I 
116TH CONGRESS 
2D SESSION 
H. R. 8495 
To prohibit United States persons from engaging in transactions relating 
to Russian sovereign debt. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 1, 2020 
Mr. SHERMAN (for himself, Ms. WATERS, Mrs. CAROLYN B. MALONEY of New 
York, Mr. GREEN of Texas, and Mr. SAN NICOLAS) introduced the fol-
lowing bill; which was referred to the Committee on Financial Services, 
and in addition to the Committees on Foreign Affairs, Intelligence (Per-
manent Select), 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 prohibit United States persons from engaging in 
transactions relating to Russian sovereign debt. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Safeguarding Elections 
by Countering Unchallenged Russian Efforts Act’’ or 
‘‘SECURE Act’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
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(1) The intelligence community’s assessment of 
‘‘Russia’s Influence Campaign Targeting the 2016 
US Presidential Election’’, produced by the Central 
Intelligence Agency, the Federal Bureau of Inves-
tigation, and the National Security Agency and pub-
lished by the Office of the Director of National In-
telligence on January 6, 2017, found that the fol-
lowing: 
(A) Russian President Vladimir Putin or-
dered an influence campaign in 2016 aimed at 
the United States presidential election. 
(B) Russian operations to influence the 
2016 United States presidential election dem-
onstrated a significant escalation in directness, 
level of activity, and scope of effort compared to 
previous operations aimed at undermining 
United States democratic institutions and 
order. 
(C) Russia will apply lessons learned from 
its Putin-ordered campaign aimed at the United 
States presidential election to future influence 
efforts worldwide, including against the United 
States and its allies and their election proc-
esses. 
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(2) In July 2018, Director of the Federal Bu-
reau of Investigation Christopher Wray publicly stat-
ed, ‘‘My view has not changed, which is that Russia 
attempted to interfere with the last election and that 
it continues to engage in malign influence operations 
to this day.’’ Director Wray also stated that Russia’s 
malign influence operations represent ‘‘a threat that 
we need to take extremely seriously and respond to 
with fierce determination and focus’’. 
(3) In August 2018, Director of National Intel-
ligence Dan Coates publicly stated that ‘‘We con-
tinue to see a pervasive messaging campaign by Rus-
sia to try to weaken and divide the United States.’’. 
In December 2018, Director Coates submitted the 
report of the intelligence community on foreign in-
terference in the 2018 midterm elections, which 
found that Russia continued to conduct influence ac-
tivities and messaging campaigns targeted at the 
United States to promote its strategic interests. 
(4) Special Counsel Robert Mueller’s report, re-
leased in April 2019, concluded that, ‘‘The Russian 
government interfered in the 2016 presidential elec-
tion in a sweeping and systemic fashion.’’ On July 
24, 2019, during congressional testimony, Mueller 
noted that Russia’s malign efforts to interfere in 
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United States elections were continuing ‘‘as we sit 
here’’. 
(5) On August 7, 2020, in an ‘‘Election Threat 
Update for the American Public’’, National Counter-
intelligence and Security Center Director William 
Evanina included Russia among foreign states of 
primary concern that continue to use covert and 
overt influence measures in its ‘‘attempts to sway 
U.S. voters’ preferences and perspectives, shift U.S. 
policies, increase discord in the United States, and 
undermine the American people’s confidence in our 
democratic process’’. 
(6) On September 10, 2020, the Department of 
the Treasury issued sanctions targeting a Russian 
agent and other Russia-linked individuals for inter-
ference in United States elections, including efforts 
to influence the 2020 United States presidential 
election. 
(7) On September 17, 2020, during congres-
sional testimony, FBI Director Wray stated that the 
intelligence community has observed ‘‘very active, 
very active, efforts by the Russians to influence our 
election in 2020’’, and that this has been done ‘‘to 
primarily to denigrate Vice President Biden in what 
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the Russians see as a kind of an anti-Russian estab-
lishment’’. 
SEC. 3. SENSE OF CONGRESS ON RUSSIAN INTERFERENCE 
IN UNITED STATES ELECTIONS. 
It is the sense of Congress that— 
(1) the Government of Russia has continued to 
interfere in the 2020 United States presidential elec-
tion; 
(2) to date the United States has not subjected 
the Government of Russia to meaningful con-
sequences for its interference in United States elec-
tions; and 
(3) the imposition of significant economic sanc-
tions against the Government of Russia is appro-
priate to deter continued Russian interference in 
United States elections. 
SEC. 4. PROHIBITION ON UNITED STATES PERSONS FROM 
ENGAGING IN TRANSACTIONS RELATING TO 
RUSSIAN SOVEREIGN DEBT. 
(a) PROHIBITION.— 
(1) IN GENERAL.—Not later than 30 days after 
the date of the enactment of this Act, the President 
shall issue regulations to prohibit United States per-
sons from engaging in transactions with, providing 
financing for, or in any other way dealing in Russian 
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sovereign debt that is issued on or after the date 
that is 60 days after such date of enactment. 
(2) RUSSIAN SOVEREIGN DEBT DEFINED.—In 
this subsection, the term ‘‘Russian sovereign debt’’ 
means— 
(A) bonds issued by the Russian Central 
Bank, the Russian National Wealth Fund, the 
Russian Federal Treasury, or agents or affili-
ates of any such institution, regardless of the 
currency in which they are denominated and 
with a maturity of more than 14 days; 
(B) foreign exchange swap agreements 
with the Russian Central Bank, the Russian 
National Wealth Fund, or the Russian Federal 
Treasury, regardless of the currency in which 
they are denominated and with a duration of 
more than 14 days; and 
(C) any other financial instrument, the 
maturity or duration of which is more than 14 
days, that the President determines represents 
the sovereign debt of Russia. 
(3) REQUIREMENT TO PUBLISH GUIDANCE.— 
The President shall publish guidance on the imple-
mentation of the regulations issued pursuant to 
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paragraph (1) concurrently with the publication of 
such regulations. 
(b) REPORT.— 
(1) IN GENERAL.—Not later than 90 days after 
the regularly scheduled general election for Federal 
office in 2022, and each regularly scheduled general 
election for Federal office thereafter, the Director of 
National Intelligence, in consultation with the Direc-
tor of the Federal Bureau of Investigation, the Di-
rector of the National Security Agency, and the Di-
rector of the Central Intelligence Agency, shall sub-
mit to the President, the Secretary of State, the Sec-
retary of the Treasury, and the appropriate congres-
sional committees and leadership a report on wheth-
er there is or is not significant evidence available for 
the Director to determine that the Government of 
Russia, or any person acting as an agent of or on 
behalf of that government, knowingly engaged in in-
terference in such general election or any other elec-
tion for Federal office held since the most recent 
prior regularly scheduled general election for Federal 
office, including an identification of any officials of 
that government, or persons acting as agents of or 
on behalf of that government, that knowingly en-
gaged in interference in any such election. 
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(2) ADDITIONAL REPORT.—If the Director of 
Intelligence— 
(A) determines in a report submitted 
under paragraph (1) that there is not signifi-
cant evidence available for the Director to de-
termine that the Government of Russia, or any 
person acting as an agent of or on behalf of 
that government, knowingly engaged in inter-
ference in any election described in paragraph 
(1); and 
(B) subsequently determines that there is 
significant evidence available for the Director to 
make such a determination, 
the Director shall submit to the President, the Sec-
retary of State, the Secretary of the Treasury, and 
the appropriate congressional committees and lead-
ership a report on such subsequent determination 
not later than 30 days after making that determina-
tion. 
(3) FORM.—Each report required by this sub-
section shall be submitted in unclassified form, but 
may include a classified annex. 
(c) SUSPENSION AUTHORITY.— 
(1) IN GENERAL.—The President may, for the 
period of time described in paragraph (3), suspend 
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the application of any prohibition on United States 
persons from engaging in transactions described in 
subsection (a) if, not later than 30 days after the 
date on which a report described in subsection (b) 
is submitted to the officials described in subsection 
(b) and the appropriate congressional committees 
and leadership with respect to a regularly scheduled 
general election for Federal office, the President— 
(A) determines that there is not significant 
evidence available for the President to deter-
mine that the Government of Russia, or any 
person acting as an agent of or on behalf of 
that government, knowingly engaged in inter-
ference in such general election or any other 
election for Federal office held since the most 
recent prior regularly scheduled general election 
for Federal office; and 
(B) submits to the appropriate congres-
sional committees and leadership a report that 
contains the determination of the President 
under subparagraph (A) and a justification for 
the determination. 
(2) CLARIFICATION REGARDING SUSPENSION.— 
If— 
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(A) the President suspends the application 
of any prohibition on United States persons 
from engaging in transactions described in sub-
section (a); 
(B) such United States persons engage in 
transactions described in subsection (a) involv-
ing Russian sovereign debt that is issued during 
the period of time in which the suspension is in 
effect; and 
(C) such United States persons are subject 
to the application of any prohibition on United 
States persons from engaging in transactions 
described in subsection (a) after such period of 
time in which the suspension is in effect, 
such United States persons may not be subject to 
any prohibition on United States persons from en-
gaging in transactions described in subsection (a) 
with respect to engaging in transactions involving 
Russian sovereign debt described in subparagraph 
(B). 
(3) TIME PERIOD DESCRIBED.—The period of 
time described in this paragraph is the period— 
(A) beginning after the 60-day period de-
scribed in paragraph (1)(B); and 
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