I 

118TH CONGRESS 

2D SESSION H. R. 8394 

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 HOUSE OF REPRESENTATIVES 

MAY 14, 2024 

Mr. OGLES introduced the following bill; which was referred to the Committee 

on Financial Services, and in addition to the Committee on Agriculture, 

for a period to be subsequently determined by the Speaker, in each case 

for consideration of such provisions as fall within the jurisdiction of the 

committee concerned 

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: 


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

2 laws’’ means— 

3 (A) the public international doctrine of 

4 state succession, as it relates to international 

5 norms and rules of finance, trade, and com6 merce, including the successor government doc7 trine with respect to sovereign debt; 

8 (B) United States and foreign laws and 

9 regulations governing transparency and disclo10 sures applicable to major capital markets, com11 modities markets, and exchanges; and 

12 (C) international laws prohibiting the prac13 tice of exclusionary settlement, discriminatory 

14 payments, and selective default. 

15 (2) APPLICABLE UNITED STATES ENTITY.—The 

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

17 (A) a national securities exchange that is 

18 registered in accordance with section 6 of the 

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

20 78f); 

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

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

23 or in the Securities Exchange Act of 1934 (15 

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


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1 (C) an alternative trading system (as de2 fined in section 242.300 of title 17, Code of 

3 Federal Regulations); 

4 (D) an investment company (as defined in 

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

6 (15 U.S.C. 80a–3(a)(1)); 

7 (E) a commodity pool operator, a futures 

8 commission merchant, an introducing broker, a 

9 swap dealer, or a swap execution facility (as 

10 such terms are defined in section 1a of the 

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

12 contract market designated pursuant to section 

13 5 of such Act (7 U.S.C. 7); 

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

15 savings association (as such terms are defined 

16 in section 2 of the Federal Deposit Insurance 

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

18 (G) a credit union, whether chartered 

19 under the Federal Credit Union Act or under 

20 State law; 

21 (H) a real estate broker registered as such 

22 under State law; 

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

24 agency; 


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1 (J) a government-sponsored enterprise (as 

2 defined in section 3(8) of the Congressional 

3 Budget and Impoundment Control Act of 1974 

4 (2 U.S.C. 622(8))); and 

5 (K) any other entity authorized to accept 

6 investments from, or engage in or effect trans7 actions on behalf of, the Government of the 

8 People’s Republic of China or any commercial 

9 entity under the control of such government 

10 designated by the Secretary as an applicable 

11 United States entity. 

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

13 in consultation with the Committee on Foreign Investment 

14 in the United States, determines that the Government of 

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

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

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

18 government doctrine with respect to sovereign debt, the 

19 Secretary shall prohibit any applicable United States enti20 ty, including capital markets, bond markets, and ex21 changes, from accepting any new investment, or effecting 

22 any transaction for others relating to a new investment, 

23 from such government or any commercial entities under 

24 the control of such government. 


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1 (c) SPECIFIED INTERNATIONAL LAWS.—The inter2 national laws specified in this subsection are— 

3 (1) the public international doctrine of state 

4 succession, as it relates to international norms and 

5 rules of finance, trade, and commerce; 

6 (2) the transparency and disclosure rules and 

7 regulations applicable to major capital markets and 

8 exchanges; and 

9 (3) international laws prohibiting the practice 

10 of exclusionary settlement, discriminatory payments, 

11 and selective default. 

Æ 


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