‘‘(2) includes an assessment of whether to 

21 amend the regulations, including whether to amend 

22 the definition of ‘covered sectors’ to enhance na23 tional security; 

24 ‘‘(3) provides additional context and informa25 tion regarding trends in the sectors, the types of 


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1 covered activity, and the countries involved in those 

2 notifications, including— 

3 ‘‘(A) the locations of the relevant covered 

4 foreign entities; and 

5 ‘‘(B) the countries in which the United 

6 States persons, or foreign entities controlled by 

7 a United States person, involved in relevant 

8 covered activities are located; 

9 ‘‘(4) includes an assessment of the effectiveness 

10 of measures imposed under this title, including ac11 tions taken by the President as a result of the in12 sight gained from the information contained in noti13 fications submitted under section 805; and 

14 ‘‘(5) makes recommendations for— 

15 ‘‘(A) expanding existing Federal programs 

16 to support the production or supply of tech17 nologies and products in covered sectors in the 

18 United States, including the potential of exist19 ing authorities to address any related national 

20 security concerns; and 

21 ‘‘(B) the continuation, expansion, or modi22 fication of the implementation and administra23 tion of this title. 


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1 ‘‘(b) FORM.—Each report required by this section 

2 shall be submitted in unclassified form, but may include 

3 a classified annex. 

4 ‘‘(c) PROHIBITION ON DISCLOSURE.—Information 

5 contained in a report required by this section may be with6 held from disclosure only to the extent otherwise permitted 

7 by statute, except that all information included pursuant 

8 to subsection (a)(1) shall be withheld from public disclo9 sure. 

10 ‘‘SEC. 807. REQUIREMENT FOR REGULATIONS. 

11 ‘‘(a) IN GENERAL.—Not later than 180 days after 

12 the date on which the initial list of categories of tech13 nologies and products is published in the Federal Register 

14 pursuant to section 803(a), the President shall prescribe 

15 regulations to carry out this title in accordance with sub16 chapter II of chapter 5 and chapter 7 of title 5 (commonly 

17 known as the ‘Administrative Procedure Act’). 

18 ‘‘(b) ELEMENTS.—Regulations prescribed to carry 

19 out this title shall— 

20 ‘‘(1) specify the types of activities that will be 

21 considered to be covered activities, other than types 

22 of activities described in section 801(3); 

23 ‘‘(2) specify the technologies and products in 

24 covered sectors with respect to which covered activi25 ties are prohibited under section 804 or require a 


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1 notification under section 805, other than covered 

2 sectors specified in section 801(5); 

3 ‘‘(3) provide for a process by which parties can 

4 ask questions and get timely guidance as to whether 

5 a covered activity is prohibited under section 804 or 

6 requires a notification under section 805; and 

7 ‘‘(4) clarify the terms used in this title, to 

8 maximize the effectiveness of this title. 

9 ‘‘(c) PUBLIC NOTICE AND COMMENT.—Regulations 

10 issued pursuant to subsection (a) shall be subject to public 

11 notice and comment. 

12 ‘‘(d) LOW-BURDEN REGULATIONS.—In prescribing 

13 regulations under this section, the President shall, to the 

14 extent practicable, structure the regulations— 

15 ‘‘(1) to minimize the cost and complexity of 

16 compliance for affected parties; 

17 ‘‘(2) to ensure the benefits of the regulations 

18 outweigh their costs; 

19 ‘‘(3) to adopt the least burdensome alternative 

20 that achieves regulatory objectives; 

21 ‘‘(4) to prioritize transparency and stakeholder 

22 involvement in the process of prescribing the regula23 tions; and 


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1 ‘‘(5) to provide for regular review and stream2 lining of regulations prescribed pursuant to this title 

3 to reduce redundancy and complexity. 

4 ‘‘SEC. 808. MULTILATERAL ENGAGEMENT AND COORDINA5 TION. 

6 ‘‘(a) IN GENERAL.—The Secretary of State and the 

7 head of the lead agency, in coordination with the Secretary 

8 of Commerce, the United States Trade Representative, the 

9 Director of National Intelligence, and the heads of other 

10 relevant Federal agencies, as appropriate, should— 

11 ‘‘(1) conduct bilateral and multilateral engage12 ment with the governments of countries that are al13 lies and partners of the United States to promote 

14 and increase coordination of protocols and proce15 dures to facilitate the effective implementation of, 

16 and appropriate compliance with, the prohibitions 

17 and notifications pursuant to this title; 

18 ‘‘(2) upon adoption of protocols and procedures 

19 described in paragraph (1), work with those govern20 ments to establish mechanisms for sharing informa21 tion, including trends, with respect to such activities; 

22 and 

23 ‘‘(3) work with and encourage the governments 

24 of certain countries that are allies and partners of 


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1 the United States to develop similar mechanisms of 

2 their own. 

3 ‘‘(b) STRATEGY FOR MULTILATERAL ENGAGEMENT

4 AND COORDINATION.—Not later than 180 days after the 

5 date of the enactment of this title, the Secretary of State 

6 and the head of the lead agency, in coordination with the 

7 heads of other relevant Federal agencies, should— 

8 ‘‘(1) develop a strategy to work with the gov9 ernments of countries that are allies and partners of 

10 the United States to develop mechanisms that are 

11 comparable to the prohibitions and notifications pur12 suant to this title; and 

13 ‘‘(2) assess opportunities to provide technical 

14 assistance to those countries with respect to the de15 velopment of those mechanisms. 

16 ‘‘(c) REPORT.—Not later than one year after the date 

17 of the enactment of this title, and annually thereafter for 

18 4 years, the Secretary of State shall submit to the appro19 priate congressional committees a report that includes— 

20 ‘‘(1) a discussion of any strategy developed pur21 suant to subsection (b)(1), including key tools and 

22 objectives for the development of comparable mecha23 nisms by the governments of countries that are allies 

24 and partners of the United States; 


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1 ‘‘(2) a list of countries that are allies and part2 ners of the United States to target for cooperation 

3 in developing their own screening programs; 

4 ‘‘(3) the status of the implementation and out5 comes of the strategy; and 

6 ‘‘(4) a description of impediments to the estab7 lishment of comparable mechanisms by governments 

8 of countries that are allies and partners of the 

9 United States. 

10 ‘‘SEC. 809. AUTHORIZATION OF APPROPRIATIONS. 

11 ‘‘There are authorized to be appropriated, for each 

12 of the first 2 fiscal years beginning on or after the date 

13 of the enactment of this title, such sums as may be nec14 essary to carry out this title, including to provide outreach 

15 to industry and persons affected by this title. Such 

16 amounts shall be derived from amounts otherwise author17 ized to be appropriated to the President. 

18 ‘‘SEC. 810. HIRING AUTHORITY. 

19 ‘‘(a) IN GENERAL.—The head of lead agency may ap20 point, without regard to the provisions of sections 3309 

21 through 3318 of title 5, United States Code, not more 

22 than 25 candidates directly to positions in the competitive 

23 service (as defined in section 2102 of that title) in that 

24 agency. 


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1 ‘‘(b) PRIMARY RESPONSIBILITY.—The primary re2 sponsibility of individuals in positions authorized under 

3 subsection (a) shall be to administer this title. 

4 ‘‘SEC. 811. PENALTIES AND ENFORCEMENT. 

5 ‘‘(a) UNLAWFUL ACTS.—It shall be unlawful for a 

6 United States person to violate, attempt to violate, con7 spire to violate, or cause a violation of any license, order, 

8 regulation, or prohibition issued under this title. 

9 ‘‘(b) CIVIL PENALTIES.— 

10 ‘‘(1) PENALTIES.—A civil penalty may be im11 posed on any person who commits an unlawful act 

12 described in subsection (a) in an amount not to ex13 ceed the greater of— 

14 ‘‘(A) $5,000,000; or 

15 ‘‘(B) an amount that is twice the amount 

16 of the covered activity that is the basis of the 

17 violation with respect to which the penalty is 

18 imposed. 

19 ‘‘(c) CRIMINAL PENALTIES.—A person who willfully 

20 commits, willfully attempts to commit, or willfully con21 spires to commit, or aids or abets in the commission of, 

22 an unlawful act described in subsection (a) shall, upon 

23 conviction, be fined not more than $1,000,000, or if an 

24 individual, may be imprisoned for not more than 20 years, 

25 or both. 


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1 ‘‘(d) ENFORCEMENT.—The Attorney General may 

2 seek appropriate relief, including a temporary or perma3 nent injunction, restraining order, divestment relief, or 

4 other such other order as the Attorney General may deter5 mine to be proper, in the district courts of the United 

6 States in order to implement and enforce this title and 

7 any regulation thereunder. 

8 ‘‘SEC. 812. RULE OF CONSTRUCTION. 

9 ‘‘Nothing in this title may be construed to— 

10 ‘‘(1) restrain or deter United States activities 

11 abroad if such activities do not pose a risk to the na12 tional security of the United States; or 

13 ‘‘(2) alter or negate the authority of the Presi14 dent under any authority, process, regulation, inves15 tigation, enforcement measure, or review provided by 

16 or established under any other provision of Federal 

17 law, or any other authority of the President or Con18 gress under the Constitution of the United States. 

19 ‘‘SEC. 813. NATIONAL INTEREST WAIVER. 

20 ‘‘(a) IN GENERAL.—Subject to subsection (b), the 

21 President is authorized to exempt from any applicable pro22 hibition or notification requirement under this title any 

23 activity determined by the President, in consultation with 

24 the heads of relevant Federal agencies, as appropriate, to 

25 be in the national interest of the United States. 


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1 ‘‘(b) CONGRESSIONAL NOTIFICATION.—The Presi2 dent shall— 

3 ‘‘(1) notify the appropriate congressional com4 mittees not later than 48 hours after issuing a waiv5 er under subsection (a); and 

6 ‘‘(2) include in such notification an identifica7 tion of the national interest justifying the use of the 

8 waiver.’’. 

9 SEC. 5. LIMITATION ON TRADE AUTHORITIES PROCEDURES 

10 RELATING TO REQUIREMENTS ON CONTENT 

11 OF GOODS FROM NONMARKET ECONOMY 

12 COUNTRIES. 

13 Section 106(b) of the Bipartisan Congressional Trade 

14 Priorities and Accountability Act of 2015 (19 U.S.C. 

15 4205(b)) is amended by adding at the end the following: 

16 ‘‘(7) LIMITATIONS ON PROCEDURES RELATING

17 TO ORIGINATION OF CONTENT OF GOODS FROM NON18 MARKET ECONOMY COUNTRIES.— 

19 ‘‘(A) IN GENERAL.—The trade authorities 

20 procedures shall not apply to an implementing 

21 bill submitted with respect to a trade agreement 

22 or trade agreements entered into under section 

23 103(b) unless the rules of origin requirements 

24 under such agreement or agreements— 


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1 ‘‘(i) with respect to rules of origin 

2 based on value content of a good, require 

3 that, of the content of a good qualifying 

4 for preferential treatment under the agree5 ment or agreements that does not originate 

6 (as specified in those rules) in a country 

7 that is party to the agreement or agree8 ments— 

9 ‘‘(I) during the 5-year period fol10 lowing the entry into force of the 

11 agreement or agreements, not more 

12 than 20 percent of that content may 

13 originate in a nonmarket economy 

14 country; and 

15 ‘‘(II) after the period specified in 

16 subclause (I), not more than 10 per17 cent of that content may originate in 

18 a nonmarket economy country; and 

19 ‘‘(ii) with respect to rules of origin 

20 that are not based on value content of a 

21 good, are consistent with the requirements 

22 under clause (i) based on processing re23 quirements or tariff shifts as opposed to 

24 value content. 


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1 ‘‘(B) NONMARKET ECONOMY COUNTRY DE2 FINED.—In this paragraph, the term ‘non3 market economy country’ has the meaning 

4 given that term in section 771(18) of the Tariff 

5 Act of 1930 (19 U.S.C. 1677(18)).’’. 

6 SEC. 6. STRATEGY AND OUTREACH ON RISKS POSED BY 

7 PEOPLE’S REPUBLIC OF CHINA SMARTPORT 

8 TECHNOLOGY. 

9 (a) STRATEGY AND OUTREACH REQUIRED.—The Di10 rector of the National Counterintelligence and Security 

11 Center shall develop a strategy and conduct outreach to 

12 United States industry, including shipping companies, 

13 port operators, and logistics firms, on the risks of 

14 smartport technology of the People’s Republic of China 

15 and other related risks posed by entities of the People’s 

16 Republic of China, including LOGINK, China Ocean Ship17 ping Company, Limited (COSCO), China Communications 

18 Construction Company, Limited (CCCC), China Media 

19 Group (CMG), and Shanghai Zhenhua Heavy Industries 

20 Company Limited (ZPMC), to the national security of the 

21 United States, the security of United States supply chains, 

22 and commercial activity, including with respect to delays, 

23 interruption, and lockout of access to systems and tech24 nologies that enable the free flow of commerce. 


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1 (b) CONSISTENCY WITH EXECUTIVE ORDERS AND

2 OTHER STATUTORY AUTHORITIES.—The Director shall 

3 carry out subsection (a) in a manner that is consistent 

4 with the following: 

5 (1) Part 6 of title 33, Code of Federal Regula6 tions, as amended by Executive Order 14116 (89 

7 Fed. Reg. 13971; relating to amending regulations 

8 relating to the safeguarding of vessels, harbors, 

9 ports, and waterfront facilities of the United States). 

10 (2) Executive Order 14017 (86 Fed. Reg. 

11 11849; relating to America’s supply chains), or suc12 cessor order. 

13 (3) Section 825 of the National Defense Au14 thorization Act for Fiscal Year 2024 (Public Law 

15 118–31). 

16 (c) COORDINATION.—The Director shall carry out 

17 subsection (a) in coordination with the Commandant of 

18 the U.S. Coast Guard, the Director of the Federal Bureau 

19 of Investigation, the Commander of the Office of Naval 

20 Intelligence, and such other heads of Federal agencies as 

21 the Director considers appropriate. 

Æ 


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