Protecting American Capital Act of 2023

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 860 Introduced in Senate (IS)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                 S. 860

 To require an annual report on United States portfolio investments in 
        the People's Republic of China, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 16, 2023

  Mr. Scott of Florida (for himself and Mrs. Shaheen) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To require an annual report on United States portfolio investments in 
        the People's Republic of China, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting American Capital Act of 
2023''.

SEC. 2. ANNUAL REPORT ON UNITED STATES PORTFOLIO INVESTMENTS IN THE 
              PEOPLE'S REPUBLIC OF CHINA.

    (a) In General.--Not later than one year after the date of the 
enactment of this Act, and annually thereafter, the Secretary of the 
Treasury shall submit to Congress a report on portfolio investments by 
United States persons in the People's Republic of China, including such 
investments routed through a jurisdiction outside the United States.
    (b) Elements.--Each report required by subsection (a) shall include 
an assessment of the involvement of the following in portfolio 
investments in the People's Republic of China:
            (1) United States persons making such investments, 
        including an assessment of--
                    (A) the types of United States persons making such 
                investments, including State pension funds; and
                    (B) United States persons making more than 2 
                percent of the total of such investments in a year.
            (2) Chinese entities receiving such investments, including 
        an assessment of--
                    (A) such entities in individual sectors of the 
                economic of the People's Republic of China, including 
                the housing sector;
                    (B) any Chinese entities subject to sanctions 
                imposed by the United States receiving such 
                investments; and
                    (C) Chinese entities that receive more than 
                $100,000,000 from such investments.
    (c) Period Covered.--The period covered by a report required by 
subsection (a) shall be--
            (1) in the case of the first such report, the period 
        beginning on January 1, 2008, and ending on the date of the 
        report; and
            (2) in the case of each subsequent such report, the one-
        year period preceding submission of the report.
    (d) Definitions.--In this section:
            (1) Chinese entity.--The term ``Chinese entity'' means an 
        entity organized under the laws of the People's Republic of 
        China or otherwise subject to the jurisdiction of the 
        Government of the People's Republic of China.
            (2) United states person.--The term ``United States 
        person'' means--
                    (A) a United States citizen or an alien lawfully 
                admitted for permanent residence to the United States; 
                or
                    (B) an entity organized under the laws of the 
                United States or any jurisdiction within the United 
                States, including a foreign branch of such an entity.
                                 &lt;all&gt;
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