Say No to the Silk Road Act

To require the Secretary of Commerce to submit to Congress a report relating to the blockchain-based service network of the People's Republic of China, and for other purposes. 1. Short title This Act may be cited as the Say No to the Silk Road Act 2. Definitions In this Act: (1) Digital yuan The term digital yuan (2) Network The term Network (3) Relevant congressional committees The term relevant congressional committees (A) the Committee on Commerce, Science, and Transportation of the Senate; (B) the Committee on Foreign Relations of the Senate; (C) the Committee on Armed Services of the Senate; (D) the Committee on Finance of the Senate; (E) the Committee on Armed Services of the House of Representatives; (F) the Committee on Foreign Affairs of the House of Representatives; (G) the Committee on Energy and Commerce of the House of Representatives; and (H) the Committee on Ways and Means of the House of Representatives. (4) Secretary The term Secretary 3. Report on the Network (a) Report Not later than 270 days after the date of enactment of this Act, the Secretary shall submit to Congress a report— (1) on— (A) the Network; (B) the operations of the Network in the United States; (C) the privacy implications associated with the collection of data of citizens of the United States by the Network; and (D) the participation of companies headquartered in the United States and companies located in the United States in assisting with the operations of the Network or performing work to expand the Network, including— (i) with respect to the applications or technical capabilities of the Network; and (ii) the geographic scope of the Network, such as— (I) expanding the Network to be used in the United States and countries participating in the Foreign Military Financing Program; and (II) constructing data centers of the Network in the United States and countries participating in the Foreign Military Financing Program; and (2) that includes— (A) the goals of the Network in developing blockchain infrastructure; (B) an assessment of whether the involvement in the Network of the Government of the People's Republic of China and entities owned by the Government of the People's Republic of China may pose any risk to economic and national security interests of the United States; and (C) the privacy and security implications associated with the collection of data of citizens of the United States by the Network. (b) Recommendations Not later than 1 year after the date of enactment of this Act, the Secretary shall submit to the relevant congressional committees recommendations relating to the report submitted under subsection (a). 4. Report on trade enforcement actions with respect to sovereign digital currency of People's Republic of China Not later than 1 year after the date of the enactment of this Act, the Secretary shall submit to the relevant congressional committees a report— (1) assessing how trade enforcement actions relating to the digital yuan would affect the United States; and (2) making recommendations with respect to mitigating the effects of such actions. 5. Report on effect of sovereign digital currency of People's Republic of China on trade and investment agreements Not later than 1 year after the date of the enactment of this Act, the United States Trade Representative shall submit to the relevant congressional committees a report— (1) assessing the ways in which shifts to the use of the digital yuan by other countries as a settlement or reserve currency could affect trade and investment agreements to which the United States is a party; and (2) making recommendations with respect to mitigating the effects of such shifts. 6. Use of digital yuan by executive agencies (a) Definitions In this section— (1) the term executive agency (2) the term information technology (b) Use of digital yuan Not later than 60 days after the date of enactment of this Act, the Director of the Office of Management and Budget, in consultation with the Administrator of General Services, the Director of the National Institute of Standards and Technology, the Director of the Cybersecurity and Infrastructure Security Agency, the Director of National Intelligence, and the Secretary of Defense, and consistent with the information security requirements under subchapter II of chapter 35 7. Digital yuan disclosure requirement for Foreign Military Financing partner countries Any government of a country receiving assistance through the Foreign Military Financing Program shall be required, as a condition for receiving such assistance, to disclose to the Secretary of State if that government uses digital yuan as a settlement or reserve currency. 8. Department of State warning about dangers of digital yuan Not later than 90 days after the date of the enactment of this Act, the Secretary of State shall include on a publicly available internet website of the Department of State a warning to United States citizens traveling to the People's Republic of China about the dangers of the digital yuan.

Summary: Say No to the Silk Road Act This bill requires various actions pertaining to China's sovereign digital currency. Specifically, the bill requires (1) the Office of Management and Budget to develop guidance for executive agencies pertaining to security requirements for the use of China's sovereign digital currency, (2) countries accepting assistance through the Foreign Military Financing Program to disclose any use of such currency as a settlement or reserve currency, and (3) the Department of State to include on its public website a warning for travelers about the dangers of such currency.