I 

116TH CONGRESS 

2D SESSION H. R. 8495 

To prohibit United States persons from engaging in transactions relating 

to Russian sovereign debt. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 1, 2020 

Mr. SHERMAN (for himself, Ms. WATERS, Mrs. CAROLYN B. MALONEY of New 

York, Mr. GREEN of Texas, and Mr. SAN NICOLAS) introduced the following bill; which was referred to the Committee on Financial Services, 

and in addition to the Committees on Foreign Affairs, Intelligence (Permanent Select), and Rules, 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 prohibit United States persons from engaging in 

transactions relating to Russian sovereign debt. 

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 ‘‘Safeguarding Elections 

5 by Countering Unchallenged Russian Efforts Act’’ or 

6 ‘‘SECURE Act’’. 

7 SEC. 2. FINDINGS. 

8 Congress finds the following: 


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1 (1) The intelligence community’s assessment of 

2 ‘‘Russia’s Influence Campaign Targeting the 2016 

3 US Presidential Election’’, produced by the Central 

4 Intelligence Agency, the Federal Bureau of Inves5 tigation, and the National Security Agency and pub6 lished by the Office of the Director of National In7 telligence on January 6, 2017, found that the fol8 lowing: 

9 (A) Russian President Vladimir Putin or10 dered an influence campaign in 2016 aimed at 

11 the United States presidential election. 

12 (B) Russian operations to influence the 

13 2016 United States presidential election dem14 onstrated a significant escalation in directness, 

15 level of activity, and scope of effort compared to 

16 previous operations aimed at undermining 

17 United States democratic institutions and 

18 order. 

19 (C) Russia will apply lessons learned from 

20 its Putin-ordered campaign aimed at the United 

21 States presidential election to future influence 

22 efforts worldwide, including against the United 

23 States and its allies and their election proc24 esses. 


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1 (2) In July 2018, Director of the Federal Bu2 reau of Investigation Christopher Wray publicly stat3 ed, ‘‘My view has not changed, which is that Russia 

4 attempted to interfere with the last election and that 

5 it continues to engage in malign influence operations 

6 to this day.’’ Director Wray also stated that Russia’s 

7 malign influence operations represent ‘‘a threat that 

8 we need to take extremely seriously and respond to 

9 with fierce determination and focus’’. 

10 (3) In August 2018, Director of National Intel11 ligence Dan Coates publicly stated that ‘‘We con12 tinue to see a pervasive messaging campaign by Rus13 sia to try to weaken and divide the United States.’’. 

14 In December 2018, Director Coates submitted the 

15 report of the intelligence community on foreign in16 terference in the 2018 midterm elections, which 

17 found that Russia continued to conduct influence ac18 tivities and messaging campaigns targeted at the 

19 United States to promote its strategic interests. 

20 (4) Special Counsel Robert Mueller’s report, re21 leased in April 2019, concluded that, ‘‘The Russian 

22 government interfered in the 2016 presidential elec23 tion in a sweeping and systemic fashion.’’ On July 

24 24, 2019, during congressional testimony, Mueller 

25 noted that Russia’s malign efforts to interfere in 


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1 United States elections were continuing ‘‘as we sit 

2 here’’. 

3 (5) On August 7, 2020, in an ‘‘Election Threat 

4 Update for the American Public’’, National Counter5 intelligence and Security Center Director William 

6 Evanina included Russia among foreign states of 

7 primary concern that continue to use covert and 

8 overt influence measures in its ‘‘attempts to sway 

9 U.S. voters’ preferences and perspectives, shift U.S. 

10 policies, increase discord in the United States, and 

11 undermine the American people’s confidence in our 

12 democratic process’’. 

13 (6) On September 10, 2020, the Department of 

14 the Treasury issued sanctions targeting a Russian 

15 agent and other Russia-linked individuals for inter16 ference in United States elections, including efforts 

17 to influence the 2020 United States presidential 

18 election. 

19 (7) On September 17, 2020, during congres20 sional testimony, FBI Director Wray stated that the 

21 intelligence community has observed ‘‘very active, 

22 very active, efforts by the Russians to influence our 

23 election in 2020’’, and that this has been done ‘‘to 

24 primarily to denigrate Vice President Biden in what 


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1 the Russians see as a kind of an anti-Russian estab2 lishment’’. 

3 SEC. 3. SENSE OF CONGRESS ON RUSSIAN INTERFERENCE 

4 IN UNITED STATES ELECTIONS. 

5 It is the sense of Congress that— 

6 (1) the Government of Russia has continued to 

7 interfere in the 2020 United States presidential elec8 tion; 

9 (2) to date the United States has not subjected 

10 the Government of Russia to meaningful con11 sequences for its interference in United States elec12 tions; and 

13 (3) the imposition of significant economic sanc14 tions against the Government of Russia is appro15 priate to deter continued Russian interference in 

16 United States elections. 

17 SEC. 4. PROHIBITION ON UNITED STATES PERSONS FROM 

18 ENGAGING IN TRANSACTIONS RELATING TO 

19 RUSSIAN SOVEREIGN DEBT. 

20 (a) PROHIBITION.— 

21 (1) IN GENERAL.—Not later than 30 days after 

22 the date of the enactment of this Act, the President 

23 shall issue regulations to prohibit United States per24 sons from engaging in transactions with, providing 

25 financing for, or in any other way dealing in Russian 


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1 sovereign debt that is issued on or after the date 

2 that is 60 days after such date of enactment. 

3 (2) RUSSIAN SOVEREIGN DEBT DEFINED.—In 

4 this subsection, the term ‘‘Russian sovereign debt’’ 

5 means— 

6 (A) bonds issued by the Russian Central 

7 Bank, the Russian National Wealth Fund, the 

8 Russian Federal Treasury, or agents or affili9 ates of any such institution, regardless of the 

10 currency in which they are denominated and 

11 with a maturity of more than 14 days; 

12 (B) foreign exchange swap agreements 

13 with the Russian Central Bank, the Russian 

14 National Wealth Fund, or the Russian Federal 

15 Treasury, regardless of the currency in which 

16 they are denominated and with a duration of 

17 more than 14 days; and 

18 (C) any other financial instrument, the 

19 maturity or duration of which is more than 14 

20 days, that the President determines represents 

21 the sovereign debt of Russia. 

22 (3) REQUIREMENT TO PUBLISH GUIDANCE.— 

23 The President shall publish guidance on the imple24 mentation of the regulations issued pursuant to 


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1 paragraph (1) concurrently with the publication of 

2 such regulations. 

3 (b) REPORT.— 

4 (1) IN GENERAL.—Not later than 90 days after 

5 the regularly scheduled general election for Federal 

6 office in 2022, and each regularly scheduled general 

7 election for Federal office thereafter, the Director of 

8 National Intelligence, in consultation with the Direc9 tor of the Federal Bureau of Investigation, the Di10 rector of the National Security Agency, and the Di11 rector of the Central Intelligence Agency, shall sub12 mit to the President, the Secretary of State, the Sec13 retary of the Treasury, and the appropriate congres14 sional committees and leadership a report on wheth15 er there is or is not significant evidence available for 

16 the Director to determine that the Government of 

17 Russia, or any person acting as an agent of or on 

18 behalf of that government, knowingly engaged in in19 terference in such general election or any other elec20 tion for Federal office held since the most recent 

21 prior regularly scheduled general election for Federal 

22 office, including an identification of any officials of 

23 that government, or persons acting as agents of or 

24 on behalf of that government, that knowingly en25 gaged in interference in any such election. 


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1 (2) ADDITIONAL REPORT.—If the Director of 

2 Intelligence— 

3 (A) determines in a report submitted 

4 under paragraph (1) that there is not signifi5 cant evidence available for the Director to de6 termine that the Government of Russia, or any 

7 person acting as an agent of or on behalf of 

8 that government, knowingly engaged in inter9 ference in any election described in paragraph 

10 (1); and 

11 (B) subsequently determines that there is 

12 significant evidence available for the Director to 

13 make such a determination, 

14 the Director shall submit to the President, the Sec15 retary of State, the Secretary of the Treasury, and 

16 the appropriate congressional committees and lead17 ership a report on such subsequent determination 

18 not later than 30 days after making that determina19 tion. 

20 (3) FORM.—Each report required by this sub21 section shall be submitted in unclassified form, but 

22 may include a classified annex. 

23 (c) SUSPENSION AUTHORITY.— 

24 (1) IN GENERAL.—The President may, for the 

25 period of time described in paragraph (3), suspend 


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1 the application of any prohibition on United States 

2 persons from engaging in transactions described in 

3 subsection (a) if, not later than 30 days after the 

4 date on which a report described in subsection (b) 

5 is submitted to the officials described in subsection 

6 (b) and the appropriate congressional committees 

7 and leadership with respect to a regularly scheduled 

8 general election for Federal office, the President— 

9 (A) determines that there is not significant 

10 evidence available for the President to deter11 mine that the Government of Russia, or any 

12 person acting as an agent of or on behalf of 

13 that government, knowingly engaged in inter14 ference in such general election or any other 

15 election for Federal office held since the most 

16 recent prior regularly scheduled general election 

17 for Federal office; and 

18 (B) submits to the appropriate congres19 sional committees and leadership a report that 

20 contains the determination of the President 

21 under subparagraph (A) and a justification for 

22 the determination. 

23 (2) CLARIFICATION REGARDING SUSPENSION.— 

24 If— 


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1 (A) the President suspends the application 

2 of any prohibition on United States persons 

3 from engaging in transactions described in sub4 section (a); 

5 (B) such United States persons engage in 

6 transactions described in subsection (a) involv7 ing Russian sovereign debt that is issued during 

8 the period of time in which the suspension is in 

9 effect; and 

10 (C) such United States persons are subject 

11 to the application of any prohibition on United 

12 States persons from engaging in transactions 

13 described in subsection (a) after such period of 

14 time in which the suspension is in effect, 

15 such United States persons may not be subject to 

16 any prohibition on United States persons from en17 gaging in transactions described in subsection (a) 

18 with respect to engaging in transactions involving 

19 Russian sovereign debt described in subparagraph 

20 (B). 

21 (3) TIME PERIOD DESCRIBED.—The period of 

22 time described in this paragraph is the period— 

23 (A) beginning after the 60-day period de24 scribed in paragraph (1)(B); and 


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1 (B) ending on or before the date that is 60 

2 days after the date of the next regularly sched3 uled general election for Federal office. 

4 (d) WAIVER AUTHORITY.—The President may waive 

5 the application of any prohibition on United States per6 sons from engaging in transactions described in subsection 

7 (a) if— 

8 (1) the President— 

9 (A) determines that the waiver is in the 

10 vital national security interests of the United 

11 States; and 

12 (B) submits to the appropriate congres13 sional committees and leadership a report that 

14 contains the determination of the President 

15 under subparagraph (A); and 

16 (2) in the case of such waiver authority exer17 cised on or before February 1, 2021, a joint resolu18 tion of approval with respect to such determination 

19 is enacted into law pursuant to subsection (e). 

20 (e) EXPEDITED PROCEDURES FOR JOINT RESOLU21 TION OF APPROVAL.— 

22 (1) DEFINITION.—The term ‘‘joint resolution of 

23 approval’’ means only a joint resolution of either 

24 House of Congress, the matter after the resolving 

25 clause of which is as follows: ‘‘That Congress apVerDate Sep 11 2014 04:18 Oct 29, 2020 Jkt 019200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H8495.IH H8495

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1 proves the determination of the President under sub2 paragraph (A) of section 4(d)(1)(A) of the Election 

3 Protection and Russian Sanctions Act on ll.’’, 

4 with the blank space being filled with the appro5 priate date. 

6 (2) EXPEDITED PROCEDURES.—A joint resolu7 tion of approval introduced in either House of Con8 gress shall be considered in accordance with the pro9 cedures of section 601(b) of the International Secu10 rity Assistance and Arms Export Control Act of 

11 1976. If such a joint resolution should be vetoed by 

12 the President, the time for debate in consideration 

13 of the veto message on such measure shall be limited 

14 to twenty hours in the Senate and in the House 

15 shall be determined in accordance with the Rules of 

16 the House. 

17 (3) RULES OF HOUSE OF REPRESENTATIVES

18 AND SENATE.—This subsection is enacted by Con19 gress— 

20 (A) as an exercise of the rulemaking power 

21 of the Senate and House of Representatives, re22 spectively, and as such it is deemed a part of 

23 the rules of each House, respectively, but appli24 cable only with respect to the procedure to be 

25 followed in that House in the case of a joint 


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1 resolution, and it supersedes other rules only to 

2 the extent that it is inconsistent with such 

3 rules; and 

4 (B) with full recognition of the constitu5 tional right of either House to change the rules 

6 (so far as relating to the procedure of that 

7 House) at any time, in the same manner, and 

8 to the same extent as in the case of any other 

9 rule of that House. 

10 (f) DEFINITIONS.—In this section: 

11 (1) APPROPRIATE CONGRESSIONAL COMMIT12 TEES.—The term ‘‘appropriate congressional com13 mittees’’ means— 

14 (A) the Committee on Banking, Housing, 

15 and Urban Affairs, the Committee on Foreign 

16 Relations, the Committee on Finance, the Se17 lect Committee on Intelligence, and the Com18 mittee on Rules and Administration of the Sen19 ate; and 

20 (B) the Committee on Financial Services, 

21 the Committee on Foreign Affairs, the Com22 mittee on Ways and Means, the Permanent Se23 lect Committee on Intelligence, and the Com24 mittee on House Administration of the House 

25 of Representatives. 


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1 (2) APPROPRIATE CONGRESSIONAL COMMIT2 TEES AND LEADERSHIP.—The term ‘‘appropriate 

3 congressional committees and leadership’’ means— 

4 (A) the appropriate congressional commit5 tees; 

6 (B) the majority leader and minority lead7 er of the Senate; and 

8 (C) the Speaker, the majority leader, and 

9 the minority leader of the House of Representa10 tives. 

11 (3) ELECTIONS FOR FEDERAL OFFICE.—The 

12 term ‘‘elections for Federal office’’ has the meaning 

13 given such term in the Federal Election Campaign 

14 Act of 1971 (52 U.S.C. 30101 et seq.), except that 

15 such term does not include a special election. 

16 (4) INTERFERENCE IN ELECTIONS FOR FED17 ERAL OFFICE.—The term ‘‘interference’’, with re18 spect to an election for Federal office: 

19 (A) Means any of the following actions of 

20 the government of a foreign country, or any 

21 person acting as an agent of or on behalf of 

22 such a government, undertaken with the intent 

23 to influence the election: 

24 (i) Obtaining unauthorized access to 

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1 lated systems or data and releasing such 

2 data or modifying such infrastructure, sys3 tems, or data. 

4 (ii) Blocking or degrading otherwise 

5 legitimate and authorized access to election 

6 and campaign infrastructure or related 

7 systems or data. 

8 (iii) Contributions or expenditures for 

9 advertising, including on the internet. 

10 (iv) Using social or traditional media 

11 to spread significant amounts of false in12 formation to individuals in the United 

13 States. 

14 (B) Does not include communications 

15 clearly attributable to news and media outlets 

16 which are publicly and explicitly either con17 trolled or in large part funded by the govern18 ment of a foreign country. 

19 (5) KNOWINGLY.—The term ‘‘knowingly’’, with 

20 respect to conduct, a circumstance, or a result, 

21 means that a person has actual knowledge, or should 

22 have known, of the conduct, the circumstance, or the 

23 result. 

24 (6) PERSON.—The term ‘‘person’’ means an in25 dividual or entity. 


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1 (7) UNITED STATES PERSON.—The term 

2 ‘‘United States person’’ means— 

3 (A) a United States citizen or an alien law4 fully admitted for permanent residence to the 

5 United States; or 

6 (B) an entity organized under the laws of 

7 the United States or of any jurisdiction within 

8 the United States, including a foreign branch of 

9 such an entity. 

Æ 


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