I 

117TH CONGRESS 

2D SESSION H. R. 6484 

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 HOUSE OF REPRESENTATIVES 

JANUARY 25, 2022 

Mr. GALLAGHER introduced the following bill; which was referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, Ways and Means, the Judiciary, 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 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 

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1 racies with Taiwan Act of 2022’’ or the ‘‘STAND with 

2 Taiwan Act of 2022’’. 

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

4 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. 

5 SEC. 2. FINDINGS. 

6 Congress makes the following findings: 

7 (1) Taiwan is a free and prosperous democracy 

8 of nearly 24,000,000 people, an important contrib9 utor to peace and stability around the world, and 

10 continues to embody and promote democratic values, 

11 freedom, and human rights in Asia. 

12 (2) The policy of the United States toward Tai13 wan is guided by the Taiwan Relations Act (22 

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1 public of China joint communique ́s concluded in 

2 1972, 1978, and 1982, and the Six Assurances that 

3 President Ronald Reagan communicated to Taiwan 

4 in 1982. 

5 (3) Under section 2 of the Taiwan Relations 

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

7 States— 

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

9 close, and friendly commercial, cultural, and 

10 other relations between the people of the United 

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

12 people on the China mainland and all other peo13 ples of the Western Pacific area’’; 

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

15 the area are in the political, security, and eco16 nomic interests of the United States, and are 

17 matters of international concern’’; 

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

19 decision to establish diplomatic relations with 

20 the People’s Republic of China rests upon the 

21 expectation that the future of Taiwan will be 

22 determined by peaceful means’’; 

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

24 the future of Taiwan by other than peaceful 

25 means, including by boycotts or embargoes, a 


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1 threat to the peace and security of the Western 

2 Pacific area and of grave concern to the United 

3 States’’; 

4 (E) ‘‘to provide Taiwan with arms of a de5 fensive character’’; and 

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

7 United States to resist any resort to force or 

8 other forms of coercion that would jeopardize 

9 the security, or the social or economic system, 

10 of the people on Taiwan’’. 

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

12 as President of Taiwan in 2016, the Chinese Com13 munist Party has employed a variety of coercive 

14 military and nonmilitary tactics short of armed con15 flict in its efforts to exert existential pressure on 

16 Taiwan, including through diplomatic isolation, re17 stricting tourism, cyberattacks, spreading 

18 disinformation, and controlling the ability of Taiwan 

19 to purchase COVID–19 vaccines from other coun20 tries. 

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

22 military provocations by the People’s Liberation 

23 Army against Taiwan, including increased flights of 

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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 the political, security, and 

2 economic interests of the United States; and 

3 (4) as an important deterrent measure against 

4 a military invasion of Taiwan, the Chinese Com5 munist Party must understand that initiating such 

6 an invasion will result in catastrophic economic and 

7 financial consequences for the People’s Republic of 

8 China. 

9 SEC. 4. STATEMENT OF POLICY. 

10 The policy of the Government of the United States 

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

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

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

14 1982, and the Six Assurances that President Ronald 

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

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

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

18 States— 

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

20 and financial instruments and levers of power, in21 cluding— 

22 (A) the imposition of sanctions with re23 spect to members of the Chinese Communist 

24 Party and financial institutions; 


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1 (B) prohibiting the listing or trading of the 

2 securities of Chinese entities on United States 

3 securities exchanges; 

4 (C) prohibiting investments by United 

5 States financial institutions in economic sectors 

6 of the People’s Republic of China; and 

7 (D) prohibiting the importation of certain 

8 goods mined, produced, or manufactured in the 

9 People’s Republic of China into the United 

10 States; and 

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

12 partners of the United States to encourage those al13 lies and partners to undertake similar economic, 

14 commercial, and financial actions against the Chi15 nese Communist Party. 

16 SEC. 5. DEFINITIONS. 

17 In this Act: 

18 (1) ACCOUNT; CORRESPONDENT ACCOUNT; PAY19 ABLE-THROUGH ACCOUNT.—The terms ‘‘account’’, 

20 ‘‘correspondent account’’, and ‘‘payable-through ac21 count’’ have the meanings given those terms in sec22 tion 5318A of title 31, United States Code. 

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

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


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1 meanings given those terms in section 101 of the 

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

3 (3) APPROPRIATE CONGRESSIONAL COMMIT4 TEES.—The term ‘‘appropriate congressional com5 mittees’’ means— 

6 (A) the Committee on Foreign Relations, 

7 the Committee on Armed Services, and the 

8 Committee on Banking, Housing, and Urban 

9 Affairs of the Senate; and 

10 (B) the Committee on Foreign Affairs, the 

11 Committee on Armed Services, and the Com12 mittee on Financial Services of the House of 

13 Representatives. 

14 (4) COVERED DETERMINATION.—The term 

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

16 term in section 6(a). 

17 (5) FINANCIAL INSTITUTION.—The term ‘‘fi18 nancial institution’’ means a financial institution 

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

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

21 5312(a)(2) of title 31, United States Code. 

22 (6) FOREIGN FINANCIAL INSTITUTION.—The 

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

24 given that term in regulations prescribed by the Sec25 retary of the Treasury. 


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1 (7) FOREIGN PERSON.—The term ‘‘foreign per2 son’’ means an individual or entity that is not a 

3 United States person. 

4 (8) KNOWINGLY.—The term ‘‘knowingly’’ with 

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

6 means that a person had actual knowledge, or 

7 should have known, of the conduct, the cir8 cumstance, or the result. 

9 (9) MILITARY INVASION.—The term ‘‘military 

10 invasion’’ includes— 

11 (A) an amphibious landing or assault; 

12 (B) an airborne operation or air assault; 

13 (C) an aerial bombardment or blockade; 

14 (D) missile attacks, including rockets, bal15 listic missiles, cruise missiles, and hypersonic 

16 missiles; and 

17 (E) a naval bombardment or blockade. 

18 (10) UNITED STATES PERSON.—The term 

19 ‘‘United States person’’ means— 

20 (A) a United States citizen or an alien law21 fully admitted for permanent residence to the 

22 United States; or 

23 (B) an entity organized under the laws of 

24 the United States or any jurisdiction within the 


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1 United States, including a foreign branch of 

2 such an entity. 

3 SEC. 6. DETERMINATION OF THE INITIATION OF A MILI4 TARY INVASION BY THE PEOPLE’S LIBERA5 TION ARMY OR ITS PROXIES. 

6 (a) COVERED DETERMINATION DEFINED.—In this 

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

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

9 than 24 hours after a military invasion of Taiwan by 

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

11 that such an invasion has occurred; or 

12 (2) the enactment of a joint resolution pursuant 

13 to subsection (b). 

14 (b) DETERMINATION BY JOINT RESOLUTION.— 

15 (1) COVERED JOINT RESOLUTION DEFINED.— 

16 In this subsection, the term ‘‘covered joint resolu17 tion’’ means only a joint resolution of either House 

18 of Congress the sole matter after the resolving 

19 clause of which is as follows: ‘‘That Congress deter20 mines that the People’s Liberation Army or one of 

21 its proxies initiated a military invasion of Taiwan on 

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

23 appropriate date. 

24 (2) INTRODUCTION.—A covered joint resolution 

25 may be introduced— 


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1 (A) in the House of Representatives, by 

2 the majority leader (or the majority leader’s 

3 designee) or the minority leader (or the minor4 ity leader’s designee); and 

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

6 (or the majority leader’s designee) or the mi7 nority leader (or the minority leader’s des8 ignee). 

9 (3) FLOOR CONSIDERATION IN HOUSE OF REP10 RESENTATIVES.— 

11 (A) DISCHARGE FROM COMMITTEE.—If a 

12 committee of the House of Representatives to 

13 which a covered joint resolution has been re14 ferred has not reported the joint resolution 

15 within 2 calendar days after the date of referral 

16 of the joint resolution, the committee shall be 

17 discharged from further consideration of the 

18 joint resolution and the joint resolution shall be 

19 placed on the appropriate calendar. 

20 (B) MOVING TO CONSIDERATION.—At any 

21 time after a covered joint resolution has been 

22 placed on the appropriate calendar, it is in 

23 order for the sponsor of the joint resolution (or 

24 a designee) to move for the consideration of 

25 that joint resolution. 


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1 (C) POINTS OF ORDER; MOTIONS.—All 

2 points of order against the covered joint resolu3 tion and its consideration are waived. If the mo4 tion under subparagraph (B) is agreed to, the 

5 joint resolution shall remain the unfinished 

6 business of the House until disposed of, except 

7 as provided in paragraph (5). 

8 (D) NO AMENDMENTS.—A covered joint 

9 resolution shall not be subject to amendment in 

10 the House of Representatives. 

11 (E) DEBATE.—General debate on a cov12 ered joint resolution shall not exceed 4 hours, 

13 which shall be equally divided and controlled by 

14 the sponsor of the joint resolution (or a des15 ignee) and an opponent. 

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

17 debate, the previous question shall be consid18 ered as ordered on the resolution, and the 

19 House of Representatives shall vote on final 

20 passage without intervening motion. 

21 (4) CONSIDERATION IN THE SENATE.— 

22 (A) REPORTING AND DISCHARGE.—If the 

23 committee of the Senate to which a covered 

24 joint resolution was referred has not reported 

25 the joint resolution within 2 calendar days after 


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1 the date of referral of the joint resolution, that 

2 committee shall be discharged from further con3 sideration of the joint resolution and the joint 

4 resolution shall be placed on the appropriate 

5 calendar. 

6 (B) PROCEEDING TO CONSIDERATION.— 

7 Notwithstanding Rule XXII of the Standing 

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

9 after the committee of the Senate to which a 

10 covered joint resolution was referred reports the 

11 joint resolution to the Senate or has been dis12 charged from consideration of the joint resolu13 tion (even though a previous motion to the 

14 same effect has been disagreed to) to move to 

15 proceed to the consideration of the joint resolu16 tion, and all points of order against the joint 

17 resolution (and against consideration of the 

18 joint resolution) are waived. The motion to pro19 ceed is not debatable. The motion is not subject 

20 to a motion to postpone. 

21 (C) NO AMENDMENTS.—An amendment to 

22 a covered joint resolution, or a motion to post23 pone, or a motion to proceed to the consider24 ation of other business, or a motion to recom25 mit a covered joint resolution, is not in order. 


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1 (D) CONSIDERATION.— 

2 (i) LIMITATION ON DEBATE.—Consid3 eration in the Senate of a covered joint 

4 resolution shall be limited to not more than 

5 10 hours, which shall be equally divided 

6 between, and controlled by, the majority 

7 leader and the minority leader, or by their 

8 designees. 

9 (ii) VOTE ON ADOPTION.—Whenever 

10 all the time for debate on a covered joint 

11 resolution has been used or yielded back, 

12 the vote on the adoption of the resolution 

13 shall occur without any intervening motion 

14 or amendment, except that a single 

15 quorum call at the conclusion of the debate 

16 if requested in accordance with the Rules 

17 of the Senate may occur immediately be18 fore such vote. 

19 (E) RULINGS OF THE CHAIR ON PROCE20 DURE.—Appeals from the decisions of the Chair 

21 relating to the application of the rules of the 

22 Senate, as the case may be, to the procedure re23 lating to a covered joint resolution shall be de24 cided without debate. 


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1 (F) CONSIDERATION OF VETO MES2 SAGES.—Debate in the Senate of any veto mes3 sage with respect to a covered joint resolution, 

4 including all debatable motions and appeals in 

5 connection with the joint resolution, shall be 

6 limited to 10 hours, to be equally divided be7 tween, and controlled by, the majority leader 

8 and the minority leader or their designees. 

9 (5) RULES RELATING TO SENATE AND HOUSE

10 OF REPRESENTATIVES.— 

11 (A) TREATMENT OF SENATE JOINT RESO12 LUTION IN HOUSE.—In the House of Rep13 resentatives, the following procedures shall 

14 apply to a covered joint resolution received from 

15 the Senate (unless the House has already 

16 passed a joint resolution relating to the same 

17 proposed action): 

18 (i) The joint resolution shall be re19 ferred to the appropriate committees. 

20 (ii) If a committee to which a joint 

21 resolution has been referred has not re22 ported the joint resolution within 2 cal23 endar days after the date of referral, that 

24 committee shall be discharged from further 

25 consideration of the joint resolution. 


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1 (iii) Beginning on the third legislative 

2 day after the committee to which a joint 

3 resolution has been referred reports the 

4 joint resolution to the House or has been 

5 discharged from further consideration 

6 thereof, it shall be in order to move to pro7 ceed to consider the joint resolution in the 

8 House. All points of order against the mo9 tion are waived. Such a motion shall not be 

10 in order after the House has disposed of a 

11 motion to proceed on the joint resolution. 

12 The previous question shall be considered 

13 as ordered on the motion to its adoption 

14 without intervening motion. The motion 

15 shall not be debatable. A motion to recon16 sider the vote by which the motion is dis17 posed of shall not be in order. 

18 (iv) The joint resolution shall be con19 sidered as read. All points of order against 

20 the joint resolution and against its consid21 eration are waived. The previous question 

22 shall be considered as ordered on the joint 

23 resolution to final passage without inter24 vening motion except 4 hours of debate 

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1 sor of the joint resolution (or a designee) 

2 and an opponent. A motion to reconsider 

3 the vote on passage of the joint resolution 

4 shall not be in order. 

5 (B) TREATMENT OF HOUSE JOINT RESO6 LUTION IN SENATE.— 

7 (i) RECEIPT BEFORE PASSAGE.—If, 

8 before the passage by the Senate of a cov9 ered joint resolution, the Senate receives 

10 an identical joint resolution from the 

11 House of Representatives, the following 

12 procedures shall apply: 

13 (I) That joint resolution shall not 

14 be referred to a committee. 

15 (II) With respect to that joint 

16 resolution— 

17 (aa) the procedure in the 

18 Senate shall be the same as if no 

19 joint resolution had been received 

20 from the House of Representa21 tives; but 

22 (bb) the vote on passage 

23 shall be on the joint resolution 

24 from the House of Representa25 tives. 


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1 (ii) RECEIPT AFTER PASSAGE.—If, 

2 following passage of a covered joint resolu3 tion in the Senate, the Senate receives an 

4 identical joint resolution from the House of 

5 Representatives, that joint resolution shall 

6 be placed on the appropriate Senate cal7 endar. 

8 (iii) NO COMPANION MEASURE.—If a 

9 covered joint resolution is received from 

10 the House, and no companion joint resolu11 tion has been introduced in the Senate, the 

12 Senate procedures under this subsection 

13 shall apply to the House joint resolution. 

14 (C) APPLICATION TO REVENUE MEAS15 URES.—The provisions of this paragraph shall 

16 not apply in the House of Representatives to a 

17 covered joint resolution that is a revenue meas18 ure. 

19 (6) RULES OF HOUSE OF REPRESENTATIVES

20 AND SENATE.—This subsection is enacted by Con21 gress— 

22 (A) as an exercise of the rulemaking power 

23 of the Senate and the House of Representa24 tives, respectively, and as such is deemed a part 

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1 persedes other rules only to the extent that it 

2 is inconsistent with such rules; and 

3 (B) with full recognition of the constitu4 tional right of either House to change the rules 

5 (so far as relating to the procedure of that 

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

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

8 rule of that House. 

9 SEC. 7. IMPOSITION OF SANCTIONS WITH RESPECT TO 

10 MEMBERS OF THE CHINESE COMMUNIST 

11 PARTY. 

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

13 days after a covered determination is made, the President 

14 shall— 

15 (1) impose the sanctions described in subsection 

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

17 determines is a member of the Chinese Communist 

18 Party, including any branch of the armed forces or 

19 intelligence agencies of the Chinese Communist 

20 Party; and 

21 (2) impose the sanctions described in subsection 

22 (c) with respect to— 

23 (A) any foreign person identified under 

24 paragraph (1); 


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1 (B) any successor entity to that foreign 

2 person; and 

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

4 subsidiary of that foreign person. 

5 (b) SANCTIONS DESCRIBED.—The sanctions de6 scribed in this subsection are the following: 

7 (1) BLOCKING OF PROPERTY.— 

8 (A) IN GENERAL.—The President shall ex9 ercise all of the powers granted by the Inter10 national Emergency Economic Powers Act (50 

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

12 transactions in all property and interests in 

13 property of a foreign person described in sub14 section (a)(1) if such property and interests in 

15 property are in the United States, come within 

16 the United States, or are or come within the 

17 possession or control of a United States person. 

18 (B) INAPPLICABILITY OF NATIONAL EMER19 GENCY REQUIREMENT.—The requirements of 

20 section 202 of the International Emergency 

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

22 not apply for purposes of this section. 

23 (2) INCLUSION ON ENTITY LIST.—The Presi24 dent shall include a foreign person described in sub25 section (a)(1) on the entity list maintained by the 


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1 Bureau of Industry and Security of the Department 

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

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

4 for activities contrary to the national security or for5 eign policy interests of the United States. 

6 (3) BANKING TRANSACTIONS.—The President 

7 shall, pursuant to such regulations as the President 

8 may prescribe, prohibit any transfers of credit or 

9 payments between financial institutions or by, 

10 through or to any financial institution, to the extent 

11 that such transfers or payments are subject to the 

12 jurisdiction of the United States and involve any in13 terest of a foreign person described in subsection 

14 (a)(1). 

15 (c) INELIGIBILITY FOR VISAS, ADMISSION, OR PA16 ROLE.— 

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

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

19 (A) inadmissible to the United States; 

20 (B) ineligible to receive a visa or other doc21 umentation to enter the United States; and 

22 (C) otherwise ineligible to be admitted or 

23 paroled into the United States or to receive any 

24 other benefit under the Immigration and Na25 tionality Act (8 U.S.C. 1101 et seq.). 


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1 (2) CURRENT VISAS REVOKED.— 

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

3 documentation of an alien described in sub4 section (a)(2) shall be revoked, regardless of 

5 when such visa or other entry documentation is 

6 or was issued. 

7 (B) IMMEDIATE EFFECT.—A revocation 

8 under subparagraph (A) shall— 

9 (i) take effect immediately; and 

10 (ii) automatically cancel any other 

11 valid visa or entry documentation that is in 

12 the alien’s possession. 

13 (d) EXCEPTION FOR COMPLIANCE WITH INTER14 NATIONAL OBLIGATIONS AND LAW ENFORCEMENT AC15 TIVITIES.—Sanctions under subsection (c) shall not apply 

16 with respect to an alien if— 

17 (1) admitting or paroling the alien 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 

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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 SEC. 8. IMPOSITION OF SANCTIONS WITH RESPECT TO FI8 NANCIAL INSTITUTIONS AFFILIATED WITH 

9 THE CHINESE COMMUNIST PARTY. 

10 (a) IN GENERAL.—Not later than 3 days after a cov11 ered determination is made, the Secretary of the Treasury 

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

13 respect to a foreign financial institution described in sub14 section (b). 

15 (b) FOREIGN FINANCIAL INSTITUTIONS DE16 SCRIBED.—A foreign financial institution is described in 

17 this subsection if the Chinese Communist Party has a ma18 jority ownership interest in the financial institution or the 

19 financial institution is otherwise affiliated with the Chi20 nese Communist Party, including the following financial 

21 institutions and their subsidiaries and successor entities: 

22 (1) The People’s Bank of China. 

23 (2) The Industrial and Commercial Bank of 

24 China. 

25 (3) The China Construction Bank. 


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1 (4) The Bank of China. 

2 (5) The Bank of Communications. 

3 (6) The Agricultural Bank of China. 

4 (7) The China CITIC Bank. 

5 (c) SANCTIONS DESCRIBED.—The sanctions de6 scribed in this subsection are the following: 

7 (1) BLOCKING OF PROPERTY.— 

8 (A) IN GENERAL.—The President shall ex9 ercise all of the powers granted to the President 

10 under the International Emergency Economic 

11 Powers Act (50 U.S.C. 1701 et seq.) to the ex12 tent necessary to block and prohibit all trans13 actions in property and interests in property of 

14 a foreign financial institution subject to sub15 section (a) if such property and interests in 

16 property are in the United States, come within 

17 the United States, or are or come within the 

18 possession or control of a United States person. 

19 (B) INAPPLICABILITY OF NATIONAL EMER20 GENCY REQUIREMENT.—The requirements of 

21 section 202 of the International Emergency 

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

23 not apply for purposes of this section. 

24 (2) RESTRICTIONS ON CORRESPONDENT AND

25 PAYABLE-THROUGH ACCOUNTS.—The President 


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1 shall prohibit the opening, and prohibit or impose 

2 strict conditions on the maintaining, in the United 

3 States of a correspondent account or payable4 through account by a foreign financial institution 

5 subject to subsection (a). 

6 SEC. 9. IMPOSITION OF SANCTIONS WITH RESPECT TO EN7 TITIES OWNED BY OR AFFILIATED WITH THE 

8 CHINESE COMMUNIST PARTY. 

9 (a) IN GENERAL.—Not later than 3 days after a cov10 ered determination is made, the Secretary of the Treasury 

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

12 respect to any entity that— 

13 (1) the Chinese Communist Party has an own14 ership interest in; or 

15 (2) is otherwise affiliated with the Chinese 

16 Communist Party. 

17 (b) BLOCKING OF PROPERTY.— 

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

19 all of the powers granted to the President under the 

20 International Emergency Economic Powers Act (50 

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

22 and prohibit all transactions in property and inter23 ests in property of an entity in an industry subject 

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

25 property are in the United States, come within the 


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1 United States, or are or come within the possession 

2 or control of a United States person. 

3 (2) INAPPLICABILITY OF NATIONAL EMER4 GENCY REQUIREMENT.—The requirements of section 

5 202 of the International Emergency Economic Pow6 ers Act (50 U.S.C. 1701) shall not apply for pur7 poses of this section. 

8 SEC. 10. PROHIBITION ON TRANSFERS OF FUNDS INVOLV9 ING THE PEOPLE’S REPUBLIC OF CHINA. 

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

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

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

13 461(b)(1)(A)) or a broker or dealer in securities registered 

14 with the Securities and Exchange Commission under the 

15 Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 

16 may not process transfers of funds— 

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

18 or 

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

20 of the Chinese Communist Party. 

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

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

23 described in that subsection if the transfer— 

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

25 necessary to give effect to, an underlying transaction 


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1 that is authorized by a specific or general license; 

2 and 

3 (2) does not involve debiting or crediting an 

4 Chinese account. 

5 SEC. 11. PROHIBITION ON LISTING OR TRADING OF CHI6 NESE ENTITIES ON UNITED STATES SECURI7 TIES EXCHANGES. 

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

9 Commission shall prohibit the securities of an issuer de10 scribed in subsection (b) from being traded on a national 

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

12 after a covered determination is made. 

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

14 is an issuer that is— 

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

16 Chinese Communist Party; or 

17 (2) an entity that— 

18 (A) the Chinese Communist Party has an 

19 ownership interest in; or 

20 (B) is otherwise affiliated with the Chinese 

21 Communist Party. 

22 (c) DEFINITIONS.—In this section: 

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

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


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

2 1934 (15 U.S.C. 78c). 

3 (2) NATIONAL SECURITIES EXCHANGE.—The 

4 term ‘‘national securities exchange’’ means an ex5 change registered as a national securities exchange 

6 in accordance with section 6 of the Securities Ex7 change Act of 1934 (15 U.S.C. 78f). 

8 SEC. 12. PROHIBITION ON INVESTMENTS BY UNITED 

9 STATES FINANCIAL INSTITUTIONS THAT BEN10 EFIT THE CHINESE COMMUNIST PARTY. 

11 (a) IN GENERAL.—Not later than 3 days after a cov12 ered determination is made, the Secretary of the Treasury 

13 shall prohibit any United States financial institution from 

14 making any investments described in subsection (b). 

15 (b) INVESTMENTS DESCRIBED.—An investment de16 scribed in this subsection is a monetary investment— 

17 (1) to— 

18 (A) an entity owned or controlled by the 

19 Chinese Communist Party; or 

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

21 (2) for the benefit of any priority industrial sec22 tor identified by the Chinese Communist Party in 

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

24 Year Smart Manufacturing Development Plan’’, in25 cluding— 


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1 (A) agriculture machinery; 

2 (B) information technology; 

3 (C) artificial intelligence, machine learning, 

4 and robotics; 

5 (D) green energy and green vehicles; 

6 (E) aerospace equipment; 

7 (F) ocean engineering and high tech ships; 

8 (G) railway equipment; 

9 (H) power equipment; 

10 (I) new materials; 

11 (J) medicine and medical devices; 

12 (K) fifth generation and future generation 

13 telecommunications and other advanced wireless 

14 networking technologies; 

15 (L) semiconductor manufacturing; 

16 (M) biotechnology; 

17 (N) quantum computing; 

18 (O) surveillance technologies, including fa19 cial recognition technologies and censorship 

20 software; 

21 (P) fiber optic cables; and 

22 (Q) mining and resource development. 

23 (c) UNITED STATES FINANCIAL INSTITUTION DE24 FINED.—In this section, the term ‘‘United States financial 

25 institution’’— 


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1 (1) means any financial institution that is a 

2 United States person; and 

3 (2) includes an investment company, private eq4 uity company, venture capital company, or hedge 

5 fund that is a United States person. 

6 SEC. 13. PROHIBITION ON IMPORTATION OF CERTAIN 

7 GOODS MADE IN THE PEOPLE’S REPUBLIC OF 

8 CHINA. 

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

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

11 determination is made, all goods mined, produced, or man12 ufactured wholly or in part in the People’s Republic of 

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

14 entity or industry wholly financed by the Chinese Com15 munist Party or in which the Chinese Communist Party 

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

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

18 importation of such goods is prohibited. 

19 (b) EXCEPTION.—The prohibition under subsection 

20 (a) shall not apply with respect to a good if the Presi21 dent— 

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

23 national security, economic security, or public health 

24 of the United States; and 


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1 (2) submits to the appropriate congressional 

2 committees and make available to the public a report 

3 on that determination. 

4 SEC. 14. EXCEPTIONS; WAIVER. 

5 (a) EXCEPTION FOR INTELLIGENCE ACTIVITIES.— 

6 This Act shall not apply with respect to activities subject 

7 to the reporting requirements under title V of the National 

8 Security Act of 1947 (50 U.S.C. 3091 et seq.) or any au9 thorized intelligence activities of the United States. 

10 (b) NATIONAL SECURITY WAIVER.—The President 

11 may waive the imposition of sanctions under this Act with 

12 respect to a person if the President— 

13 (1) determines that such a waiver is in the na14 tional security interests of the United States; and 

15 (2) submits to the appropriate congressional 

16 committees a notification of the waiver and the rea17 sons for the waiver. 

18 SEC. 15. IMPLEMENTATION; PENALTIES. 

19 (a) IMPLEMENTATION.—The President may exercise 

20 all authorities provided under sections 203 and 205 of the 

21 International Emergency Economic Powers Act (50 

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

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

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

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


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1 this Act shall be subject to the penalties set forth in sub2 sections (b) and (c) of section 206 of the International 

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

4 same extent as a person that commits an unlawful act de5 scribed in subsection (a) of that section. 

Æ 


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