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nated standards on restructuring collateralized 
debt; 
‘‘(2) engage with international financial institu-
tions and official and commercial creditors to ad-
vance support, as the Secretary finds appropriate, 
for debt restructuring or debt relief for each partici-
pating debtor, including, on a case-by-case basis, a 
debt standstill, if requested by the debtor country 
through the Common Framework process from the 
time of conclusion of a staff-level agreement with the 
International Monetary Fund, and until the conclu-
sion of a memorandum of understanding with its 
creditor committee pursuant to the Common Frame-
work, or any successor framework or similar coordi-
nated international debt treatment process in which 
the United States participates; and 
‘‘(3) instruct the United States Executive Di-
rector at the International Monetary Fund and the 
United States Executive Director at the World Bank 
to use the voice and vote of the United States to ad-
vance the efforts described in paragraphs (1) and 
(2). 
‘‘(b) REPORTING REQUIREMENT.—Not later than 
120 days after the date of the enactment of this section, 
and annually thereafter, the Secretary of the Treasury, in 
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coordination with the Secretary of State, shall submit to 
the Committees on Banking, Housing, and Urban Affairs 
and Foreign Relations of the Senate and the Committees 
on Financial Services and Foreign Affairs of the House 
of Representatives a report that describes— 
‘‘(1) any actions that have been taken, in co-
ordination with international financial institutions, 
by official creditors, including the government of, 
and state-owned enterprises in, the People’s Repub-
lic of China, and relevant commercial creditor 
groups to advance debt restructuring or relief for 
countries with unsustainable debt that have sought 
restructuring or relief under the Common Frame-
work, any successor framework or mechanism, or 
under any other coordinated international arrange-
ment for sovereign debt restructuring in which the 
United States participates; 
‘‘(2) any implementation challenges that hinder 
the ability of the Common Framework to provide 
timely debt restructuring for any country with 
unsustainable debt that seeks debt restructuring or 
debt payment relief, including any refusal of a cred-
itor to participate in appropriate burden-sharing, in-
cluding failure to share (or publish, as appropriate) 
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all material information needed to assess debt sus-
tainability; and 
‘‘(3) recommendations on how to address any 
challenges identified in paragraph (2).’’. 
(b) SUNSET.—The amendment made by subsection 
(a) is repealed effective on the date that is 5 years after 
the effective date of this section. 
SEC. 5406. PAYMENT CHOICE. 
(a) SENSE OF CONGRESS.—It is the sense of Con-
gress that every consumer has the right to use cash at 
retail businesses who accept in-person payments. 
(b) RETAIL BUSINESSES PROHIBITED FROM REFUS-
ING CASH PAYMENTS.— 
(1) IN GENERAL.—Subchapter I of chapter 51 
of title 31, United States Code, is amended by add-
ing at the end the following: 
‘‘§ 5104. Retail businesses prohibited from refusing 
cash payments 
‘‘(a) IN GENERAL.—Any person engaged in the busi-
ness of selling or offering goods or services at retail to 
the public with a person accepting in-person payments at 
a physical location (including a person accepting payments 
for telephone, mail, or internet-based transactions who is 
accepting in-person payments at a physical location)— 
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‘‘(1) shall accept cash as a form of payment for 
sales of less than $2,000 (or, for loan payments, 
payments made on a loan with an original principal 
amount of less than $2,000) made at such physical 
location; and 
‘‘(2) may not charge cash-paying customers a 
higher price compared to the price charged to cus-
tomers not paying with cash. 
‘‘(b) EXCEPTIONS.— 
‘‘(1) IN
GENERAL.—Subsection (a) shall not 
apply to a person if such person— 
‘‘(A) is unable to accept cash because of— 
‘‘(i) a sale system failure that tempo-
rarily prevents the processing of cash pay-
ments; or 
‘‘(ii) a temporary insufficiency in cash 
on hand needed to provide change; or 
‘‘(B) provides customers with the means, 
on the premises, to convert cash into a card 
that is either a general-use prepaid card, a gift 
card, or an access device for electronic fund 
transfers for which— 
‘‘(i) there is no fee for the use of the 
card; 
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‘‘(ii) there is not a minimum deposit 
amount greater than 1 dollar; 
‘‘(iii) amounts loaded on the card do 
not expire, except as permitted under para-
graph (2); 
‘‘(iv) there is no collection of any per-
sonal identifying information from the cus-
tomer; 
‘‘(v) there is no fee to use the card; 
and 
‘‘(vi) there may be a limit to the num-
ber of transactions. 
‘‘(2) INACTIVITY.—A person seeking exception 
from subsection (a) may charge an inactivity fee in 
association with a card offered by such person if— 
‘‘(A) there has been no activity with re-
spect to the card during the 12-month period 
ending on the date on which the inactivity fee 
is imposed; 
‘‘(B) not more than 1 inactivity fee is im-
posed in any 1-month period; and 
‘‘(C) it is clearly and conspicuously stated, 
on the face of the mechanism that issues the 
card and on the card— 
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‘‘(i) that an inactivity fee or charge 
may be imposed; 
‘‘(ii) the frequency at which such inac-
tivity fee may be imposed; and 
‘‘(iii) the amount of such inactivity 
fee. 
‘‘(c) RIGHT TO NOT ACCEPT LARGE BILLS.— 
‘‘(1) IN GENERAL.—Notwithstanding subsection 
(a), for the 5-year period beginning on the date of 
enactment of this section, this section shall not re-
quire a person to accept cash payments in $50 bills 
or any larger bill. 
‘‘(2) RULEMAKING.— 
‘‘(A) IN GENERAL.—The Secretary of the 
Treasury, in this section referred to as the Sec-
retary, shall issue a rule on the date that is 5 
years after the date of the enactment of this 
section with respect to any bills a person is not 
required to accept. 
‘‘(B) REQUIREMENT.—When issuing a rule 
under subparagraph (A), the Secretary shall re-
quire persons to accept $1, $5, $10, $20, and 
$50 bills. 
‘‘(d) ENFORCEMENT.— 
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‘‘(1) PREVENTATIVE
RELIEF.—Whenever any 
person has engaged, or there are reasonable grounds 
to believe that any person is about to engage, in any 
act or practice prohibited by this section, a civil ac-
tion for preventive relief, including an application for 
a permanent or temporary injunction, restraining 
order, or other order may be brought against such 
person. 
‘‘(2) CIVIL PENALTIES.—Any person who vio-
lates this section shall— 
‘‘(A) be liable for actual damages; 
‘‘(B) be fined not more than $2,500 for a 
first offense; and 
‘‘(C) be fined not more than $5,000 for a 
second or subsequent offense. 
‘‘(3) JURISDICTION.—An action under this sec-
tion may be brought in any United States district 
court, or in any other court of competent jurisdic-
tion. 
‘‘(4) INTERVENTION OF ATTORNEY GENERAL.— 
Upon timely application, a court may, in its discre-
tion, permit the Attorney General to intervene in a 
civil action brought under this subsection, if the At-
torney General certifies that the action is of general 
public importance. 
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‘‘(5) AUTHORITY TO APPOINT COURT-PAID AT-
TORNEY.—Upon application by an individual and in 
such circumstances as the court may determine just, 
the court may appoint an attorney for such indi-
vidual and may authorize the commencement of a 
civil action under this subsection without the pay-
ment of fees, costs, or security. 
‘‘(6) ATTORNEY’S FEES.—In any action com-
menced pursuant to this section, the court, in its 
discretion, may allow the prevailing party, other 
than the United States, a reasonable attorney’s fee 
as part of the costs, and the United States shall be 
liable for costs the same as a private person. 
‘‘(7) REQUIREMENTS IN CERTAIN STATES AND 
LOCAL AREAS.—In the case of an alleged act or 
practice prohibited by this section which occurs in a 
State, or political subdivision of a State, which has 
a State or local law prohibiting such act or practice 
and establishing or authorizing a State or local au-
thority to grant or seek relief from such act or prac-
tice or to institute criminal proceedings with respect 
thereto upon receiving notice thereof, no civil action 
may be brought hereunder before the expiration of 
30 days after written notice of such alleged act or 
practice has been given to the appropriate State or 
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local authority by registered mail or in person, pro-
vided that the court may stay proceedings in such 
civil action pending the termination of State or local 
enforcement proceedings. 
‘‘(e) GREATER PROTECTION UNDER STATE LAW.— 
This section shall not preempt any law of a State, the Dis-
trict of Columbia, a Tribal government, or a territory of 
the United States if the protections that such law affords 
to consumers are greater than the protections provided 
under this section. 
‘‘(f) RULEMAKING.—The Secretary shall issue such 
rules as the Secretary determines are necessary to imple-
ment this section, which may prescribe additional excep-
tions to the application of the requirements described in 
subsection (a).’’. 
(2) CLERICAL AMENDMENT.—The table of con-
tents for chapter 51 of title 31, United States Code, 
is amended by inserting after the item relating to 
section 5103 the following: 
‘‘5104. Retail businesses prohibited from refusing cash payments.’’. 
(3) RULE
OF
CONSTRUCTION.—The amend-
ments made by this section may not be construed to 
have any effect on section 5103 of title 31, United 
States Code. 
(c) DISCRETIONARY SURPLUS FUND.— 
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(1) IN GENERAL.—Subparagraph (A) of section 
7(a)(3) of the Federal Reserve Act (12 U.S.C. 
289(a)(3)(A)) is amended by reducing the dollar fig-
ure described in such subparagraph by $15,000,000. 
(2) EFFECTIVE DATE.—The amendment made 
by paragraph (1) shall take effect on September 30, 
2022. 
SEC. 5407. DISCLOSURE REQUIREMENTS RELATING TO 
CHINA-BASED HEDGE FUNDS CAPITAL RAIS-
ING ACTIVITIES IN THE UNITED STATES 
THROUGH 
CERTAIN 
EXEMPTED 
TRANS-
ACTIONS. 
(a) AMENDMENT.—The Securities Exchange Act of 
1934 is amended by inserting after section 13A (15 U.S.C. 
78m–1) the following: 
‘‘SEC. 13B. DISCLOSURE REQUIREMENTS RELATING TO 
CERTAIN EXEMPTED TRANSACTIONS. 
‘‘(a) IN GENERAL.—Notwithstanding any other pro-
vision of law, in the case of an issuer that is domiciled 
in the People’s Republic of China, including a China-based 
hedge fund or a China-based private equity fund, that con-
ducts a covered exempted transaction, such issuer shall 
provide to the Commission, at such time and in such man-
ner as the Commission may prescribe, the following: 
‘‘(1) The identity of the issuer. 
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‘‘(2) The place of incorporation of the issuer. 
‘‘(3) The amount of the issuance involved in the 
covered exempted transaction and the net proceeds 
to the issuer. 
‘‘(4) The principal beneficial owners of the 
issuer. 
‘‘(5) The intended use of the proceeds from 
such issuance, including— 
‘‘(A) each country in which the issuer in-
tends to invest such proceeds; and 
‘‘(B) each industry in which the issuer in-
tends to invest such proceeds. 
‘‘(6) The exemption the issuer relies on with re-
spect to such covered exempted transaction. 
‘‘(b) AUTHORITY
TO REVISE
AND PROMULGATE 
RULES, REGULATIONS, AND FORMS.—The Commission 
shall, for the protection of investors and fair and orderly 
markets— 
‘‘(1) revise and promulgate such rules, regula-
tions, and forms as may be necessary to carry out 
this section; and 
‘‘(2) issue rules to set conditions for the use of 
covered exempted transactions by an issuer who does 
not comply with the requirements under subsection 
(a). 
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