II 

118TH CONGRESS 

1ST SESSION S. 1027 

To require the imposition of sanctions with respect to the People’s Republic 

of China if the People’s Liberation Army initiates a military invasion 

of Taiwan. 

IN THE SENATE OF THE UNITED STATES 

MARCH 29, 2023 

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

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To require the imposition of sanctions with respect to the 

People’s Republic of China if the People’s Liberation 

Army initiates a military invasion of Taiwan. 

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 ‘‘Sanctions Targeting 

5 Aggressors of Neighboring Democracies with Taiwan Act 

6 of 2023’’ or the ‘‘STAND with Taiwan Act of 2023’’. 

7 SEC. 2. FINDINGS. 

8 Congress makes the following findings: 


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1 (1) Taiwan is a free and prosperous democracy 

2 of nearly 24,000,000 people, an important contrib3 utor to peace and stability around the world, and 

4 continues to embody and promote democratic values, 

5 freedom, and human rights in Asia. 

6 (2) The policy of the United States toward Tai7 wan is guided by the Taiwan Relations Act (22 

8 U.S.C. 3301 et seq.), the United States-People’s Re9 public of China joint communique ́s concluded in 

10 1972, 1978, and 1982, and the Six Assurances that 

11 President Ronald Reagan communicated to Taiwan 

12 in 1982. 

13 (3) Under section 2 of the Taiwan Relations 

14 Act (22 U.S.C. 3301), it is the policy of the United 

15 States— 

16 (A) ‘‘to preserve and promote extensive, 

17 close, and friendly commercial, cultural, and 

18 other relations between the people of the United 

19 States and the people on Taiwan, as well as the 

20 people on the China mainland and all other peo21 ples of the Western Pacific area’’; 

22 (B) ‘‘to declare that peace and stability in 

23 the area are in the political, security, and eco24 nomic interests of the United States, and are 

25 matters of international concern’’; 


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1 (C) ‘‘to make clear that the United States 

2 decision to establish diplomatic relations with 

3 the People’s Republic of China rests upon the 

4 expectation that the future of Taiwan will be 

5 determined by peaceful means’’; 

6 (D) ‘‘to consider any effort to determine 

7 the future of Taiwan by other than peaceful 

8 means, including by boycotts or embargoes, a 

9 threat to the peace and security of the Western 

10 Pacific area and of grave concern to the United 

11 States’’; 

12 (E) ‘‘to provide Taiwan with arms of a de13 fensive character’’; and 

14 (F) ‘‘to maintain the capacity of the 

15 United States to resist any resort to force or 

16 other forms of coercion that would jeopardize 

17 the security, or the social or economic system, 

18 of the people on Taiwan’’. 

19 (4) For decades and increasingly since the elec20 tion of President Tsai Ing-wen as President of Tai21 wan in 2016, the Chinese Communist Party has em22 ployed a variety of coercive military and nonmilitary 

23 tactics short of armed conflict in its efforts to exert 

24 existential pressure on Taiwan, including through 

25 diplomatic isolation, restricting tourism, 


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1 cyberattacks, spreading disinformation, and control2 ling the ability of Taiwan to purchase COVID–19 

3 vaccines from other countries. 

4 (5) Since 2020, military incursions by the Peo5 ple’s Republic of China into Taiwan’s air defense 

6 identification zone have been occurring at a rapidly 

7 increasing pace. In 2022, such incursions occurred 

8 1,700 times, nearly double the total in 2021, which 

9 was itself almost triple the 2020 total. 

10 (6) Since 2021, there has been a notable in11 crease in military provocations by the People’s Lib12 eration Army against Taiwan, including incursions 

13 over the midline separating the People’s Republic of 

14 China from Taiwan, holding military exercises in the 

15 vicinity of Taiwan’s controlled waters, and per16 forming live-fire exercises in the South China Sea. 

17 (7) In August 2022, the People’s Republic of 

18 China held unprecedented live-fire military exercises 

19 and a simulated blockade involving hundreds of mili20 tary aircraft, dozens of warships, and launches of 

21 short-range ballistic missiles over the territory of 

22 Taiwan. 

23 (8) The People’s Republic of China is attempt24 ing to erase the midline separating it from Taiwan, 

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1 tween forces of the People’s Republic of China and 

2 Taiwan as well as shorting reaction times related to 

3 provocations by the People’s Republic of China. 

4 (9) On August 10, 2022, the Taiwan Affairs 

5 Office of the State Council of the People’s Republic 

6 of China released a white paper entitled ‘‘The Tai7 wan Question and China’s Reunification in the New 

8 Era’’ that reiterated the long-standing position of 

9 the Government of the People’s Republic of China 

10 not to renounce the use of force to bring about unifi11 cation with Taiwan and to ‘‘always be ready to re12 spond with the use of force . . . to interference by 

13 external forces or radical action by separatist ele14 ments’’. 

15 (10) In March 2021, then Commander of the 

16 United States Indo-Pacific Command Admiral Philip 

17 Davidson testified that the threat of a military inva18 sion of Taiwan by the People’s Liberation Army ‘‘is 

19 manifest during this decade, in fact in the next six 

20 years’’. 

21 (11) In March 2021, then Commander of the 

22 United States Pacific Fleet Admiral John Aquilino 

23 testified that the threat of a military invasion by the 

24 People’s Liberation Army of Taiwan is ‘‘much closer 


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1 to us than most think’’ and could materialize well 

2 before 2035. 

3 (12) On February 24, 2022, the Armed Forces 

4 of the Russian Federation initiated an unprovoked 

5 and unjustified invasion of Ukraine, resulting in at 

6 least 14,000 civilian casualties, including more than 

7 5,000 deaths. 

8 (13) The Russian Federation invasion has de9 stabilized global markets and supply chains, from 

10 energy to food, contributing to high inflation and re11 cession in the United States and deep cuts to global 

12 gross domestic product. 

13 (14) With the assistance of the United States 

14 and European allies, Ukrainian forces have success15 fully repelled the Russian Federation invasion and 

16 recaptured significant portions of territory taken by 

17 the Russian Federation in the initial stages of the 

18 invasion. 

19 (15) In addition to military power, timely mes20 saging around the use of economic and financial in21 struments of United States power and their poten22 tial use can have an important deterrent effect on 

23 the actions of other countries. 

24 SEC. 3. SENSE OF CONGRESS. 

25 It is the sense of Congress that— 


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1 (1) it is in the interests of the United States to 

2 maintain a free and open Indo-Pacific region, with 

3 peace and stability in the Taiwan Strait as a critical 

4 component; 

5 (2) efforts by the Government of the People’s 

6 Republic of China and the Chinese Communist 

7 Party to unilaterally determine the future of Taiwan 

8 through non-peaceful means, including threats and 

9 the direct use of force, military coercion, economic 

10 boycotts or embargoes, cyberattacks, and efforts to 

11 internationally isolate or annex Taiwan— 

12 (A) directly undermine the spirit, intent, 

13 and purpose of the Taiwan Relations Act (22 

14 U.S.C. 3301 et seq.); 

15 (B) undermine peace and stability in the 

16 Taiwan Strait; 

17 (C) limit a free and open Indo-Pacific re18 gion; and 

19 (D) are of grave concern to the Govern20 ment of the United States; 

21 (3) the initiation of a military invasion of Tai22 wan by the People’s Liberation Army would— 

23 (A) constitute a threat to the peace and se24 curity of the Western Pacific Area and threaten 

25 the peace stability of the entire globe; and 


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1 (B) undermine the core political, security, 

2 and economic interests of the United States at 

3 home and abroad; and 

4 (4) as an important deterrent measure against 

5 a military invasion of Taiwan, the Government of 

6 the People’s Republic of China and the Chinese 

7 Communist Party must understand that initiating 

8 such an invasion will result in catastrophic economic 

9 and financial consequences for the People’s Republic 

10 of China. 

11 SEC. 4. STATEMENT OF POLICY. 

12 The policy of the Government of the United States 

13 on Taiwan is guided by the Taiwan Relations Act (22 

14 U.S.C. 3301 et seq.), the United States-People’s Republic 

15 of China joint communique ́s concluded in 1972, 1978, and 

16 1982, and the Six Assurances that President Ronald 

17 Reagan communicated to Taiwan in 1982, but in the event 

18 of the initiation of a military invasion of Taiwan by the 

19 People’s Liberation Army, it is the policy of the United 

20 States— 

21 (1) to use and deploy all economic, commercial, 

22 and financial instruments and levers of power, in23 cluding— 

24 (A) the imposition of sanctions with re25 spect to leadership of the Chinese Communist 


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1 Party, key officials of the Government of the 

2 People’s Republic of China, and financial insti3 tutions and other entities affiliated with the 

4 Chinese Communist Party or the Government 

5 of the People’s Republic of China; 

6 (B) prohibiting the listing or trading of the 

7 securities of Chinese entities on United States 

8 securities exchanges; 

9 (C) prohibiting investments by United 

10 States financial institutions in economic sectors 

11 of the People’s Republic of China; and 

12 (D) prohibiting the importation of certain 

13 goods mined, produced, or manufactured in the 

14 People’s Republic of China into the United 

15 States; and 

16 (2) to work in close coordination with allies and 

17 partners of the United States to encourage those al18 lies and partners to undertake similar economic, 

19 commercial, and financial actions against the Gov20 ernment of the People’s Republic of China and the 

21 Chinese Communist Party. 

22 SEC. 5. DEFINITIONS. 

23 In this Act: 

24 (1) ACCOUNT; CORRESPONDENT ACCOUNT; PAY25 ABLE-THROUGH ACCOUNT.—The terms ‘‘account’’, 


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1 ‘‘correspondent account’’, and ‘‘payable-through ac2 count’’ have the meanings given those terms in sec3 tion 5318A of title 31, United States Code. 

4 (2) ADMISSION; ADMITTED; ALIEN.—The terms 

5 ‘‘admission’’, ‘‘admitted’’, and ‘‘alien’’ have the 

6 meanings given those terms in section 101 of the 

7 Immigration and Nationality Act (8 U.S.C. 1101). 

8 (3) APPROPRIATE CONGRESSIONAL COMMIT9 TEES.—The term ‘‘appropriate congressional com10 mittees’’ means— 

11 (A) the Committee on Foreign Relations, 

12 the Committee on Armed Services, and the 

13 Committee on Banking, Housing, and Urban 

14 Affairs of the Senate; and 

15 (B) the Committee on Foreign Affairs, the 

16 Committee on Armed Services, and the Com17 mittee on Financial Services of the House of 

18 Representatives. 

19 (4) COVERED DETERMINATION.—The term 

20 ‘‘covered determination’’ has the meaning given that 

21 term in section 6(a). 

22 (5) FINANCIAL INSTITUTION.—The term ‘‘fi23 nancial institution’’ means a financial institution 

24 specified in subparagraph (A), (B), (C), (D), (E), 


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1 (F), (G), (H), (I), (J), (M), or (Y) of section 

2 5312(a)(2) of title 31, United States Code. 

3 (6) FOREIGN PERSON.—The term ‘‘foreign per4 son’’ means an individual or entity that is not a 

5 United States person. 

6 (7) KNOWINGLY.—The term ‘‘knowingly’’ with 

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

8 means that a person had actual knowledge, or 

9 should have known, of the conduct, the cir10 cumstance, or the result. 

11 (8) MILITARY INVASION.—The term ‘‘military 

12 invasion’’ includes— 

13 (A) an amphibious landing or assault; 

14 (B) an airborne operation or air assault; 

15 (C) an aerial bombardment or blockade; 

16 (D) missile attacks, including rockets, bal17 listic missiles, cruise missiles, and hypersonic 

18 missiles; 

19 (E) a naval bombardment or blockade; and 

20 (F) attack on any territory controlled or 

21 administered by the Government of Taiwan, in22 cluding offshore islands controlled or adminis23 tered by that Government. 

24 (9) UNITED STATES PERSON.—The term 

25 ‘‘United States person’’ means— 


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1 (A) a United States citizen or an alien law2 fully admitted for permanent residence to the 

3 United States; or 

4 (B) an entity organized under the laws of 

5 the United States or any jurisdiction within the 

6 United States, including a foreign branch of 

7 such an entity. 

8 SEC. 6. DETERMINATION OF THE INITIATION OF A MILI9 TARY INVASION BY THE PEOPLE’S LIBERA10 TION ARMY OR ITS PROXIES. 

11 (a) COVERED DETERMINATION DEFINED.—In this 

12 Act, the term ‘‘covered determination’’ means— 

13 (1) a determination by the President, not later 

14 than 24 hours after a military invasion of Taiwan by 

15 the People’s Liberation Army or any of its proxies, 

16 that such an invasion has occurred; or 

17 (2) the enactment of a joint resolution pursuant 

18 to subsection (b). 

19 (b) DETERMINATION BY JOINT RESOLUTION.— 

20 (1) COVERED JOINT RESOLUTION DEFINED.— 

21 In this subsection, the term ‘‘covered joint resolu22 tion’’ means only a joint resolution of either House 

23 of Congress the sole matter after the resolving 

24 clause of which is as follows: ‘‘That Congress deter25 mines that the People’s Liberation Army or one of 


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1 its proxies initiated a military invasion of Taiwan on 

2 lll.’’, with the blank space being filled with the 

3 appropriate date. 

4 (2) INTRODUCTION.—A covered joint resolution 

5 may be introduced— 

6 (A) in the House of Representatives, by 

7 the majority leader (or the majority leader’s 

8 designee) or the minority leader (or the minor9 ity leader’s designee); and 

10 (B) in the Senate, by the majority leader 

11 (or the majority leader’s designee) or the mi12 nority leader (or the minority leader’s des13 ignee). 

14 (3) FLOOR CONSIDERATION IN HOUSE OF REP15 RESENTATIVES.— 

16 (A) DISCHARGE FROM COMMITTEE.—If a 

17 committee of the House of Representatives to 

18 which a covered joint resolution has been re19 ferred has not reported the joint resolution 

20 within 2 calendar days after the date of referral 

21 of the joint resolution, the committee shall be 

22 discharged from further consideration of the 

23 joint resolution and the joint resolution shall be 

24 placed on the appropriate calendar. 


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1 (B) MOVING TO CONSIDERATION.—At any 

2 time after a covered joint resolution has been 

3 placed on the appropriate calendar, it is in 

4 order for the sponsor of the joint resolution (or 

5 a designee) to move for the consideration of 

6 that joint resolution. 

7 (C) POINTS OF ORDER; MOTIONS.—All 

8 points of order against the covered joint resolu9 tion and its consideration are waived. If the mo10 tion under subparagraph (B) is agreed to, the 

11 joint resolution shall remain the unfinished 

12 business of the House until disposed of, except 

13 as provided in paragraph (5). 

14 (D) NO AMENDMENTS.—A covered joint 

15 resolution shall not be subject to amendment in 

16 the House of Representatives. 

17 (E) DEBATE.—General debate on a cov18 ered joint resolution shall not exceed 4 hours, 

19 which shall be equally divided and controlled by 

20 the sponsor of the joint resolution (or a des21 ignee) and an opponent. 

22 (F) FINAL PASSAGE.—At the conclusion of 

23 debate, the previous question shall be consid24 ered as ordered on the resolution, and the 


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1 House of Representatives shall vote on final 

2 passage without intervening motion. 

3 (4) CONSIDERATION IN THE SENATE.— 

4 (A) REPORTING AND DISCHARGE.—If the 

5 committee of the Senate to which a covered 

6 joint resolution was referred has not reported 

7 the joint resolution within 2 calendar days after 

8 the date of referral of the joint resolution, that 

9 committee shall be discharged from further con10 sideration of the joint resolution and the joint 

11 resolution shall be placed on the appropriate 

12 calendar. 

13 (B) PROCEEDING TO CONSIDERATION.— 

14 Notwithstanding Rule XXII of the Standing 

15 Rules of the Senate, it is in order at any time 

16 after the committee of the Senate to which a 

17 covered joint resolution was referred reports the 

18 joint resolution to the Senate or has been dis19 charged from consideration of the joint resolu20 tion (even though a previous motion to the 

21 same effect has been disagreed to) to move to 

22 proceed to the consideration of the joint resolu23 tion, and all points of order against the joint 

24 resolution (and against consideration of the 

25 joint resolution) are waived. The motion to proVerDate Sep 11 2014 21:45 Apr 08, 2023 Jkt 039200 PO 00000 Frm 00015 Fmt 6652 Sfmt 6201 E:\BILLS\S1027.IS S1027

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1 ceed is not debatable. The motion is not subject 

2 to a motion to postpone. 

3 (C) NO AMENDMENTS.—An amendment to 

4 a covered joint resolution, or a motion to post5 pone, or a motion to proceed to the consider6 ation of other business, or a motion to recom7 mit a covered joint resolution, is not in order. 

8 (D) CONSIDERATION.— 

9 (i) LIMITATION ON DEBATE.—Consid10 eration in the Senate of a covered joint 

11 resolution shall be limited to not more than 

12 10 hours, which shall be equally divided 

13 between, and controlled by, the majority 

14 leader and the minority leader, or by their 

15 designees. 

16 (ii) VOTE ON ADOPTION.—Whenever 

17 all the time for debate on a covered joint 

18 resolution has been used or yielded back, 

19 the vote on the adoption of the resolution 

20 shall occur without any intervening motion 

21 or amendment, except that a single 

22 quorum call at the conclusion of the debate 

23 if requested in accordance with the Rules 

24 of the Senate may occur immediately be25 fore such vote. 


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1 (E) RULINGS OF THE CHAIR ON PROCE2 DURE.—Appeals from the decisions of the Chair 

3 relating to the application of the rules of the 

4 Senate, as the case may be, to the procedure re5 lating to a covered joint resolution shall be de6 cided without debate. 

7 (F) CONSIDERATION OF VETO MES8 SAGES.—Debate in the Senate of any veto mes9 sage with respect to a covered joint resolution, 

10 including all debatable motions and appeals in 

11 connection with the joint resolution, shall be 

12 limited to 10 hours, to be equally divided be13 tween, and controlled by, the majority leader 

14 and the minority leader or their designees. 

15 (5) RULES RELATING TO SENATE AND HOUSE

16 OF REPRESENTATIVES.— 

17 (A) TREATMENT OF SENATE JOINT RESO18 LUTION IN HOUSE.—In the House of Rep19 resentatives, the following procedures shall 

20 apply to a covered joint resolution received from 

21 the Senate (unless the House has already 

22 passed a joint resolution relating to the same 

23 proposed action): 

24 (i) The joint resolution shall be re25 ferred to the appropriate committees. 


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1 (ii) If a committee to which a joint 

2 resolution has been referred has not re3 ported the joint resolution within 2 cal4 endar days after the date of referral, that 

5 committee shall be discharged from further 

6 consideration of the joint resolution. 

7 (iii) Beginning on the third legislative 

8 day after the committee to which a joint 

9 resolution has been referred reports the 

10 joint resolution to the House or has been 

11 discharged from further consideration 

12 thereof, it shall be in order to move to pro13 ceed to consider the joint resolution in the 

14 House. All points of order against the mo15 tion are waived. Such a motion shall not be 

16 in order after the House has disposed of a 

17 motion to proceed on the joint resolution. 

18 The previous question shall be considered 

19 as ordered on the motion to its adoption 

20 without intervening motion. The motion 

21 shall not be debatable. A motion to recon22 sider the vote by which the motion is dis23 posed of shall not be in order. 

24 (iv) The joint resolution shall be con25 sidered as read. All points of order against 


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1 the joint resolution and against its consid2 eration are waived. The previous question 

3 shall be considered as ordered on the joint 

4 resolution to final passage without inter5 vening motion except 4 hours of debate 

6 equally divided and controlled by the spon7 sor of the joint resolution (or a designee) 

8 and an opponent. A motion to reconsider 

9 the vote on passage of the joint resolution 

10 shall not be in order. 

11 (B) TREATMENT OF HOUSE JOINT RESO12 LUTION IN SENATE.— 

13 (i) RECEIPT BEFORE PASSAGE.—If, 

14 before the passage by the Senate of a cov15 ered joint resolution, the Senate receives 

16 an identical joint resolution from the 

17 House of Representatives, the following 

18 procedures shall apply: 

19 (I) That joint resolution shall not 

20 be referred to a committee. 

21 (II) With respect to that joint 

22 resolution— 

23 (aa) the procedure in the 

24 Senate shall be the same as if no 

25 joint resolution had been received 


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1 from the House of Representa2 tives; but 

3 (bb) the vote on passage 

4 shall be on the joint resolution 

5 from the House of Representa6 tives. 

7 (ii) RECEIPT AFTER PASSAGE.—If, 

8 following passage of a covered joint resolu9 tion in the Senate, the Senate receives an 

10 identical joint resolution from the House of 

11 Representatives, that joint resolution shall 

12 be placed on the appropriate Senate cal13 endar. 

14 (iii) NO COMPANION MEASURE.—If a 

15 covered joint resolution is received from 

16 the House, and no companion joint resolu17 tion has been introduced in the Senate, the 

18 Senate procedures under this subsection 

19 shall apply to the House joint resolution. 

20 (C) APPLICATION TO REVENUE MEAS21 URES.—The provisions of this paragraph shall 

22 not apply in the House of Representatives to a 

23 covered joint resolution that is a revenue meas24 ure. 


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1 (6) RULES OF HOUSE OF REPRESENTATIVES

2 AND SENATE.—This subsection is enacted by Con3 gress— 

4 (A) as an exercise of the rulemaking power 

5 of the Senate and the House of Representa6 tives, respectively, and as such is deemed a part 

7 of the rules of each House, respectively, and su8 persedes other rules only to the extent that it 

9 is inconsistent with such rules; and 

10 (B) with full recognition of the constitu11 tional right of either House to change the rules 

12 (so far as relating to the procedure of that 

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

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

15 rule of that House. 

16 SEC. 7. IMPOSITION OF SANCTIONS WITH RESPECT TO OF17 FICIALS OF THE GOVERNMENT OF THE PEO18 PLE’S REPUBLIC OF CHINA AND MEMBERS OF 

19 THE CHINESE COMMUNIST PARTY. 

20 (a) IN GENERAL.—Not later than 3 days after mak21 ing a covered determination, the President shall impose 

22 the sanctions described in subsection (d) with respect to 

23 officials of the Government of the People’s Republic of 

24 China and members of the Chinese Communist Party 


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1 specified in subsection (b), to the extent such officials and 

2 members can be identified. 

3 (b) OFFICIALS SPECIFIED.—The officials specified in 

4 this subsection shall include— 

5 (1) senior civilian and military officials of the 

6 People’s Republic of China and military officials who 

7 have command or clear and direct decision-making 

8 power over military campaigns, military operations, 

9 and military planning against Taiwan conducted by 

10 the People’s Liberation Army; 

11 (2) senior civilian and military officials of the 

12 People’s Republic of China who have command or 

13 clear and direct decision-making power in the Chi14 nese Coast Guard and the Chinese People’s Armed 

15 Police and are engaged in planning or implementing 

16 activities that involve the use of force against Tai17 wan; 

18 (3) senior or special advisors to the General 

19 Secretary of the Chinese Communist Party, the 

20 Chairman of the Central Military Commission, or 

21 the President of the People’s Republic of China; 

22 (4) officials of the Government of the People’s 

23 Republic of China who are members of the top deci24 sion-making bodies of that Government; 


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1 (5) the highest-ranking Chinese Communist 

2 Party members of the decision-making bodies re3 ferred to in paragraph (4); and 

4 (6) officials of the Government of the People’s 

5 Republic of China in the intelligence agencies or se6 curity services who— 

7 (A) have clear and direct decision-making 

8 power; and 

9 (B) have engaged in or implemented activi10 ties that— 

11 (i) materially undermine the military 

12 readiness of Taiwan; 

13 (ii) overthrow or decapitate Taiwan’s 

14 government; 

15 (iii) debilitate Taiwan’s electric grid, 

16 critical infrastructure, or cybersecurity sys17 tems through offensive electronic or cyber 

18 attacks; 

19 (iv) undermine Taiwan’s democratic 

20 processes through campaigns to spread 

21 disinformation; or 

22 (v) involve committing serious human 

23 rights abuses against citizens of Taiwan, 

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1 appearances, unjust detainment, or tor2 ture. 

3 (c) ADDITIONAL OFFICIALS.— 

4 (1) LIST REQUIRED.—Not later than 30 days 

5 after making a covered determination, and every 90 

6 days thereafter, the President shall submit a list to 

7 the appropriate congressional committees that iden8 tifies any additional foreign persons who— 

9 (A) the President determines are officials 

10 specified in subsection (b); and 

11 (B) who were not included on any previous 

12 list of such officials. 

13 (2) IMPOSITION OF SANCTIONS.—Upon the sub14 mission of the list required under paragraph (1), the 

15 President shall impose the sanctions described in 

16 subsection (d) with respect to each official included 

17 on the list. 

18 (d) SANCTIONS DESCRIBED.—The sanctions de19 scribed in this subsection to be imposed with respect to 

20 an official specified in subsection (b) or (c) are the fol21 lowing: 

22 (1) BLOCKING OF PROPERTY.— 

23 (A) IN GENERAL.—The President shall ex24 ercise all of the powers granted by the Inter25 national Emergency Economic Powers Act (50 


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1 U.S.C. 1701 et seq.) to block and prohibit all 

2 transactions in all property and interests in 

3 property of the official if such property and in4 terests in property are in the United States, 

5 come within the United States, or are or come 

6 within the possession or control of a United 

7 States person. 

8 (B) INAPPLICABILITY OF NATIONAL EMER9 GENCY REQUIREMENT.—The requirements of 

10 section 202 of the International Emergency 

11 Economic Powers Act (50 U.S.C. 1701) shall 

12 not apply for purposes of this section. 

13 (2) INELIGIBILITY FOR VISAS, ADMISSION, OR

14 PAROLE.— 

15 (A) VISAS, ADMISSION, OR PAROLE.—The 

16 official shall be— 

17 (i) inadmissible to the United States; 

18 (ii) ineligible to receive a visa or other 

19 documentation to enter the United States; 

20 and 

21 (iii) otherwise ineligible to be admitted 

22 or paroled into the United States or to re23 ceive any other benefit under the Immigra24 tion and Nationality Act (8 U.S.C. 1101 et 

25 seq.). 


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•S 1027 IS

1 (B) CURRENT VISAS REVOKED.— 

2 (i) IN GENERAL.—The visa or other 

3 entry documentation of the official shall be 

4 revoked, regardless of when such visa or 

5 other entry documentation is or was 

6 issued. 

7 (ii) IMMEDIATE EFFECT.—A revoca8 tion under subparagraph (A) shall— 

9 (I) take effect immediately; and 

10 (II) automatically cancel any 

11 other valid visa or entry documenta12 tion that is in the official’s possession. 

13 (e) EXCEPTION FOR COMPLIANCE WITH INTER14 NATIONAL OBLIGATIONS AND LAW ENFORCEMENT AC15 TIVITIES.—Sanctions under this section shall not apply 

16 with respect to an official if— 

17 (1) admitting or paroling the official into the 

18 United States is necessary— 

19 (A) to permit the United States to comply 

20 with the Agreement regarding the Head21 quarters of the United Nations, signed at Lake 

22 Success on June 26, 1947, and entered into 

23 force November 21, 1947, between the United 

24 Nations and the United States, or other appliVerDate Sep 11 2014 21:45 Apr 08, 2023 Jkt 039200 PO 00000 Frm 00026 Fmt 6652 Sfmt 6201 E:\BILLS\S1027.IS S1027

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•S 1027 IS

1 cable international obligations of the United 

2 States; or 

3 (B) to carry out or assist law enforcement 

4 activity in the United States; or 

5 (2) the alien holds a valid, unexpired A–1, A– 

6 2, C–2, G–1, or G–2 visa. 

7 (f) TOP DECISION-MAKING BODIES DEFINED.—In 

8 this section, the term ‘‘top decision-making bodies’’ may 

9 include— 

10 (1) the Political Bureau of the Central Com11 mittee of the Chinese Communist Party; 

12 (2) the Standing Committee of the Political Bu13 reau of the Central Committee of the Chinese Com14 munist Party; 

15 (3) the Central Military Commission of the Chi16 nese Communist Party; 

17 (4) the Central Military Commission of the Peo18 ple’s Republic of China; 

19 (5) the National People’s Congress of the Peo20 ple’s Republic of China; 

21 (6) the Central Committee of the Chinese Com22 munist Party; and 

23 (7) the State Council of the People’s Republic 

24 of China. 


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•S 1027 IS

1 SEC. 8. IMPOSITION OF SANCTIONS WITH RESPECT TO FI2 NANCIAL INSTITUTIONS AFFILIATED WITH 

3 THE GOVERNMENT OF THE PEOPLE’S REPUB4 LIC OF CHINA. 

5 (a) IN GENERAL.—Not later than 3 days after a cov6 ered determination is made, the Secretary of the Treas7 ury— 

8 (1) shall impose the sanctions described in sub9 section (c) with respect to each joint-equity bank, 

10 national joint-stock commercial bank, and national 

11 state-owned policy bank; and 

12 (2) may impose those sanctions with respect to 

13 any subsidiary of, or successor entity to, a joint-eq14 uity bank, national joint-stock commercial bank, or 

15 national state-owned policy bank. 

16 (b) ADDITIONAL PEOPLE’S REPUBLIC OF CHINA FI17 NANCIAL INSTITUTIONS.— 

18 (1) LIST REQUIRED.—Not later than 30 days 

19 after a covered determination is made, and every 90 

20 days thereafter, the President shall submit a list to 

21 the appropriate congressional committees that iden22 tifies any foreign persons that the President deter23 mines— 

24 (A) are significant financial institutions 

25 owned or operated by the Government of the 

26 People’s Republic of China; and 


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•S 1027 IS

1 (B) should be sanctioned in the interest of 

2 United States national security. 

3 (2) IMPOSITION OF SANCTIONS.—Upon the sub4 mission of each list required under paragraph (1), 

5 the President shall impose the sanctions described in 

6 subsection (c) with respect to each foreign person 

7 identified on such list. 

8 (c) SANCTIONS DESCRIBED.—The sanctions de9 scribed in this subsection are the following: 

10 (1) BLOCKING OF PROPERTY.— 

11 (A) IN GENERAL.—The President shall ex12 ercise all of the powers granted to the President 

13 under the International Emergency Economic 

14 Powers Act (50 U.S.C. 1701 et seq.) to the ex15 tent necessary to block and prohibit all trans16 actions in property and interests in property of 

17 a foreign person subject to subsection (a) or (b) 

18 if such property and interests in property are in 

19 the United States, come within the United 

20 States, or are or come within the possession or 

21 control of a United States person. 

22 (B) INAPPLICABILITY OF NATIONAL EMER23 GENCY REQUIREMENT.—The requirements of 

24 section 202 of the International Emergency 


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•S 1027 IS

1 Economic Powers Act (50 U.S.C. 1701) shall 

2 not apply for purposes of this section. 

3 (2) RESTRICTIONS ON CORRESPONDENT AND

4 PAYABLE-THROUGH ACCOUNTS.—The President 

5 shall prohibit the opening, and prohibit or impose 

6 strict conditions on the maintaining, in the United 

7 States of a correspondent account or payable8 through account by a foreign person subject to sub9 section (a) or (b). 

10 (d) DEFINITIONS.—In this section: 

11 (1) JOINT-EQUITY BANK.—The term ‘‘joint-eq12 uity bank’’ means a bank under the jurisdiction of 

13 the People’s Republic of China in which— 

14 (A) the bank’s equity is owned jointly by 

15 the shareholders; and 

16 (B) the Government of the People’s Re17 public of China holds an interest. 

18 (2) NATIONAL JOINT-STOCK COMMERCIAL

19 BANK.—The term ‘‘national joint-stock commercial 

20 bank’’ means a bank under the jurisdiction of the 

21 People’s Republic of China in which— 

22 (A) the bank’s stock is owned jointly by 

23 the shareholders; and 

24 (B) the Government of the People’s Re25 public of China holds an interest. 


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•S 1027 IS

1 (3) NATIONAL STATE-OWNED POLICY BANK.— 

2 The term ‘‘national state-owned policy bank’’ means 

3 a bank that— 

4 (A) is incorporated in the People’s Repub5 lic of China; and 

6 (B) was established by the Government of 

7 the People’s Republic of China to advance in8 vestments in specific policy domains that ad9 vance the interests and goals of the People’s 

10 Republic of China. 

11 SEC. 9. IMPOSITION OF SANCTIONS WITH RESPECT TO EN12 TITIES OWNED BY OR AFFILIATED WITH THE 

13 GOVERNMENT OF THE PEOPLE’S REPUBLIC 

14 OF CHINA OR THE CHINESE COMMUNIST 

15 PARTY. 

16 (a) IN GENERAL.—Not later than 3 days after a cov17 ered determination is made, the Secretary of the Treasury 

18 shall impose the sanctions described in subsection (b) with 

19 respect to any entity that— 

20 (1) the Government of the People’s Republic of 

21 China or the Chinese Communist Party has an own22 ership interest in; or 

23 (2) is otherwise affiliated with the Government 

24 of the People’s Republic of China or the Chinese 

25 Communist Party. 


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•S 1027 IS

1 (b) BLOCKING OF PROPERTY.— 

2 (1) IN GENERAL.—The President shall exercise 

3 all of the powers granted to the President under the 

4 International Emergency Economic Powers Act (50 

5 U.S.C. 1701 et seq.) to the extent necessary to block 

6 and prohibit all transactions in property and inter7 ests in property of an entity in an industry subject 

8 to subsection (a) if such property and interests in 

9 property are in the United States, come within the 

10 United States, or are or come within the possession 

11 or control of a United States person. 

12 (2) INAPPLICABILITY OF NATIONAL EMER13 GENCY REQUIREMENT.—The requirements of section 

14 202 of the International Emergency Economic Pow15 ers Act (50 U.S.C. 1701) shall not apply for pur16 poses of this section. 

17 SEC. 10. PROHIBITION ON TRANSFERS OF FUNDS INVOLV18 ING THE PEOPLE’S REPUBLIC OF CHINA. 

19 (a) IN GENERAL.—Except as provided by subsection 

20 (b), not later than 3 days after a covered determination 

21 is made, a depository institution (as defined in section 

22 19(b)(1)(A) of the Federal Reserve Act (12 U.S.C. 

23 461(b)(1)(A))) or a broker or dealer in securities reg24 istered with the Securities and Exchange Commission 


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•S 1027 IS

1 under the Securities Exchange Act of 1934 (15 U.S.C. 

2 78a et seq.) may not process transfers of funds— 

3 (1) to or from the People’s Republic of China; 

4 or 

5 (2) for the direct or indirect benefit of officials 

6 of the Government of the People’s Republic of China 

7 or members of the Chinese Communist Party. 

8 (b) EXCEPTION.—A depository institution, broker, or 

9 dealer described in subsection (a) may process a transfer 

10 described in that subsection if the transfer— 

11 (1) arises from, and is ordinarily incident and 

12 necessary to give effect to, an underlying transaction 

13 that is authorized by a specific or general license; 

14 and 

15 (2) does not involve debiting or crediting an 

16 Chinese account. 

17 SEC. 11. PROHIBITION ON LISTING OR TRADING OF CHI18 NESE ENTITIES ON UNITED STATES SECURI19 TIES EXCHANGES. 

20 (a) IN GENERAL.—The Securities and Exchange 

21 Commission shall prohibit the securities of an issuer de22 scribed in subsection (b) from being traded on a national 

23 securities exchange on and after the date that is 3 days 

24 after a covered determination is made. 


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•S 1027 IS

1 (b) ISSUERS.—An issuer described in this subsection 

2 is an issuer that is— 

3 (1) an official of or individual affiliated with the 

4 Government of the People’s Republic of China or the 

5 Chinese Communist Party; or 

6 (2) an entity that— 

7 (A) the Government of the People’s Repub8 lic of China or the Chinese Communist Party 

9 has an ownership interest in; or 

10 (B) is otherwise affiliated with the Govern11 ment of the People’s Republic of China or the 

12 Chinese Communist Party. 

13 (c) DEFINITIONS.—In this section: 

14 (1) ISSUER; SECURITY.—The terms ‘‘issuer’’ 

15 and ‘‘security’’ have the meanings given those terms 

16 in section 3(a) of the Securities Exchange Act of 

17 1934 (15 U.S.C. 78c). 

18 (2) NATIONAL SECURITIES EXCHANGE.—The 

19 term ‘‘national securities exchange’’ means an ex20 change registered as a national securities exchange 

21 in accordance with section 6 of the Securities Ex22 change Act of 1934 (15 U.S.C. 78f). 


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•S 1027 IS

1 SEC. 12. PROHIBITION ON INVESTMENTS BY UNITED 

2 STATES FINANCIAL INSTITUTIONS THAT BEN3 EFIT THE GOVERNMENT OF THE PEOPLE’S 

4 REPUBLIC OF CHINA OR THE CHINESE COM5 MUNIST PARTY. 

6 (a) IN GENERAL.—Not later than 3 days after a cov7 ered determination is made, the Secretary of the Treasury 

8 shall prohibit any United States financial institution from 

9 making any investments described in subsection (b). 

10 (b) INVESTMENTS DESCRIBED.—An investment de11 scribed in this subsection is a monetary investment— 

12 (1) to— 

13 (A) an entity owned or controlled by the 

14 Government of the People’s Republic of China 

15 or the Chinese Communist Party; or 

16 (B) the People’s Liberation Army; or 

17 (2) for the benefit of any priority industrial sec18 tor identified in the ‘‘Made in China 2025’’ plan or 

19 the ‘‘14th Five Year Smart Manufacturing Develop20 ment Plan’’, including— 

21 (A) agriculture machinery; 

22 (B) information technology; 

23 (C) artificial intelligence, machine learning, 

24 and robotics; 

25 (D) green energy and green vehicles; 

26 (E) aerospace equipment; 


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•S 1027 IS

1 (F) ocean engineering and high tech ships; 

2 (G) railway equipment; 

3 (H) power equipment; 

4 (I) new materials; 

5 (J) medicine and medical devices; 

6 (K) fifth generation and future generation 

7 telecommunications and other advanced wireless 

8 networking technologies; 

9 (L) semiconductor manufacturing; 

10 (M) biotechnology; 

11 (N) quantum computing; 

12 (O) surveillance technologies, including fa13 cial recognition technologies and censorship 

14 software; 

15 (P) fiber optic cables; and 

16 (Q) mining and resource development. 

17 (c) UNITED STATES FINANCIAL INSTITUTION DE18 FINED.—In this section, the term ‘‘United States financial 

19 institution’’— 

20 (1) means any financial institution that is a 

21 United States person; and 

22 (2) includes an investment company, private eq23 uity company, venture capital company, or hedge 

24 fund that is a United States person. 


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•S 1027 IS

1 SEC. 13. PROHIBITION ON IMPORTATION OF CERTAIN 

2 GOODS MADE IN THE PEOPLE’S REPUBLIC OF 

3 CHINA. 

4 (a) IN GENERAL.—Except as provided in subsection 

5 (b), on and after the date that is 3 days after a covered 

6 determination is made, all goods mined, produced, or man7 ufactured wholly or in part in the People’s Republic of 

8 China, or by a person working for or affiliated with an 

9 entity or industry wholly financed by the Government of 

10 the People’s Republic of China or the Chinese Communist 

11 Party or in which the Government of the People’s Republic 

12 of China or the Chinese Communist Party has a majority 

13 ownership interest, shall not be entitled to entry at any 

14 of the ports of the United States and the importation of 

15 such goods is prohibited. 

16 (b) EXCEPTION.—The prohibition under subsection 

17 (a) shall not apply with respect to a good if the Presi18 dent— 

19 (1) determines that the good is necessary to the 

20 national security, economic security, or public health 

21 of the United States; and 

22 (2) submits to the appropriate congressional 

23 committees and make available to the public a report 

24 on that determination. 


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•S 1027 IS

1 SEC. 14. EXCEPTIONS; WAIVER. 

2 (a) EXCEPTION FOR INTELLIGENCE ACTIVITIES.— 

3 This Act shall not apply with respect to activities subject 

4 to the reporting requirements under title V of the National 

5 Security Act of 1947 (50 U.S.C. 3091 et seq.) or any au6 thorized intelligence activities of the United States. 

7 (b) NATIONAL SECURITY WAIVER.—The President 

8 may waive the imposition of sanctions under this Act with 

9 respect to a person if the President— 

10 (1) determines that such a waiver is in the na11 tional security interests of the United States; and 

12 (2) submits to the appropriate congressional 

13 committees a notification of the waiver and the rea14 sons for the waiver. 

15 SEC. 15. IMPLEMENTATION; PENALTIES. 

16 (a) IMPLEMENTATION.—The President may exercise 

17 all authorities provided under sections 203 and 205 of the 

18 International Emergency Economic Powers Act (50 

19 U.S.C. 1702 and 1704) to carry out this Act. 

20 (b) PENALTIES.—A person that violates, attempts to 

21 violate, conspires to violate, or causes a violation of this 

22 Act or any regulation, license, or order issued to carry out 

23 this Act shall be subject to the penalties set forth in sub24 sections (b) and (c) of section 206 of the International 

25 Emergency Economic Powers Act (50 U.S.C. 1705) to the 


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•S 1027 IS

1 same extent as a person that commits an unlawful act de2 scribed in subsection (a) of that section. 

Æ 


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