II 

117TH CONGRESS 

2D SESSION S. 3526 

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, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JANUARY 19 (legislative day, JANUARY 18), 2022 

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, 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; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Sanctions Targeting Aggressors of Neighboring Democ6 racies with Taiwan Act of 2022’’ or the ‘‘STAND with 

7 Taiwan Act of 2022’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents for 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Findings. 

Sec. 3. Sense of Congress. 

Sec. 4. Statement of policy. 

Sec. 5. Definitions. 

Sec. 6. Determination of the initiation of a military invasion by the People’s 

Liberation Army or its proxies. 

Sec. 7. Imposition of sanctions with respect to members of the Chinese Communist Party. 

Sec. 8. Imposition of sanctions with respect to financial institutions affiliated 

with the Chinese Communist Party. 

Sec. 9. Imposition of sanctions with respect to entities owned by or affiliated 

with the Chinese Communist Party. 

Sec. 10. Prohibition on transfers of funds involving the People’s Republic of 

China. 

Sec. 11. Prohibition on listing or trading of Chinese entities on United States 

securities exchanges. 

Sec. 12. Prohibition on investments by United States financial institutions that 

benefit the Chinese Communist Party. 

Sec. 13. Prohibition on importation of certain goods made in the People’s Republic of China. 

Sec. 14. Exceptions; waiver. 

Sec. 15. Implementation; penalties. 

3 SEC. 2. FINDINGS. 

4 Congress makes the following findings: 

5 (1) Taiwan is a free and prosperous democracy 

6 of nearly 24,000,000 people, an important contrib7 utor to peace and stability around the world, and 

8 continues to embody and promote democratic values, 

9 freedom, and human rights in Asia. 

10 (2) The policy of the United States toward Tai11 wan is guided by the Taiwan Relations Act (22 

12 U.S.C. 3301 et seq.), the United States-People’s Re13 public of China joint communique ́s concluded in 

14 1972, 1978, and 1982, and the Six Assurances that 


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1 President Ronald Reagan communicated to Taiwan 

2 in 1982. 

3 (3) Under section 2 of the Taiwan Relations 

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

5 States— 

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

7 close, and friendly commercial, cultural, and 

8 other relations between the people of the United 

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

10 people on the China mainland and all other peo11 ples of the Western Pacific area’’; 

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

13 the area are in the political, security, and eco14 nomic interests of the United States, and are 

15 matters of international concern’’; 

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

17 decision to establish diplomatic relations with 

18 the People’s Republic of China rests upon the 

19 expectation that the future of Taiwan will be 

20 determined by peaceful means’’; 

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

22 the future of Taiwan by other than peaceful 

23 means, including by boycotts or embargoes, a 

24 threat to the peace and security of the Western 


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1 Pacific area and of grave concern to the United 

2 States’’; 

3 (E) ‘‘to provide Taiwan with arms of a de4 fensive character’’; and 

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

6 United States to resist any resort to force or 

7 other forms of coercion that would jeopardize 

8 the security, or the social or economic system, 

9 of the people on Taiwan’’. 

10 (4) Since the election of President Tsai Ing-wen 

11 as President of Taiwan in 2016, the Chinese Com12 munist Party has employed a variety of coercive 

13 military and nonmilitary tactics short of armed con14 flict in its efforts to exert existential pressure on 

15 Taiwan, including through diplomatic isolation, re16 stricting tourism, cyberattacks, spreading 

17 disinformation, and controlling the ability of Taiwan 

18 to purchase COVID–19 vaccines from other coun19 tries. 

20 (5) In 2021, there was a notable increase in 

21 military provocations by the People’s Liberation 

22 Army against Taiwan, including increased flights of 

23 military aircraft within Taiwan’s air defense identi24 fication zone, holding military exercises in the vicinVerDate Sep 11 2014 04:12 Jan 21, 2022 Jkt 029200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S3526.IS S3526

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1 ity of Taiwan’s controlled waters, and performing 

2 live-fire exercises in the South China Sea. 

3 (6) In March 2021, then Commander of the 

4 United States Indo-Pacific Command Admiral Philip 

5 Davidson testified that the threat of a military inva6 sion of Taiwan by the People’s Liberation Army ‘‘is 

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

8 years’’. 

9 (7) In March 2021, then Commander of the 

10 United States Pacific Fleet Admiral John Aquilino 

11 testified that the threat of a military invasion by the 

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

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

14 before 2035. 

15 (8) In October 2021, President Joseph R. 

16 Biden publicly affirmed that the United States 

17 would come to the defense of Taiwan, saying, ‘‘yes, 

18 we have a commitment to do that’’. 

19 (9) In addition to military power, economic and 

20 financial instruments of United States power and 

21 their potential use can have an important deterrent 

22 effect on the actions of other countries. 

23 SEC. 3. SENSE OF CONGRESS. 

24 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 Chinese Communist Party to 

6 unilaterally determine the future of Taiwan through 

7 non-peaceful means, including threats and the direct 

8 use of force, military coercion, economic boycotts or 

9 embargoes, and efforts to internationally isolate or 

10 annex Taiwan— 

11 (A) directly undermine the spirit, intent, 

12 and purpose of the Taiwan Relations Act (22 

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

14 (B) undermine peace and stability in the 

15 Taiwan Strait; 

16 (C) limit a free and open Indo-Pacific re17 gion; and 

18 (D) are of grave concern to the Govern19 ment of the United States; 

20 (3) the initiation of a military invasion of Tai21 wan by the People’s Liberation Army would— 

22 (A) disrupt the peace and stability of the 

23 region and threaten the peace and stability of 

24 the entire globe; and 


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1 (B) undermine core the political, security, 

2 and economic interests of the United States; 

3 and 

4 (4) as an important deterrent measure against 

5 a military invasion of Taiwan, the Chinese Com6 munist Party must understand that initiating such 

7 an invasion will result in catastrophic economic and 

8 financial consequences for the People’s Republic of 

9 China. 

10 SEC. 4. STATEMENT OF POLICY. 

11 The policy of the Government of the United States 

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

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

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

15 1982, and the Six Assurances that President Ronald 

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

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

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

19 States— 

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

21 and financial instruments and levers of power, in22 cluding— 

23 (A) the imposition of sanctions with re24 spect to members of the Chinese Communist 

25 Party and financial institutions and other entiVerDate Sep 11 2014 04:12 Jan 21, 2022 Jkt 029200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\S3526.IS S3526

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1 ties affiliated with the Chinese Communist 

2 Party; 

3 (B) prohibiting the listing or trading of the 

4 securities of Chinese entities on United States 

5 securities exchanges; 

6 (C) prohibiting investments by United 

7 States financial institutions in economic sectors 

8 of the People’s Republic of China; and 

9 (D) prohibiting the importation of certain 

10 goods mined, produced, or manufactured in the 

11 People’s Republic of China into the United 

12 States; and 

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

14 partners of the United States to encourage those al15 lies and partners to undertake similar economic, 

16 commercial, and financial actions against the Chi17 nese Communist Party. 

18 SEC. 5. DEFINITIONS. 

19 In this Act: 

20 (1) ACCOUNT; CORRESPONDENT ACCOUNT; PAY21 ABLE-THROUGH ACCOUNT.—The terms ‘‘account’’, 

22 ‘‘correspondent account’’, and ‘‘payable-through ac23 count’’ have the meanings given those terms in sec24 tion 5318A of title 31, United States Code. 


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

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

3 meanings given those terms in section 101 of the 

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

5 (3) APPROPRIATE CONGRESSIONAL COMMIT6 TEES.—The term ‘‘appropriate congressional com7 mittees’’ means— 

8 (A) the Committee on Foreign Relations, 

9 the Committee on Armed Services, and the 

10 Committee on Banking, Housing, and Urban 

11 Affairs of the Senate; and 

12 (B) the Committee on Foreign Affairs, the 

13 Committee on Armed Services, and the Com14 mittee on Financial Services of the House of 

15 Representatives. 

16 (4) COVERED DETERMINATION.—The term 

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

18 term in section 6(a). 

19 (5) FINANCIAL INSTITUTION.—The term ‘‘fi20 nancial institution’’ means a financial institution 

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

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

23 5312(a)(2) of title 31, United States Code. 

24 (6) FOREIGN FINANCIAL INSTITUTION.—The 

25 term ‘‘foreign financial institution’’ has the meaning 


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1 given that term in regulations prescribed by the Sec2 retary of the Treasury. 

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

5 United States person. 

6 (8) 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 (9) 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; and 

19 (E) a naval bombardment or blockade. 

20 (10) UNITED STATES PERSON.—The term 

21 ‘‘United States person’’ means— 

22 (A) a United States citizen or an alien law23 fully admitted for permanent residence to the 

24 United States; or 


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1 (B) an entity organized under the laws of 

2 the United States or any jurisdiction within the 

3 United States, including a foreign branch of 

4 such an entity. 

5 SEC. 6. DETERMINATION OF THE INITIATION OF A MILI6 TARY INVASION BY THE PEOPLE’S LIBERA7 TION ARMY OR ITS PROXIES. 

8 (a) COVERED DETERMINATION DEFINED.—In this 

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

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

11 than 24 hours after a military invasion of Taiwan by 

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

13 that such an invasion has occurred; or 

14 (2) the enactment of a joint resolution pursuant 

15 to subsection (b). 

16 (b) DETERMINATION BY JOINT RESOLUTION.— 

17 (1) COVERED JOINT RESOLUTION DEFINED.— 

18 In this subsection, the term ‘‘covered joint resolu19 tion’’ means only a joint resolution of either House 

20 of Congress the sole matter after the resolving 

21 clause of which is as follows: ‘‘That Congress deter22 mines that the People’s Liberation Army or one of 

23 its proxies initiated a military invasion of Taiwan on 

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

25 appropriate date. 


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1 (2) INTRODUCTION.—A covered joint resolution 

2 may be introduced— 

3 (A) in the House of Representatives, by 

4 the majority leader (or the majority leader’s 

5 designee) or the minority leader (or the minor6 ity leader’s designee); and 

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

8 (or the majority leader’s designee) or the mi9 nority leader (or the minority leader’s des10 ignee). 

11 (3) FLOOR CONSIDERATION IN HOUSE OF REP12 RESENTATIVES.— 

13 (A) DISCHARGE FROM COMMITTEE.—If a 

14 committee of the House of Representatives to 

15 which a covered joint resolution has been re16 ferred has not reported the joint resolution 

17 within 2 calendar days after the date of referral 

18 of the joint resolution, the committee shall be 

19 discharged from further consideration of the 

20 joint resolution and the joint resolution shall be 

21 placed on the appropriate calendar. 

22 (B) MOVING TO CONSIDERATION.—At any 

23 time after a covered joint resolution has been 

24 placed on the appropriate calendar, it is in 

25 order for the sponsor of the joint resolution (or 


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1 a designee) to move for the consideration of 

2 that joint resolution. 

3 (C) POINTS OF ORDER; MOTIONS.—All 

4 points of order against the covered joint resolu5 tion and its consideration are waived. If the mo6 tion under subparagraph (B) is agreed to, the 

7 joint resolution shall remain the unfinished 

8 business of the House until disposed of, except 

9 as provided in paragraph (5). 

10 (D) NO AMENDMENTS.—A covered joint 

11 resolution shall not be subject to amendment in 

12 the House of Representatives. 

13 (E) DEBATE.—General debate on a cov14 ered joint resolution shall not exceed 4 hours, 

15 which shall be equally divided and controlled by 

16 the sponsor of the joint resolution (or a des17 ignee) and an opponent. 

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

19 debate, the previous question shall be consid20 ered as ordered on the resolution, and the 

21 House of Representatives shall vote on final 

22 passage without intervening motion. 

23 (4) CONSIDERATION IN THE SENATE.— 

24 (A) REPORTING AND DISCHARGE.—If the 

25 committee of the Senate to which a covered 


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1 joint resolution was referred has not reported 

2 the joint resolution within 2 calendar days after 

3 the date of referral of the joint resolution, that 

4 committee shall be discharged from further con5 sideration of the joint resolution and the joint 

6 resolution shall be placed on the appropriate 

7 calendar. 

8 (B) PROCEEDING TO CONSIDERATION.— 

9 Notwithstanding Rule XXII of the Standing 

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

11 after the committee of the Senate to which a 

12 covered joint resolution was referred reports the 

13 joint resolution to the Senate or has been dis14 charged from consideration of the joint resolu15 tion (even though a previous motion to the 

16 same effect has been disagreed to) to move to 

17 proceed to the consideration of the joint resolu18 tion, and all points of order against the joint 

19 resolution (and against consideration of the 

20 joint resolution) are waived. The motion to pro21 ceed is not debatable. The motion is not subject 

22 to a motion to postpone. 

23 (C) NO AMENDMENTS.—An amendment to 

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1 ation of other business, or a motion to recom2 mit a covered joint resolution, is not in order. 

3 (D) CONSIDERATION.— 

4 (i) LIMITATION ON DEBATE.—Consid5 eration in the Senate of a covered joint 

6 resolution shall be limited to not more than 

7 10 hours, which shall be equally divided 

8 between, and controlled by, the majority 

9 leader and the minority leader, or by their 

10 designees. 

11 (ii) VOTE ON ADOPTION.—Whenever 

12 all the time for debate on a covered joint 

13 resolution has been used or yielded back, 

14 the vote on the adoption of the resolution 

15 shall occur without any intervening motion 

16 or amendment, except that a single 

17 quorum call at the conclusion of the debate 

18 if requested in accordance with the Rules 

19 of the Senate may occur immediately be20 fore such vote. 

21 (E) RULINGS OF THE CHAIR ON PROCE22 DURE.—Appeals from the decisions of the Chair 

23 relating to the application of the rules of the 

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1 lating to a covered joint resolution shall be de2 cided without debate. 

3 (F) CONSIDERATION OF VETO MES4 SAGES.—Debate in the Senate of any veto mes5 sage with respect to a covered joint resolution, 

6 including all debatable motions and appeals in 

7 connection with the joint resolution, shall be 

8 limited to 10 hours, to be equally divided be9 tween, and controlled by, the majority leader 

10 and the minority leader or their designees. 

11 (5) RULES RELATING TO SENATE AND HOUSE

12 OF REPRESENTATIVES.— 

13 (A) TREATMENT OF SENATE JOINT RESO14 LUTION IN HOUSE.—In the House of Rep15 resentatives, the following procedures shall 

16 apply to a covered joint resolution received from 

17 the Senate (unless the House has already 

18 passed a joint resolution relating to the same 

19 proposed action): 

20 (i) The joint resolution shall be re21 ferred to the appropriate committees. 

22 (ii) If a committee to which a joint 

23 resolution has been referred has not re24 ported the joint resolution within 2 cal25 endar days after the date of referral, that 


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1 committee shall be discharged from further 

2 consideration of the joint resolution. 

3 (iii) Beginning on the third legislative 

4 day after the committee to which a joint 

5 resolution has been referred reports the 

6 joint resolution to the House or has been 

7 discharged from further consideration 

8 thereof, it shall be in order to move to pro9 ceed to consider the joint resolution in the 

10 House. All points of order against the mo11 tion are waived. Such a motion shall not be 

12 in order after the House has disposed of a 

13 motion to proceed on the joint resolution. 

14 The previous question shall be considered 

15 as ordered on the motion to its adoption 

16 without intervening motion. The motion 

17 shall not be debatable. A motion to recon18 sider the vote by which the motion is dis19 posed of shall not be in order. 

20 (iv) The joint resolution shall be con21 sidered as read. All points of order against 

22 the joint resolution and against its consid23 eration are waived. The previous question 

24 shall be considered as ordered on the joint 

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1 vening motion except 4 hours of debate 

2 equally divided and controlled by the spon3 sor of the joint resolution (or a designee) 

4 and an opponent. A motion to reconsider 

5 the vote on passage of the joint resolution 

6 shall not be in order. 

7 (B) TREATMENT OF HOUSE JOINT RESO8 LUTION IN SENATE.— 

9 (i) RECEIPT BEFORE PASSAGE.—If, 

10 before the passage by the Senate of a cov11 ered joint resolution, the Senate receives 

12 an identical joint resolution from the 

13 House of Representatives, the following 

14 procedures shall apply: 

15 (I) That joint resolution shall not 

16 be referred to a committee. 

17 (II) With respect to that joint 

18 resolution— 

19 (aa) the procedure in the 

20 Senate shall be the same as if no 

21 joint resolution had been received 

22 from the House of Representa23 tives; but 

24 (bb) the vote on passage 

25 shall be on the joint resolution 


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1 from the House of Representa2 tives. 

3 (ii) RECEIPT AFTER PASSAGE.—If, 

4 following passage of a covered joint resolu5 tion in the Senate, the Senate receives an 

6 identical joint resolution from the House of 

7 Representatives, that joint resolution shall 

8 be placed on the appropriate Senate cal9 endar. 

10 (iii) NO COMPANION MEASURE.—If a 

11 covered joint resolution is received from 

12 the House, and no companion joint resolu13 tion has been introduced in the Senate, the 

14 Senate procedures under this subsection 

15 shall apply to the House joint resolution. 

16 (C) APPLICATION TO REVENUE MEAS17 URES.—The provisions of this paragraph shall 

18 not apply in the House of Representatives to a 

19 covered joint resolution that is a revenue meas20 ure. 

21 (6) RULES OF HOUSE OF REPRESENTATIVES

22 AND SENATE.—This subsection is enacted by Con23 gress— 

24 (A) as an exercise of the rulemaking power 

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1 tives, respectively, and as such is deemed a part 

2 of the rules of each House, respectively, and su3 persedes other rules only to the extent that it 

4 is inconsistent with such rules; and 

5 (B) with full recognition of the constitu6 tional right of either House to change the rules 

7 (so far as relating to the procedure of that 

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

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

10 rule of that House. 

11 SEC. 7. IMPOSITION OF SANCTIONS WITH RESPECT TO 

12 MEMBERS OF THE CHINESE COMMUNIST 

13 PARTY. 

14 (a) IMPOSITION OF SANCTIONS.—Not later than 3 

15 days after a covered determination is made, the President 

16 shall— 

17 (1) impose the sanctions described in subsection 

18 (b) with respect to any foreign person the President 

19 determines is a member of the Chinese Communist 

20 Party, including any branch of the armed forces or 

21 intelligence agencies of the Chinese Communist 

22 Party; and 

23 (2) impose the sanctions described in subsection 

24 (c) with respect to— 


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1 (A) any foreign person identified under 

2 paragraph (1); 

3 (B) any successor entity to that foreign 

4 person; and 

5 (C) any foreign person that is a parent or 

6 subsidiary of that foreign person. 

7 (b) SANCTIONS DESCRIBED.—The sanctions de8 scribed in this subsection are the following: 

9 (1) BLOCKING OF PROPERTY.— 

10 (A) IN GENERAL.—The President shall ex11 ercise all of the powers granted by the Inter12 national Emergency Economic Powers Act (50 

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

14 transactions in all property and interests in 

15 property of a foreign person described in sub16 section (a)(1) if such property and interests in 

17 property are in the United States, come within 

18 the United States, or are or come within the 

19 possession or control of a United States person. 

20 (B) INAPPLICABILITY OF NATIONAL EMER21 GENCY REQUIREMENT.—The requirements of 

22 section 202 of the International Emergency 

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

24 not apply for purposes of this section. 


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1 (2) INCLUSION ON ENTITY LIST.—The Presi2 dent shall include a foreign person described in sub3 section (a)(1) on the entity list maintained by the 

4 Bureau of Industry and Security of the Department 

5 of Commerce and set forth in Supplement No. 4 to 

6 part 744 of title 15, Code of Federal Regulations, 

7 for activities contrary to the national security or for8 eign policy interests of the United States. 

9 (3) BANKING TRANSACTIONS.—The President 

10 shall, pursuant to such regulations as the President 

11 may prescribe, prohibit any transfers of credit or 

12 payments between financial institutions or by, 

13 through or to any financial institution, to the extent 

14 that such transfers or payments are subject to the 

15 jurisdiction of the United States and involve any in16 terest of a foreign person described in subsection 

17 (a)(1). 

18 (c) INELIGIBILITY FOR VISAS, ADMISSION, OR PA19 ROLE.— 

20 (1) VISAS, ADMISSION, OR PAROLE.—An alien 

21 described in subsection (a)(2) shall be— 

22 (A) inadmissible to the United States; 

23 (B) ineligible to receive a visa or other doc24 umentation to enter the United States; and 


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1 (C) otherwise ineligible to be admitted or 

2 paroled into the United States or to receive any 

3 other benefit under the Immigration and Na4 tionality Act (8 U.S.C. 1101 et seq.). 

5 (2) CURRENT VISAS REVOKED.— 

6 (A) IN GENERAL.—The visa or other entry 

7 documentation of an alien described in sub8 section (a)(2) shall be revoked, regardless of 

9 when such visa or other entry documentation is 

10 or was issued. 

11 (B) IMMEDIATE EFFECT.—A revocation 

12 under subparagraph (A) shall— 

13 (i) take effect immediately; and 

14 (ii) automatically cancel any other 

15 valid visa or entry documentation that is in 

16 the alien’s possession. 

17 (d) EXCEPTION FOR COMPLIANCE WITH INTER18 NATIONAL OBLIGATIONS AND LAW ENFORCEMENT AC19 TIVITIES.—Sanctions under subsection (c) shall not apply 

20 with respect to an alien if— 

21 (1) admitting or paroling the alien into the 

22 United States is necessary— 

23 (A) to permit the United States to comply 

24 with the Agreement regarding the Head25 quarters of the United Nations, signed at Lake 


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1 Success on June 26, 1947, and entered into 

2 force November 21, 1947, between the United 

3 Nations and the United States, or other appli4 cable international obligations of the United 

5 States; or 

6 (B) to carry out or assist law enforcement 

7 activity in the United States; or 

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

9 2, C–2, G–1, or G–2 visa. 

10 SEC. 8. IMPOSITION OF SANCTIONS WITH RESPECT TO FI11 NANCIAL INSTITUTIONS AFFILIATED WITH 

12 THE CHINESE COMMUNIST PARTY. 

13 (a) IN GENERAL.—Not later than 3 days after a cov14 ered determination is made, the Secretary of the Treasury 

15 shall impose the sanctions described in subsection (c) with 

16 respect to a foreign financial institution described in sub17 section (b). 

18 (b) FOREIGN FINANCIAL INSTITUTIONS DE19 SCRIBED.—A foreign financial institution is described in 

20 this subsection if the Chinese Communist Party has a ma21 jority ownership interest in the financial institution or the 

22 financial institution is otherwise affiliated with the Chi23 nese Communist Party, including the following financial 

24 institutions and their subsidiaries and successor entities: 

25 (1) The People’s Bank of China. 


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1 (2) The Industrial and Commercial Bank of 

2 China. 

3 (3) The China Construction Bank. 

4 (4) The Bank of China. 

5 (5) The Bank of Communications. 

6 (6) The Agricultural Bank of China. 

7 (7) The China CITIC Bank. 

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 financial institution subject to sub18 section (a) if such property and interests in 

19 property are in the United States, come within 

20 the United States, or are or come within the 

21 possession or 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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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 financial institution 

9 subject to subsection (a). 

10 SEC. 9. IMPOSITION OF SANCTIONS WITH RESPECT TO EN11 TITIES OWNED BY OR AFFILIATED WITH THE 

12 CHINESE COMMUNIST PARTY. 

13 (a) IN GENERAL.—Not later than 3 days after a cov14 ered determination is made, the Secretary of the Treasury 

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

16 respect to any entity that— 

17 (1) the Chinese Communist Party has an own18 ership interest in; or 

19 (2) is otherwise affiliated with the Chinese 

20 Communist Party. 

21 (b) BLOCKING OF PROPERTY.— 

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

23 all of the powers granted to the President under the 

24 International Emergency Economic Powers Act (50 

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


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1 and prohibit all transactions in property and inter2 ests in property of an entity in an industry subject 

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

4 property are in the United States, come within the 

5 United States, or are or come within the possession 

6 or control of a United States person. 

7 (2) INAPPLICABILITY OF NATIONAL EMER8 GENCY REQUIREMENT.—The requirements of section 

9 202 of the International Emergency Economic Pow10 ers Act (50 U.S.C. 1701) shall not apply for pur11 poses of this section. 

12 SEC. 10. PROHIBITION ON TRANSFERS OF FUNDS INVOLV13 ING THE PEOPLE’S REPUBLIC OF CHINA. 

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

15 (b), a depository institution (as defined in section 

16 19(b)(1)(A) of the Federal Reserve Act (12 U.S.C. 

17 461(b)(1)(A))) or a broker or dealer in securities reg18 istered with the Securities and Exchange Commission 

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

20 78a et seq.) may not process transfers of funds— 

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

22 or 

23 (2) for the direct or indirect benefit of members 

24 of the Chinese Communist Party. 


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

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

3 described in that subsection if the transfer— 

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

5 necessary to give effect to, an underlying transaction 

6 that is authorized by a specific or general license; 

7 and 

8 (2) does not involve debiting or crediting an 

9 Chinese account. 

10 SEC. 11. PROHIBITION ON LISTING OR TRADING OF CHI11 NESE ENTITIES ON UNITED STATES SECURI12 TIES EXCHANGES. 

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

14 Commission shall prohibit the securities of an issuer de15 scribed in subsection (b) from being traded on a national 

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

17 after a covered determination is made. 

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

19 is an issuer that is— 

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

21 Chinese Communist Party; or 

22 (2) an entity that— 

23 (A) the Chinese Communist Party has an 

24 ownership interest in; or 


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1 (B) is otherwise affiliated with the Chinese 

2 Communist Party. 

3 (c) DEFINITIONS.—In this section: 

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

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

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

7 1934 (15 U.S.C. 78c). 

8 (2) NATIONAL SECURITIES EXCHANGE.—The 

9 term ‘‘national securities exchange’’ means an ex10 change registered as a national securities exchange 

11 in accordance with section 6 of the Securities Ex12 change Act of 1934 (15 U.S.C. 78f). 

13 SEC. 12. PROHIBITION ON INVESTMENTS BY UNITED 

14 STATES FINANCIAL INSTITUTIONS THAT BEN15 EFIT THE CHINESE COMMUNIST PARTY. 

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

18 shall prohibit any United States financial institution from 

19 making any investments described in subsection (b). 

20 (b) INVESTMENTS DESCRIBED.—An investment de21 scribed in this subsection is a monetary investment— 

22 (1) to— 

23 (A) an entity owned or controlled by the 

24 Chinese Communist Party; or 

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


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1 (2) for the benefit of any priority industrial sec2 tor identified by the Chinese Communist Party in 

3 the ‘‘Made in China 2025’’ plan or the ‘‘14th Five 

4 Year Smart Manufacturing Development Plan’’, in5 cluding— 

6 (A) agriculture machinery; 

7 (B) information technology; 

8 (C) artificial intelligence, machine learning, 

9 and robotics; 

10 (D) green energy and green vehicles; 

11 (E) aerospace equipment; 

12 (F) ocean engineering and high tech ships; 

13 (G) railway equipment; 

14 (H) power equipment; 

15 (I) new materials; 

16 (J) medicine and medical devices; 

17 (K) fifth generation and future generation 

18 telecommunications and other advanced wireless 

19 networking technologies; 

20 (L) semiconductor manufacturing; 

21 (M) biotechnology; 

22 (N) quantum computing; 

23 (O) surveillance technologies, including fa24 cial recognition technologies and censorship 

25 software; 


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1 (P) fiber optic cables; and 

2 (Q) mining and resource development. 

3 (c) UNITED STATES FINANCIAL INSTITUTION DE4 FINED.—In this section, the term ‘‘United States financial 

5 institution’’— 

6 (1) means any financial institution that is a 

7 United States person; and 

8 (2) includes an investment company, private eq9 uity company, venture capital company, or hedge 

10 fund that is a United States person. 

11 SEC. 13. PROHIBITION ON IMPORTATION OF CERTAIN 

12 GOODS MADE IN THE PEOPLE’S REPUBLIC OF 

13 CHINA. 

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

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

16 determination is made, all goods mined, produced, or man17 ufactured wholly or in part in the People’s Republic of 

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

19 entity or industry wholly financed by the Chinese Com20 munist Party or in which the Chinese Communist Party 

21 has a majority ownership interest, shall not be entitled to 

22 entry at any of the ports of the United States and the 

23 importation of such goods is prohibited. 


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1 (b) EXCEPTION.—The prohibition under subsection 

2 (a) shall not apply with respect to a good if the Presi3 dent— 

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

5 national security, economic security, or public health 

6 of the United States; and 

7 (2) submits to the appropriate congressional 

8 committees and make available to the public a report 

9 on that determination. 

10 SEC. 14. EXCEPTIONS; WAIVER. 

11 (a) EXCEPTION FOR INTELLIGENCE ACTIVITIES.— 

12 This Act shall not apply with respect to activities subject 

13 to the reporting requirements under title V of the National 

14 Security Act of 1947 (50 U.S.C. 3091 et seq.) or any au15 thorized intelligence activities of the United States. 

16 (b) NATIONAL SECURITY WAIVER.—The President 

17 may waive the imposition of sanctions under this Act with 

18 respect to a person if the President— 

19 (1) determines that such a waiver is in the na20 tional security interests of the United States; and 

21 (2) submits to the appropriate congressional 

22 committees a notification of the waiver and the rea23 sons for the waiver. 


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1 SEC. 15. IMPLEMENTATION; PENALTIES. 

2 (a) IMPLEMENTATION.—The President may exercise 

3 all authorities provided under sections 203 and 205 of the 

4 International Emergency Economic Powers Act (50 

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

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

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

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

9 this Act shall be subject to the penalties set forth in sub10 sections (b) and (c) of section 206 of the International 

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

12 same extent as a person that commits an unlawful act de13 scribed in subsection (a) of that section. 

Æ 


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