(B) the threat described under paragraph 
(1) is no longer present; or 
(C) the waiver is essential to the national 
security interests of the United States. 
(b) NATURAL PERSONS DESCRIBED.—The natural 
persons described in this subsection are persons who, at the 
time of a report, are the following: 
(1) A member of the Politburo Standing Com-
mittee of the Chinese Communist Party. 
(2) A member of the Politburo of the Chinese 
Communist Party that is not described under para-
graph (1). 
(3) A member of the Central Committee of the 
Chinese Communist Party that— 
(A) is none of the foregoing; and 
(B) performs any official duty that directly 
or indirectly affects Taiwan. 
(c) FORM OF REPORTS; PUBLIC AVAILABILITY.— 
(1) FORM OF REPORTS.—The reports required 
under paragraphs (1) and (4) of subsection (a) shall 
be submitted in unclassified form but may contain a 
classified annex. 
(2) PUBLIC AVAILABILITY.—The Secretary of the 
Treasury shall make the unclassified portion of the re-
port required under subsection (a)(1) available to the 
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public on the website and social media accounts of the 
Department of the Treasury— 
(A) in English, Chinese, and any other lan-
guage that the Secretary finds appropriate; and 
(B) in precompressed, easily downloadable 
versions that are made available in all appro-
priate formats. 
SEC. 3. PROHIBITION ON FINANCIAL SERVICES FOR CER-
TAIN IMMEDIATE FAMILY. 
(a) IN GENERAL.—The Secretary of the Treasury shall 
prohibit a United States financial institution, and any per-
son owned or controlled by a United States financial insti-
tution, from engaging in a significant transaction with— 
(1) a natural person covered by a report made 
under section 2(a); and 
(2) the immediate family of a person described 
under paragraph (1), if the Secretary finds that such 
immediate family benefits from funds described in the 
report. 
(b) EXCEPTIONS.— 
(1) EXCEPTION
FOR
INTELLIGENCE, LAW
EN-
FORCEMENT, AND NATIONAL SECURITY ACTIVITIES.— 
Subsection (a) shall not apply with respect to any in-
telligence, law enforcement, or national security activ-
ity of the United States. 
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(2) WAIVER.—The President may waive the ap-
plication of subsection (a) with respect to a person 
upon reporting to the appropriate Members of Con-
gress that— 
(A) the waiver would substantially promote 
the objective of ending the threat described under 
section 2(a)(1); 
(B) the threat described under section 
2(a)(1) is no longer present; or 
(C) the waiver is essential to the national 
security interests of the United States. 
(3) FORM OF REPORTS.—The reports required 
under paragraph (2) shall be submitted in unclassi-
fied form but may contain a classified annex. 
(4) RULE OF CONSTRUCTION.— 
(A) IN GENERAL.—Nothing in this section 
shall be construed as authorizing or requiring 
any sanction with respect to the importation of 
any good. 
(B) GOOD
DEFINED.—In this paragraph, 
the term ‘‘good’’ means any article, natural or 
manmade substance, material, supply or manu-
factured product, including inspection and test 
equipment, and excluding technical data. 
(c) IMPLEMENTATION; PENALTIES.— 
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(1) IMPLEMENTATION.—The President may exer-
cise all authorities provided to the President under 
sections 203 and 205 of the International Emergency 
Economic Powers Act (50 U.S.C. 1702 and 1704) to 
carry out this section. Not later than 60 days after 
issuing a license pursuant to this section, the Presi-
dent shall submit a copy of the license to the appro-
priate Members of Congress. 
(2) PENALTIES.—A person that violates, at-
tempts to violate, conspires to violate, or causes a vio-
lation of this section or any regulation, license, or 
order issued to carry out this section shall be subject 
to the penalties set forth in subsections (b) and (c) of 
section 206 of the International Emergency Economic 
Powers Act (50 U.S.C. 1705) to the same extent as a 
person that commits an unlawful act described in 
subsection (a) of that section 206. 
(d) TERMINATION.—This section shall have no force or 
effect on the earlier of— 
(1) the date that is 30 days after the date that 
the President reports to the appropriate Members of 
Congress that the threat described under section 
2(a)(1) is no longer present; or 
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(2) the date that is 25 years after the date that 
the Secretary of the Treasury submits the final report 
required under section 2(a)(1). 
SEC. 4. DEFINITIONS. 
For purposes of this Act: 
(1) APPROPRIATE MEMBERS OF CONGRESS.—The 
term ‘‘appropriate Members of Congress’’ means the 
Speaker and minority leader of the House of Rep-
resentatives, the majority leader and minority leader 
of the Senate, the Chairman and Ranking Member of 
the Committee on Financial Services of the House of 
Representatives, and the Chairman and Ranking 
Member of the Committee on Banking, Housing, and 
Urban Affairs of the Senate. 
(2) FINANCIAL INSTITUTION.—The term ‘‘finan-
cial institution’’ means a United States financial in-
stitution or a foreign financial institution. 
(3) FOREIGN FINANCIAL INSTITUTION.—The term 
‘‘foreign financial institution’’ has the meaning given 
that term in section 561.308 of title 31, Code of Fed-
eral Regulations. 
(4) FUNDS.—The term ‘‘funds’’ has the meaning 
given to such term by the Secretary of the Treasury. 
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