I 

117TH CONGRESS 

1ST SESSION H. R. 1092 

To place temporary restrictions on acquisitions by the People’s Republic 

of China, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 18, 2021 

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

on Financial Services, and in addition to the Committees on Energy and 

Commerce, and Foreign Affairs, 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 place temporary restrictions on acquisitions by 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. RESTRICTION ON ACQUISITIONS BY THE PEO4 PLE’S REPUBLIC OF CHINA. 

5 (a) IN GENERAL.—The Committee on Foreign In6 vestment in the United States shall review, and the Presi7 dent shall deny, any purchase of a controlling interest in 

8 a covered company by a covered foreign interest, except 

9 as provided by subsection (b). 


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1 (b) WAIVER.—The President may approve the pur2 chase of a controlling interest in a covered company by 

3 a covered foreign interest if the President, acting through 

4 the Committee on Foreign Investment in the United 

5 States, determines— 

6 (1) that it is not in the interest of the United 

7 States to take further action under section 721 of 

8 the Defense Production Act of 1950 (50 U.S.C. 

9 4565) with respect to such purchase; 

10 (2) that the purchase price was not significantly 

11 affected by the COVID–19 pandemic; and 

12 (3) that sale of the covered company to a cov13 ered foreign interest will not permit the covered for14 eign interest additional access to distribute propa15 ganda or otherwise alter U.S. news and media con16 sumption. 

17 (c) SUNSET.—This section shall cease to have any 

18 force or effect on and after the date on which the Presi19 dent— 

20 (1) determines that the United States has sub21 stantially recovered from the economic impacts of 

22 COVID–19; and 

23 (2) notifies the Committee on Foreign Invest24 ment in the United States, the Congress, and the 

25 public of such determination. 


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1 (d) DEFINITIONS.—In this section: 

2 (1) COVERED COMPANY.—The term ‘‘covered 

3 company’’ means any company registered and doing 

4 business in the United States that is— 

5 (A) critical infrastructure, as described 

6 section 721(a)(4)(D)(ii)(II) of the Defense Pro7 duction Act of 1950 (50 U.S.C. 

8 4565(a)(4)(D)(iii)(II)); 

9 (B) engaged in the production and dis10 semination of news media; or 

11 (C) otherwise determined to be critical to 

12 national security, critical infrastructure, or cul13 turally significant by the President. 

14 (2) COVERED FOREIGN INTEREST.—The term 

15 ‘‘covered foreign interest’’ shall mean— 

16 (A) the Government of the People’s Repub17 lic of China; 

18 (B) any entity partially or wholly owned or 

19 controlled by the Government of the People’s 

20 Republic of China, and any subsidiaries of such 

21 an entity; 

22 (C) any other entity registered in the Peo23 ple’s Republic of China with substantial ties to 

24 the Government of the People’s Republic of 

25 China; and 


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1 (D) any other entity that the President de2 termines to be subject to the control (as defined 

3 under section 721(a)(3) of the Defense Produc4 tion Act of 1950 (50 U.S.C. 4565(a)(3))), 

5 whether direct or indirect, of the Government of 

6 the People’s Republic of China. 

Æ 


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