HR 7440 IH1S 
that such transfers or payments are subject to the 
jurisdiction of the United States and involve the for-
eign financial institution. 
(6) PROPERTY TRANSACTIONS.—The President 
may, pursuant to such regulations as the President 
may prescribe, prohibit any person from— 
(A) acquiring, holding, withholding, using, 
transferring, withdrawing, transporting, import-
ing, or exporting any property that is subject to 
the jurisdiction of the United States and with 
respect to which the foreign financial institution 
has any interest; 
(B) dealing in or exercising any right, 
power, or privilege with respect to such prop-
erty; or 
(C) conducting any transaction involving 
such property. 
(7) RESTRICTION
ON
EXPORTS, REEXPORTS, 
AND
TRANSFERS.—The President, in consultation 
with the Secretary of Commerce, may restrict or 
prohibit exports, reexports, and transfers (in-coun-
try) of commodities, software, and technology sub-
ject to the jurisdiction of the United States directly 
or indirectly to the foreign financial institution. 
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(8) BAN
ON
INVESTMENT
IN
EQUITY
OR 
DEBT.—The President may, pursuant to such regu-
lations or guidelines as the President may prescribe, 
prohibit any United States person from investing in 
or purchasing significant amounts of equity or debt 
instruments of the foreign financial institution. 
(9) EXCLUSION
OF
CORPORATE
OFFICERS.— 
The President may direct the Secretary of State, in 
consultation with the Secretary of the Treasury and 
the Secretary of Homeland Security, to exclude from 
the United States any alien that is determined to be 
a corporate officer or principal of, or a shareholder 
with a controlling interest in, the foreign financial 
institution, subject to regulatory exceptions to per-
mit the United States to comply with the Agreement 
regarding the Headquarters of the United Nations, 
signed at Lake Success June 26, 1947, and entered 
into force November 21, 1947, between the United 
Nations and the United States, or other applicable 
international obligations. 
(10) SANCTIONS ON PRINCIPAL EXECUTIVE OF-
FICERS.—The President may impose on the prin-
cipal executive officer or officers of the foreign fi-
nancial institution, or on individuals performing 
similar functions and with similar authorities as 
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such officer or officers, any of the sanctions de-
scribed in paragraphs (1) through (8) that are appli-
cable. 
(c) TIMING OF SANCTIONS.—The President may im-
pose sanctions required under subsection (a) with respect 
to a financial institution included in the report under sec-
tion 5(b) or an update to that report under section 5(e) 
beginning on the day on which the financial institution 
is included in that report or update. 
SEC. 8. WAIVER, TERMINATION, EXCEPTIONS, AND CON-
GRESSIONAL REVIEW PROCESS. 
(a) NATIONAL SECURITY WAIVER.—Unless a dis-
approval resolution is enacted under subsection (e), the 
President may waive the application of sanctions under 
section 6 or 7 with respect to a foreign person or foreign 
financial institution if the President— 
(1) determines that the waiver is in the national 
security interest of the United States; and 
(2) submits to the appropriate congressional 
committees and leadership a report on the deter-
mination and the reasons for the determination. 
(b) TERMINATION
OF SANCTIONS
AND REMOVAL 
FROM REPORT.—Unless a disapproval resolution is en-
acted under subsection (e), the President may terminate 
the application of sanctions under section 6 or 7 with re-
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spect to a foreign person or foreign financial institution 
and remove the foreign person from the report required 
under section 5(a) or the foreign financial institution from 
the report required under section 5(b), as the case may 
be, if the Secretary of State, in consultation with the Sec-
retary of the Treasury, determines that the actions taken 
by the foreign person or foreign financial institution that 
led to the imposition of sanctions— 
(1) do not have a significant and lasting nega-
tive effect that contravenes the obligations of China 
under the Joint Declaration and the Basic Law; 
(2) are not likely to be repeated in the future; 
and 
(3) have been reversed or otherwise mitigated 
through positive countermeasures taken by that for-
eign person or foreign financial institution. 
(c) TERMINATION OF ACT.— 
(1) REPORT.— 
(A) IN GENERAL.—Not later than July 1, 
2046, the President, in consultation with the 
Secretary of State, the Secretary of the Treas-
ury, and the heads of such other Federal agen-
cies as the President considers appropriate, 
shall submit to Congress a report evaluating the 
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implementation of this Act and sanctions im-
posed pursuant to this Act. 
(B) ELEMENTS.—The President shall in-
clude in the report submitted under subpara-
graph (A) an assessment of whether this Act 
and the sanctions imposed pursuant to this Act 
should be terminated. 
(2) TERMINATION.—This Act and the sanctions 
imposed pursuant to this Act shall remain in effect 
unless a termination resolution is enacted under sub-
section (e) after July 1, 2047. 
(d) EXCEPTION RELATING
TO IMPORTATION
OF 
GOODS.— 
(1) IN GENERAL.—The authorities and require-
ments to impose sanctions under sections 6 and 7 
shall not include the authority or requirement to im-
pose sanctions on the importation of goods. 
(2) GOOD
DEFINED.—In this subsection, the 
term ‘‘good’’ means any article, natural or manmade 
substance, material, supply, or manufactured prod-
uct, including inspection and test equipment, and ex-
cluding technical data. 
(e) CONGRESSIONAL REVIEW.— 
(1) RESOLUTIONS.— 
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HR 7440 IH1S 
(A) DISAPPROVAL
RESOLUTION.—In this 
section, the term ‘‘disapproval resolution’’ 
means only a joint resolution of either House of 
Congress— 
(i) the title of which is as follows: ‘‘A 
joint resolution disapproving the waiver or 
termination of sanctions with respect to a 
foreign person that contravenes the obliga-
tions of China with respect to Hong Kong 
or a foreign financial institution that con-
ducts a significant transaction with that 
person.’’; and 
(ii) the sole matter after the resolving 
clause of which is the following: ‘‘Congress 
disapproves of the action under section 8 
of the Hong Kong Autonomy Act relating 
to the application of sanctions imposed 
with respect to a foreign person that con-
travenes the obligations of China with re-
spect to Hong Kong, or a foreign financial 
institution that conducts a significant 
transaction 
with 
that 
person, 
on 
lllllll 
relating 
to 
llllllll.’’, with the first blank 
space being filled with the appropriate date 
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and the second blank space being filled 
with a short description of the proposed 
action. 
(B) TERMINATION RESOLUTION.—In this 
section, the term ‘‘termination resolution’’ 
means only a joint resolution of either House of 
Congress— 
(i) the title of which is as follows: ‘‘A 
joint resolution terminating sanctions with 
respect to foreign persons that contravene 
the obligations of China with respect to 
Hong Kong and foreign financial institu-
tions that conduct significant transactions 
with those persons.’’; and 
(ii) the sole matter after the resolving 
clause of which is the following: ‘‘The 
Hong Kong Autonomy Act and any sanc-
tions imposed pursuant to that Act shall 
terminate on llll.’’, with the blank 
space being filled with the termination 
date. 
(C) COVERED RESOLUTION.—In this sub-
section, the term ‘‘covered resolution’’ means a 
disapproval resolution or a termination resolu-
tion. 
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(2) INTRODUCTION.—A covered resolution may 
be introduced— 
(A) in the House of Representatives, by 
the majority leader or the minority leader; and 
(B) in the Senate, by the majority leader 
(or the majority leader’s designee) or the mi-
nority leader (or the minority leader’s des-
ignee). 
(3) FLOOR CONSIDERATION IN HOUSE OF REP-
RESENTATIVES.—If a committee of the House of 
Representatives to which a covered resolution has 
been referred has not reported the resolution within 
10 legislative days after the date of referral, that 
committee shall be discharged from further consider-
ation of the resolution. 
(4) CONSIDERATION IN THE SENATE.— 
(A) COMMITTEE REFERRAL.— 
(i) 
DISAPPROVAL
RESOLUTION.—A 
disapproval resolution introduced in the 
Senate shall be— 
(I) referred to the Committee on 
Banking, Housing, and Urban Affairs 
if the resolution relates to an action 
that is not intended to significantly 
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alter United States foreign policy with 
regard to China; and 
(II) referred to the Committee on 
Foreign Relations if the resolution re-
lates to an action that is intended to 
significantly alter United States for-
eign policy with regard to China. 
(ii) TERMINATION
RESOLUTION.—A 
termination resolution introduced in the 
Senate shall be referred to the Committee 
on Banking, Housing, and Urban Affairs 
and the Committee on Foreign Relations. 
(B) REPORTING
AND
DISCHARGE.—If a 
committee to which a covered resolution was re-
ferred has not reported the resolution within 10 
calendar days after the date of referral of the 
resolution, that committee shall be discharged 
from further consideration of the resolution and 
the resolution shall be placed on the appro-
priate calendar. 
(C) PROCEEDING
TO
CONSIDERATION.— 
Notwithstanding Rule XXII of the Standing 
Rules of the Senate, it is in order at any time 
after the Committee on Banking, Housing, and 
Urban Affairs or the Committee on Foreign Re-
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lations, as the case may be, reports a covered 
resolution to the Senate or has been discharged 
from consideration of such a resolution (even 
though a previous motion to the same effect has 
been disagreed to) to move to proceed to the 
consideration of the resolution, and all points of 
order against the resolution (and against con-
sideration of the resolution) are waived. The 
motion to proceed is not debatable. The motion 
is not subject to a motion to postpone. A mo-
tion to reconsider the vote by which the motion 
is agreed to or disagreed to shall not be in 
order. 
(D) RULINGS OF THE CHAIR ON PROCE-
DURE.—Appeals from the decisions of the Chair 
relating to the application of the rules of the 
Senate, as the case may be, to the procedure re-
lating to a covered resolution shall be decided 
without debate. 
(E) 
CONSIDERATION
OF
VETO
MES-
SAGES.—Debate in the Senate of any veto mes-
sage with respect to a covered resolution, in-
cluding all debatable motions and appeals in 
connection with the resolution, shall be limited 
to 10 hours, to be equally divided between, and 
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controlled by, the majority leader and the mi-
nority leader or their designees. 
(5) RULES RELATING TO SENATE AND HOUSE 
OF REPRESENTATIVES.— 
(A) TREATMENT OF SENATE RESOLUTION 
IN HOUSE.—In the House of Representatives, 
the following procedures shall apply to a cov-
ered resolution received from the Senate (unless 
the House has already passed a resolution relat-
ing to the same proposed action): 
(i) The resolution shall be referred to 
the appropriate committees. 
(ii) If a committee to which a resolu-
tion has been referred has not reported the 
resolution within 10 legislative days after 
the date of referral, that committee shall 
be discharged from further consideration 
of the resolution. 
(iii) Beginning on the third legislative 
day after each committee to which a reso-
lution has been referred reports the resolu-
tion to the House or has been discharged 
from further consideration thereof, it shall 
be in order to move to proceed to consider 
the resolution in the House. All points of 
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order against the motion are waived. Such 
a motion shall not be in order after the 
House has disposed of a motion to proceed 
on the resolution. The previous question 
shall be considered as ordered on the mo-
tion to its adoption without intervening 
motion. The motion shall not be debatable. 
A motion to reconsider the vote by which 
the motion is disposed of shall not be in 
order. 
(iv) The resolution shall be considered 
as read. All points of order against the res-
olution and against its consideration are 
waived. The previous question shall be con-
sidered as ordered on the resolution to 
final passage without intervening motion 
except 2 hours of debate equally divided 
and controlled by the offeror of the motion 
to proceed (or a designee) and an oppo-
nent. A motion to reconsider the vote on 
passage of the resolution shall not be in 
order. 
(B) TREATMENT OF HOUSE RESOLUTION 
IN SENATE.— 
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