I 

118TH CONGRESS 

1ST SESSION H. R. 2372 

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 HOUSE OF REPRESENTATIVES 

MARCH 29, 2023 

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. 

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’’. 


pbinns on DSKJLVW7X2PROD with $$_JOB
2 

•HR 2372 IH

1 SEC. 2. FINDINGS. 

2 Congress makes the following findings: 

3 (1) Taiwan is a free and prosperous democracy 

4 of nearly 24,000,000 people, an important contrib5 utor to peace and stability around the world, and 

6 continues to embody and promote democratic values, 

7 freedom, and human rights in Asia. 

8 (2) The policy of the United States toward Tai9 wan is guided by the Taiwan Relations Act (22 

10 U.S.C. 3301 et seq.), the United States-People’s Re11 public of China joint communique ́s concluded in 

12 1972, 1978, and 1982, and the Six Assurances that 

13 President Ronald Reagan communicated to Taiwan 

14 in 1982. 

15 (3) Under section 2 of the Taiwan Relations 

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

17 States— 

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

19 close, and friendly commercial, cultural, and 

20 other relations between the people of the United 

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

22 people on the China mainland and all other peo23 ples of the Western Pacific area’’; 

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

25 the area are in the political, security, and ecoVerDate Sep 11 2014 21:38 Apr 08, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2372.IH H2372

pbinns on DSKJLVW7X2PROD with $$_JOB
3 

•HR 2372 IH

1 nomic interests of the United States, and are 

2 matters of international concern’’; 

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

4 decision to establish diplomatic relations with 

5 the People’s Republic of China rests upon the 

6 expectation that the future of Taiwan will be 

7 determined by peaceful means’’; 

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

9 the future of Taiwan by other than peaceful 

10 means, including by boycotts or embargoes, a 

11 threat to the peace and security of the Western 

12 Pacific area and of grave concern to the United 

13 States’’; 

14 (E) ‘‘to provide Taiwan with arms of a de15 fensive character’’; and 

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

17 United States to resist any resort to force or 

18 other forms of coercion that would jeopardize 

19 the security, or the social or economic system, 

20 of the people on Taiwan’’. 

21 (4) For decades and increasingly since the elec22 tion of President Tsai Ing-wen as President of Tai23 wan in 2016, the Chinese Communist Party has em24 ployed a variety of coercive military and nonmilitary 

25 tactics short of armed conflict in its efforts to exert 


pbinns on DSKJLVW7X2PROD with $$_JOB
4 

•HR 2372 IH

1 existential pressure on Taiwan, including through 

2 diplomatic isolation, restricting tourism, 

3 cyberattacks, spreading disinformation, and control4 ling the ability of Taiwan to purchase COVID–19 

5 vaccines from other countries. 

6 (5) Since 2020, military incursions by the Peo7 ple’s Republic of China into Taiwan’s air defense 

8 identification zone have been occurring at a rapidly 

9 increasing pace. In 2022, such incursions occurred 

10 1,700 times, nearly double the total in 2021, which 

11 was itself almost triple the 2020 total. 

12 (6) Since 2021, there has been a notable in13 crease in military provocations by the People’s Lib14 eration Army against Taiwan, including incursions 

15 over the midline separating the People’s Republic of 

16 China from Taiwan, holding military exercises in the 

17 vicinity of Taiwan’s controlled waters, and per18 forming live-fire exercises in the South China Sea. 

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

20 China held unprecedented live-fire military exercises 

21 and a simulated blockade involving hundreds of mili22 tary aircraft, dozens of warships, and launches of 

23 short-range ballistic missiles over the territory of 

24 Taiwan. 


pbinns on DSKJLVW7X2PROD with $$_JOB
5 

•HR 2372 IH

1 (8) The People’s Republic of China is attempt2 ing to erase the midline separating it from Taiwan, 

3 increasing the prospects for incidental contact be4 tween forces of the People’s Republic of China and 

5 Taiwan as well as shorting reaction times related to 

6 provocations by the People’s Republic of China. 

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

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

9 of China released a white paper entitled ‘‘The Tai10 wan Question and China’s Reunification in the New 

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

12 the Government of the People’s Republic of China 

13 not to renounce the use of force to bring about unifi14 cation with Taiwan and to ‘‘always be ready to re15 spond with the use of force . . . to interference by 

16 external forces or radical action by separatist ele17 ments’’. 

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

19 United States Indo-Pacific Command Admiral Philip 

20 Davidson testified that the threat of a military inva21 sion of Taiwan by the People’s Liberation Army ‘‘is 

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

23 years’’. 

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

25 United States Pacific Fleet Admiral John Aquilino 


pbinns on DSKJLVW7X2PROD with $$_JOB
6 

•HR 2372 IH

1 testified that the threat of a military invasion by the 

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

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

4 before 2035. 

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

6 of the Russian Federation initiated an unprovoked 

7 and unjustified invasion of Ukraine, resulting in at 

8 least 14,000 civilian casualties, including more than 

9 5,000 deaths. 

10 (13) The Russian Federation invasion has de11 stabilized global markets and supply chains, from 

12 energy to food, contributing to high inflation and re13 cession in the United States and deep cuts to global 

14 gross domestic product. 

15 (14) With the assistance of the United States 

16 and European allies, Ukrainian forces have success17 fully repelled the Russian Federation invasion and 

18 recaptured significant portions of territory taken by 

19 the Russian Federation in the initial stages of the 

20 invasion. 

21 (15) In addition to military power, timely mes22 saging around the use of economic and financial in23 struments of United States power and their poten24 tial use can have an important deterrent effect on 

25 the actions of other countries. 


pbinns on DSKJLVW7X2PROD with $$_JOB
7 

•HR 2372 IH

1 SEC. 3. SENSE OF CONGRESS. 

2 It is the sense of Congress that— 

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

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

5 peace and stability in the Taiwan Strait as a critical 

6 component; 

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

8 Republic of China and the Chinese Communist 

9 Party to unilaterally determine the future of Taiwan 

10 through non-peaceful means, including threats and 

11 the direct use of force, military coercion, economic 

12 boycotts or embargoes, cyberattacks, and efforts to 

13 internationally isolate or annex Taiwan— 

14 (A) directly undermine the spirit, intent, 

15 and purpose of the Taiwan Relations Act (22 

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

17 (B) undermine peace and stability in the 

18 Taiwan Strait; 

19 (C) limit a free and open Indo-Pacific re20 gion; and 

21 (D) are of grave concern to the Govern22 ment of the United States; 

23 (3) the initiation of a military invasion of Tai24 wan by the People’s Liberation Army would— 


pbinns on DSKJLVW7X2PROD with $$_JOB
8 

•HR 2372 IH

1 (A) constitute a threat to the peace and se2 curity of the Western Pacific Area and threaten 

3 the peace stability of the entire globe; and 

4 (B) undermine the core political, security, 

5 and economic interests of the United States at 

6 home and abroad; and 

7 (4) as an important deterrent measure against 

8 a military invasion of Taiwan, the Government of 

9 the People’s Republic of China and the Chinese 

10 Communist Party must understand that initiating 

11 such an invasion will result in catastrophic economic 

12 and financial consequences for the People’s Republic 

13 of China. 

14 SEC. 4. STATEMENT OF POLICY. 

15 The policy of the Government of the United States 

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

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

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

19 1982, and the Six Assurances that President Ronald 

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

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

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

23 States— 


pbinns on DSKJLVW7X2PROD with $$_JOB
9 

•HR 2372 IH

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

2 and financial instruments and levers of power, in3 cluding— 

4 (A) the imposition of sanctions with re5 spect to leadership of the Chinese Communist 

6 Party, key officials of the Government of the 

7 People’s Republic of China, and financial insti8 tutions and other entities affiliated with the 

9 Chinese Communist Party or the Government 

10 of the People’s Republic of China; 

11 (B) prohibiting the listing or trading of the 

12 securities of Chinese entities on United States 

13 securities exchanges; 

14 (C) prohibiting investments by United 

15 States financial institutions in economic sectors 

16 of the People’s Republic of China; and 

17 (D) prohibiting the importation of certain 

18 goods mined, produced, or manufactured in the 

19 People’s Republic of China into the United 

20 States; and 

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

22 partners of the United States to encourage those al23 lies and partners to undertake similar economic, 

24 commercial, and financial actions against the GovVerDate Sep 11 2014 21:38 Apr 08, 2023 Jkt 039200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H2372.IH H2372

pbinns on DSKJLVW7X2PROD with $$_JOB
10 

•HR 2372 IH

1 ernment of the People’s Republic of China and the 

2 Chinese Communist Party. 

3 SEC. 5. DEFINITIONS. 

4 In this Act: 

5 (1) ACCOUNT; CORRESPONDENT ACCOUNT; PAY6 ABLE-THROUGH ACCOUNT.—The terms ‘‘account’’, 

7 ‘‘correspondent account’’, and ‘‘payable-through ac8 count’’ have the meanings given those terms in sec9 tion 5318A of title 31, United States Code. 

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

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

12 meanings given those terms in section 101 of the 

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

14 (3) APPROPRIATE CONGRESSIONAL COMMIT15 TEES.—The term ‘‘appropriate congressional com16 mittees’’ means— 

17 (A) the Committee on Foreign Relations, 

18 the Committee on Armed Services, and the 

19 Committee on Banking, Housing, and Urban 

20 Affairs of the Senate; and 

21 (B) the Committee on Foreign Affairs, the 

22 Committee on Armed Services, and the Com23 mittee on Financial Services of the House of 

24 Representatives. 


pbinns on DSKJLVW7X2PROD with $$_JOB
11 

•HR 2372 IH

1 (4) COVERED DETERMINATION.—The term 

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

3 term in section 6(a). 

4 (5) FINANCIAL INSTITUTION.—The term ‘‘fi5 nancial institution’’ means a financial institution 

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

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

8 5312(a)(2) of title 31, United States Code. 

9 (6) FOREIGN PERSON.—The term ‘‘foreign per10 son’’ means an individual or entity that is not a 

11 United States person. 

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

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

14 means that a person had actual knowledge, or 

15 should have known, of the conduct, the cir16 cumstance, or the result. 

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

18 invasion’’ includes— 

19 (A) an amphibious landing or assault; 

20 (B) an airborne operation or air assault; 

21 (C) an aerial bombardment or blockade; 

22 (D) missile attacks, including rockets, bal23 listic missiles, cruise missiles, and hypersonic 

24 missiles; 

25 (E) a naval bombardment or blockade; and 


pbinns on DSKJLVW7X2PROD with $$_JOB
12 

•HR 2372 IH

1 (F) attack on any territory controlled or 

2 administered by the Government of Taiwan, in3 cluding offshore islands controlled or adminis4 tered by that Government. 

5 (9) UNITED STATES PERSON.—The term 

6 ‘‘United States person’’ means— 

7 (A) a United States citizen or an alien law8 fully admitted for permanent residence to the 

9 United States; or 

10 (B) an entity organized under the laws of 

11 the United States or any jurisdiction within the 

12 United States, including a foreign branch of 

13 such an entity. 

14 SEC. 6. DETERMINATION OF THE INITIATION OF A MILI15 TARY INVASION BY THE PEOPLE’S LIBERA16 TION ARMY OR ITS PROXIES. 

17 (a) COVERED DETERMINATION DEFINED.—In this 

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

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

20 than 24 hours after a military invasion of Taiwan by 

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

22 that such an invasion has occurred; or 

23 (2) the enactment of a joint resolution pursuant 

24 to subsection (b). 

25 (b) DETERMINATION BY JOINT RESOLUTION.— 


pbinns on DSKJLVW7X2PROD with $$_JOB
13 

•HR 2372 IH

1 (1) COVERED JOINT RESOLUTION DEFINED.— 

2 In this subsection, the term ‘‘covered joint resolu3 tion’’ means only a joint resolution of either House 

4 of Congress the sole matter after the resolving 

5 clause of which is as follows: ‘‘That Congress deter6 mines that the People’s Liberation Army or one of 

7 its proxies initiated a military invasion of Taiwan on 

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

9 appropriate date. 

10 (2) INTRODUCTION.—A covered joint resolution 

11 may be introduced— 

12 (A) in the House of Representatives, by 

13 the majority leader (or the majority leader’s 

14 designee) or the minority leader (or the minor15 ity leader’s designee); and 

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

17 (or the majority leader’s designee) or the mi18 nority leader (or the minority leader’s des19 ignee). 

20 (3) FLOOR CONSIDERATION IN HOUSE OF REP21 RESENTATIVES.— 

22 (A) DISCHARGE FROM COMMITTEE.—If a 

23 committee of the House of Representatives to 

24 which a covered joint resolution has been re25 ferred has not reported the joint resolution 


pbinns on DSKJLVW7X2PROD with $$_JOB
14 

•HR 2372 IH

1 within 2 calendar days after the date of referral 

2 of the joint resolution, the committee shall be 

3 discharged from further consideration of the 

4 joint resolution and the joint resolution shall be 

5 placed on the appropriate calendar. 

6 (B) MOVING TO CONSIDERATION.—At any 

7 time after a covered joint resolution has been 

8 placed on the appropriate calendar, it is in 

9 order for the sponsor of the joint resolution (or 

10 a designee) to move for the consideration of 

11 that joint resolution. 

12 (C) POINTS OF ORDER; MOTIONS.—All 

13 points of order against the covered joint resolu14 tion and its consideration are waived. If the mo15 tion under subparagraph (B) is agreed to, the 

16 joint resolution shall remain the unfinished 

17 business of the House until disposed of, except 

18 as provided in paragraph (5). 

19 (D) NO AMENDMENTS.—A covered joint 

20 resolution shall not be subject to amendment in 

21 the House of Representatives. 

22 (E) DEBATE.—General debate on a cov23 ered joint resolution shall not exceed 4 hours, 

24 which shall be equally divided and controlled by 


pbinns on DSKJLVW7X2PROD with $$_JOB
15 

•HR 2372 IH

1 the sponsor of the joint resolution (or a des2 ignee) and an opponent. 

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

4 debate, the previous question shall be consid5 ered as ordered on the resolution, and the 

6 House of Representatives shall vote on final 

7 passage without intervening motion. 

8 (4) CONSIDERATION IN THE SENATE.— 

9 (A) REPORTING AND DISCHARGE.—If the 

10 committee of the Senate to which a covered 

11 joint resolution was referred has not reported 

12 the joint resolution within 2 calendar days after 

13 the date of referral of the joint resolution, that 

14 committee shall be discharged from further con15 sideration of the joint resolution and the joint 

16 resolution shall be placed on the appropriate 

17 calendar. 

18 (B) PROCEEDING TO CONSIDERATION.— 

19 Notwithstanding Rule XXII of the Standing 

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

21 after the committee of the Senate to which a 

22 covered joint resolution was referred reports the 

23 joint resolution to the Senate or has been dis24 charged from consideration of the joint resolu25 tion (even though a previous motion to the 


pbinns on DSKJLVW7X2PROD with $$_JOB
16 

•HR 2372 IH

1 same effect has been disagreed to) to move to 

2 proceed to the consideration of the joint resolu3 tion, and all points of order against the joint 

4 resolution (and against consideration of the 

5 joint resolution) are waived. The motion to pro6 ceed is not debatable. The motion is not subject 

7 to a motion to postpone. 

8 (C) NO AMENDMENTS.—An amendment to 

9 a covered joint resolution, or a motion to post10 pone, or a motion to proceed to the consider11 ation of other business, or a motion to recom12 mit a covered joint resolution, is not in order. 

13 (D) CONSIDERATION.— 

14 (i) LIMITATION ON DEBATE.—Consid15 eration in the Senate of a covered joint 

16 resolution shall be limited to not more than 

17 10 hours, which shall be equally divided 

18 between, and controlled by, the majority 

19 leader and the minority leader, or by their 

20 designees. 

21 (ii) VOTE ON ADOPTION.—Whenever 

22 all the time for debate on a covered joint 

23 resolution has been used or yielded back, 

24 the vote on the adoption of the resolution 

25 shall occur without any intervening motion 


pbinns on DSKJLVW7X2PROD with $$_JOB
17 

•HR 2372 IH

1 or amendment, except that a single 

2 quorum call at the conclusion of the debate 

3 if requested in accordance with the Rules 

4 of the Senate may occur immediately be5 fore such vote. 

6 (E) RULINGS OF THE CHAIR ON PROCE7 DURE.—Appeals from the decisions of the Chair 

8 relating to the application of the rules of the 

9 Senate, as the case may be, to the procedure re10 lating to a covered joint resolution shall be de11 cided without debate. 

12 (F) CONSIDERATION OF VETO MES13 SAGES.—Debate in the Senate of any veto mes14 sage with respect to a covered joint resolution, 

15 including all debatable motions and appeals in 

16 connection with the joint resolution, shall be 

17 limited to 10 hours, to be equally divided be18 tween, and controlled by, the majority leader 

19 and the minority leader or their designees. 

20 (5) RULES RELATING TO SENATE AND HOUSE

21 OF REPRESENTATIVES.— 

22 (A) TREATMENT OF SENATE JOINT RESO23 LUTION IN HOUSE.—In the House of Rep24 resentatives, the following procedures shall 

25 apply to a covered joint resolution received from 


pbinns on DSKJLVW7X2PROD with $$_JOB
18 

•HR 2372 IH

1 the Senate (unless the House has already 

2 passed a joint resolution relating to the same 

3 proposed action): 

4 (i) The joint resolution shall be re5 ferred to the appropriate committees. 

6 (ii) If a committee to which a joint 

7 resolution has been referred has not re8 ported the joint resolution within 2 cal9 endar days after the date of referral, that 

10 committee shall be discharged from further 

11 consideration of the joint resolution. 

12 (iii) Beginning on the third legislative 

13 day after the committee to which a joint 

14 resolution has been referred reports the 

15 joint resolution to the House or has been 

16 discharged from further consideration 

17 thereof, it shall be in order to move to pro18 ceed to consider the joint resolution in the 

19 House. All points of order against the mo20 tion are waived. Such a motion shall not be 

21 in order after the House has disposed of a 

22 motion to proceed on the joint resolution. 

23 The previous question shall be considered 

24 as ordered on the motion to its adoption 

25 without intervening motion. The motion 


pbinns on DSKJLVW7X2PROD with $$_JOB
19 

•HR 2372 IH

1 shall not be debatable. A motion to recon2 sider the vote by which the motion is dis3 posed of shall not be in order. 

4 (iv) The joint resolution shall be con5 sidered as read. All points of order against 

6 the joint resolution and against its consid7 eration are waived. The previous question 

8 shall be considered as ordered on the joint 

9 resolution to final passage without inter10 vening motion except 4 hours of debate 

11 equally divided and controlled by the spon12 sor of the joint resolution (or a designee) 

13 and an opponent. A motion to reconsider 

14 the vote on passage of the joint resolution 

15 shall not be in order. 

16 (B) TREATMENT OF HOUSE JOINT RESO17 LUTION IN SENATE.— 

18 (i) RECEIPT BEFORE PASSAGE.—If, 

19 before the passage by the Senate of a cov20 ered joint resolution, the Senate receives 

21 an identical joint resolution from the 

22 House of Representatives, the following 

23 procedures shall apply: 

24 (I) That joint resolution shall not 

25 be referred to a committee. 


pbinns on DSKJLVW7X2PROD with $$_JOB
20 

•HR 2372 IH

1 (II) With respect to that joint 

2 resolution— 

3 (aa) the procedure in the 

4 Senate shall be the same as if no 

5 joint resolution had been received 

6 from the House of Representa7 tives; but 

8 (bb) the vote on passage 

9 shall be on the joint resolution 

10 from the House of Representa11 tives. 

12 (ii) RECEIPT AFTER PASSAGE.—If, 

13 following passage of a covered joint resolu14 tion in the Senate, the Senate receives an 

15 identical joint resolution from the House of 

16 Representatives, that joint resolution shall 

17 be placed on the appropriate Senate cal18 endar. 

19 (iii) NO COMPANION MEASURE.—If a 

20 covered joint resolution is received from 

21 the House, and no companion joint resolu22 tion has been introduced in the Senate, the 

23 Senate procedures under this subsection 

24 shall apply to the House joint resolution. 


pbinns on DSKJLVW7X2PROD with $$_JOB
21 

•HR 2372 IH

1 (C) APPLICATION TO REVENUE MEAS2 URES.—The provisions of this paragraph shall 

3 not apply in the House of Representatives to a 

4 covered joint resolution that is a revenue meas5 ure. 

6 (6) RULES OF HOUSE OF REPRESENTATIVES

7 AND SENATE.—This subsection is enacted by Con8 gress— 

9 (A) as an exercise of the rulemaking power 

10 of the Senate and the House of Representa11 tives, respectively, and as such is deemed a part 

12 of the rules of each House, respectively, and su13 persedes other rules only to the extent that it 

14 is inconsistent with such rules; and 

15 (B) with full recognition of the constitu16 tional right of either House to change the rules 

17 (so far as relating to the procedure of that 

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

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

20 rule of that House. 


pbinns on DSKJLVW7X2PROD with $$_JOB
22 

•HR 2372 IH

1 SEC. 7. IMPOSITION OF SANCTIONS WITH RESPECT TO OF2 FICIALS OF THE GOVERNMENT OF THE PEO3 PLE’S REPUBLIC OF CHINA AND MEMBERS OF 

4 THE CHINESE COMMUNIST PARTY. 

5 (a) IN GENERAL.—Not later than 3 days after mak6 ing a covered determination, the President shall impose 

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

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

9 China and members of the Chinese Communist Party 

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

11 members can be identified. 

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

13 this subsection shall include— 

14 (1) senior civilian and military officials of the 

15 People’s Republic of China and military officials who 

16 have command or clear and direct decision-making 

17 power over military campaigns, military operations, 

18 and military planning against Taiwan conducted by 

19 the People’s Liberation Army; 

20 (2) senior civilian and military officials of the 

21 People’s Republic of China who have command or 

22 clear and direct decision-making power in the Chi23 nese Coast Guard and the Chinese People’s Armed 

24 Police and are engaged in planning or implementing 

25 activities that involve the use of force against Tai26 wan; 


pbinns on DSKJLVW7X2PROD with $$_JOB
23 

•HR 2372 IH

1 (3) senior or special advisors to the General 

2 Secretary of the Chinese Communist Party, the 

3 Chairman of the Central Military Commission, or 

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

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

6 Republic of China who are members of the top deci7 sion-making bodies of that Government; 

8 (5) the highest-ranking Chinese Communist 

9 Party members of the decision-making bodies re10 ferred to in paragraph (4); and 

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

12 Republic of China in the intelligence agencies or se13 curity services who— 

14 (A) have clear and direct decision-making 

15 power; and 

16 (B) have engaged in or implemented activi17 ties that— 

18 (i) materially undermine the military 

19 readiness of Taiwan; 

20 (ii) overthrow or decapitate Taiwan’s 

21 government; 

22 (iii) debilitate Taiwan’s electric grid, 

23 critical infrastructure, or cybersecurity sys24 tems through offensive electronic or cyber 

25 attacks; 


pbinns on DSKJLVW7X2PROD with $$_JOB
24 

•HR 2372 IH

1 (iv) undermine Taiwan’s democratic 

2 processes through campaigns to spread 

3 disinformation; or 

4 (v) involve committing serious human 

5 rights abuses against citizens of Taiwan, 

6 including forceful transfers, enforced dis7 appearances, unjust detainment, or tor8 ture. 

9 (c) ADDITIONAL OFFICIALS.— 

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

11 after making a covered determination, and every 90 

12 days thereafter, the President shall submit a list to 

13 the appropriate congressional committees that iden14 tifies any additional foreign persons who— 

15 (A) the President determines are officials 

16 specified in subsection (b); and 

17 (B) who were not included on any previous 

18 list of such officials. 

19 (2) IMPOSITION OF SANCTIONS.—Upon the sub20 mission of the list required under paragraph (1), the 

21 President shall impose the sanctions described in 

22 subsection (d) with respect to each official included 

23 on the list. 

24 (d) SANCTIONS DESCRIBED.—The sanctions de25 scribed in this subsection to be imposed with respect to 


pbinns on DSKJLVW7X2PROD with $$_JOB
25 

•HR 2372 IH

1 an official specified in subsection (b) or (c) are the fol2 lowing: 

3 (1) BLOCKING OF PROPERTY.— 

4 (A) IN GENERAL.—The President shall ex5 ercise all of the powers granted by the Inter6 national Emergency Economic Powers Act (50 

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

8 transactions in all property and interests in 

9 property of the official if such property and in10 terests in property are in the United States, 

11 come within the United States, or are or come 

12 within the possession or control of a United 

13 States person. 

14 (B) INAPPLICABILITY OF NATIONAL EMER15 GENCY REQUIREMENT.—The requirements of 

16 section 202 of the International Emergency 

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

18 not apply for purposes of this section. 

19 (2) INELIGIBILITY FOR VISAS, ADMISSION, OR

20 PAROLE.— 

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

22 official shall be— 

23 (i) inadmissible to the United States; 


pbinns on DSKJLVW7X2PROD with $$_JOB
26 

•HR 2372 IH

1 (ii) ineligible to receive a visa or other 

2 documentation to enter the United States; 

3 and 

4 (iii) otherwise ineligible to be admitted 

5 or paroled into the United States or to re6 ceive any other benefit under the Immigra7 tion and Nationality Act (8 U.S.C. 1101 et 

8 seq.). 

9 (B) CURRENT VISAS REVOKED.— 

10 (i) IN GENERAL.—The visa or other 

11 entry documentation of the official shall be 

12 revoked, regardless of when such visa or 

13 other entry documentation is or was 

14 issued. 

15 (ii) IMMEDIATE EFFECT.—A revoca16 tion under subparagraph (A) shall— 

17 (I) take effect immediately; and 

18 (II) automatically cancel any 

19 other valid visa or entry documenta20 tion that is in the official’s possession. 

21 (e) EXCEPTION FOR COMPLIANCE WITH INTER22 NATIONAL OBLIGATIONS AND LAW ENFORCEMENT AC23 TIVITIES.—Sanctions under this section shall not apply 

24 with respect to an official if— 


pbinns on DSKJLVW7X2PROD with $$_JOB
27 

•HR 2372 IH

1 (1) admitting or paroling the official into the 

2 United States is necessary— 

3 (A) to permit the United States to comply 

4 with the Agreement regarding the Head5 quarters of the United Nations, signed at Lake 

6 Success on June 26, 1947, and entered into 

7 force November 21, 1947, between the United 

8 Nations and the United States, or other appli9 cable international obligations of the United 

10 States; or 

11 (B) to carry out or assist law enforcement 

12 activity in the United States; or 

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

14 2, C–2, G–1, or G–2 visa. 

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

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

17 include— 

18 (1) the Political Bureau of the Central Com19 mittee of the Chinese Communist Party; 

20 (2) the Standing Committee of the Political Bu21 reau of the Central Committee of the Chinese Com22 munist Party; 

23 (3) the Central Military Commission of the Chi24 nese Communist Party; 


pbinns on DSKJLVW7X2PROD with $$_JOB
28 

•HR 2372 IH

1 (4) the Central Military Commission of the Peo2 ple’s Republic of China; 

3 (5) the National People’s Congress of the Peo4 ple’s Republic of China; 

5 (6) the Central Committee of the Chinese Com6 munist Party; and 

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

8 of China. 

9 SEC. 8. IMPOSITION OF SANCTIONS WITH RESPECT TO FI10 NANCIAL INSTITUTIONS AFFILIATED WITH 

11 THE GOVERNMENT OF THE PEOPLE’S REPUB12 LIC OF CHINA. 

13 (a) IN GENERAL.—Not later than 3 days after a cov14 ered determination is made, the Secretary of the Treas15 ury— 

16 (1) shall impose the sanctions described in sub17 section (c) with respect to each joint-equity bank, 

18 national joint-stock commercial bank, and national 

19 state-owned policy bank; and 

20 (2) may impose those sanctions with respect to 

21 any subsidiary of, or successor entity to, a joint-eq22 uity bank, national joint-stock commercial bank, or 

23 national state-owned policy bank. 

24 (b) ADDITIONAL PEOPLE’S REPUBLIC OF CHINA FI25 NANCIAL INSTITUTIONS.— 


pbinns on DSKJLVW7X2PROD with $$_JOB
29 

•HR 2372 IH

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

2 after a covered determination is made, and every 90 

3 days thereafter, the President shall submit a list to 

4 the appropriate congressional committees that iden5 tifies any foreign persons that the President deter6 mines— 

7 (A) are significant financial institutions 

8 owned or operated by the Government of the 

9 People’s Republic of China; and 

10 (B) should be sanctioned in the interest of 

11 United States national security. 

12 (2) IMPOSITION OF SANCTIONS.—Upon the sub13 mission of each list required under paragraph (1), 

14 the President shall impose the sanctions described in 

15 subsection (c) with respect to each foreign person 

16 identified on such list. 

17 (c) SANCTIONS DESCRIBED.—The sanctions de18 scribed in this subsection are the following: 

19 (1) BLOCKING OF PROPERTY.— 

20 (A) IN GENERAL.—The President shall ex21 ercise all of the powers granted to the President 

22 under the International Emergency Economic 

23 Powers Act (50 U.S.C. 1701 et seq.) to the ex24 tent necessary to block and prohibit all trans25 actions in property and interests in property of 


pbinns on DSKJLVW7X2PROD with $$_JOB
30 

•HR 2372 IH

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

2 if such property and interests in property are in 

3 the United States, come within the United 

4 States, or are or come within the possession or 

5 control of a United States person. 

6 (B) INAPPLICABILITY OF NATIONAL EMER7 GENCY REQUIREMENT.—The requirements of 

8 section 202 of the International Emergency 

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

10 not apply for purposes of this section. 

11 (2) RESTRICTIONS ON CORRESPONDENT AND

12 PAYABLE-THROUGH ACCOUNTS.—The President 

13 shall prohibit the opening, and prohibit or impose 

14 strict conditions on the maintaining, in the United 

15 States of a correspondent account or payable16 through account by a foreign person subject to sub17 section (a) or (b). 

18 (d) DEFINITIONS.—In this section: 

19 (1) JOINT-EQUITY BANK.—The term ‘‘joint-eq20 uity bank’’ means a bank under the jurisdiction of 

21 the People’s Republic of China in which— 

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

23 the shareholders; and 

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


pbinns on DSKJLVW7X2PROD with $$_JOB
31 

•HR 2372 IH

1 (2) NATIONAL JOINT-STOCK COMMERCIAL

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

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

4 People’s Republic of China in which— 

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

6 the shareholders; and 

7 (B) the Government of the People’s Re8 public of China holds an interest. 

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

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

11 a bank that— 

12 (A) is incorporated in the People’s Repub13 lic of China; and 

14 (B) was established by the Government of 

15 the People’s Republic of China to advance in16 vestments in specific policy domains that ad17 vance the interests and goals of the People’s 

18 Republic of China. 

19 SEC. 9. IMPOSITION OF SANCTIONS WITH RESPECT TO EN20 TITIES OWNED BY OR AFFILIATED WITH THE 

21 GOVERNMENT OF THE PEOPLE’S REPUBLIC 

22 OF CHINA OR THE CHINESE COMMUNIST 

23 PARTY. 

24 (a) IN GENERAL.—Not later than 3 days after a cov25 ered determination is made, the Secretary of the Treasury 


pbinns on DSKJLVW7X2PROD with $$_JOB
32 

•HR 2372 IH

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

2 respect to any entity that— 

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

4 China or the Chinese Communist Party has an own5 ership interest in; or 

6 (2) is otherwise affiliated with the Government 

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

8 Communist Party. 

9 (b) BLOCKING OF PROPERTY.— 

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

11 all of the powers granted to the President under the 

12 International Emergency Economic Powers Act (50 

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

14 and prohibit all transactions in property and inter15 ests in property of an entity in an industry subject 

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

17 property are in the United States, come within the 

18 United States, or are or come within the possession 

19 or control of a United States person. 

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

22 202 of the International Emergency Economic Pow23 ers Act (50 U.S.C. 1701) shall not apply for pur24 poses of this section. 


pbinns on DSKJLVW7X2PROD with $$_JOB
33 

•HR 2372 IH

1 SEC. 10. PROHIBITION ON TRANSFERS OF FUNDS INVOLV2 ING THE PEOPLE’S REPUBLIC OF CHINA. 

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

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

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

6 19(b)(1)(A) of the Federal Reserve Act (12 U.S.C. 

7 461(b)(1)(A))) or a broker or dealer in securities reg8 istered with the Securities and Exchange Commission 

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

10 78a et seq.) may not process transfers of funds— 

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

12 or 

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

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

15 or members of the Chinese Communist Party. 

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

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

18 described in that subsection if the transfer— 

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

20 necessary to give effect to, an underlying transaction 

21 that is authorized by a specific or general license; 

22 and 

23 (2) does not involve debiting or crediting an 

24 Chinese account. 


pbinns on DSKJLVW7X2PROD with $$_JOB
34 

•HR 2372 IH

1 SEC. 11. PROHIBITION ON LISTING OR TRADING OF CHI2 NESE ENTITIES ON UNITED STATES SECURI3 TIES EXCHANGES. 

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

5 Commission shall prohibit the securities of an issuer de6 scribed in subsection (b) from being traded on a national 

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

8 after a covered determination is made. 

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

10 is an issuer that is— 

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

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

13 Chinese Communist Party; or 

14 (2) an entity that— 

15 (A) the Government of the People’s Repub16 lic of China or the Chinese Communist Party 

17 has an ownership interest in; or 

18 (B) is otherwise affiliated with the Govern19 ment of the People’s Republic of China or the 

20 Chinese Communist Party. 

21 (c) DEFINITIONS.—In this section: 

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

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

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

25 1934 (15 U.S.C. 78c). 


pbinns on DSKJLVW7X2PROD with $$_JOB
35 

•HR 2372 IH

1 (2) NATIONAL SECURITIES EXCHANGE.—The 

2 term ‘‘national securities exchange’’ means an ex3 change registered as a national securities exchange 

4 in accordance with section 6 of the Securities Ex5 change Act of 1934 (15 U.S.C. 78f). 

6 SEC. 12. PROHIBITION ON INVESTMENTS BY UNITED 

7 STATES FINANCIAL INSTITUTIONS THAT BEN8 EFIT THE GOVERNMENT OF THE PEOPLE’S 

9 REPUBLIC OF CHINA OR THE CHINESE COM10 MUNIST 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 Government of the People’s Republic of China 

20 or the Chinese Communist Party; or 

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

22 (2) for the benefit of any priority industrial sec23 tor identified in the ‘‘Made in China 2025’’ plan or 

24 the ‘‘14th Five Year Smart Manufacturing Develop25 ment Plan’’, including— 


pbinns on DSKJLVW7X2PROD with $$_JOB
36 

•HR 2372 IH

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’’— 


pbinns on DSKJLVW7X2PROD with $$_JOB
37 

•HR 2372 IH

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 Government of 

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

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

17 of China or the Chinese Communist Party has a majority 

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

19 of the ports of the United States and the importation of 

20 such goods is prohibited. 

21 (b) EXCEPTION.—The prohibition under subsection 

22 (a) shall not apply with respect to a good if the Presi23 dent— 


pbinns on DSKJLVW7X2PROD with $$_JOB
38 

•HR 2372 IH

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

2 national security, economic security, or public health 

3 of the United States; and 

4 (2) submits to the appropriate congressional 

5 committees and make available to the public a report 

6 on that determination. 

7 SEC. 14. EXCEPTIONS; WAIVER. 

8 (a) EXCEPTION FOR INTELLIGENCE ACTIVITIES.— 

9 This Act shall not apply with respect to activities subject 

10 to the reporting requirements under title V of the National 

11 Security Act of 1947 (50 U.S.C. 3091 et seq.) or any au12 thorized intelligence activities of the United States. 

13 (b) NATIONAL SECURITY WAIVER.—The President 

14 may waive the imposition of sanctions under this Act with 

15 respect to a person if the President— 

16 (1) determines that such a waiver is in the na17 tional security interests of the United States; and 

18 (2) submits to the appropriate congressional 

19 committees a notification of the waiver and the rea20 sons for the waiver. 

21 SEC. 15. IMPLEMENTATION; PENALTIES. 

22 (a) IMPLEMENTATION.—The President may exercise 

23 all authorities provided under sections 203 and 205 of the 

24 International Emergency Economic Powers Act (50 

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


pbinns on DSKJLVW7X2PROD with $$_JOB
39 

•HR 2372 IH

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

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

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

4 this Act shall be subject to the penalties set forth in sub5 sections (b) and (c) of section 206 of the International 

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

7 same extent as a person that commits an unlawful act de8 scribed in subsection (a) of that section. 

Æ 


pbinns on DSKJLVW7X2PROD with $$_JOB