(16) The repeated violations of the Inter-
national Health Regulations by the Government of 
China caused the spread of such virus first in 
Wuhan, China, and then worldwide. 
(17) As of June 8, 2021, such spread resulted 
in 173,331,478 confirmed cases and 3,735,571 
deaths. 
(18) As of June 8, 2021, 33,193,680 Ameri-
cans had been infected by such virus and 594,802 
of those people died. 
(19) In an October 12, 2020, issue of the Jour-
nal of the American Medical Association, economists 
Lawrence Summers and David Cutler calculated 
that such spread would cost the United States at 
least $16 trillion. 
(20) On October 13, 2020, the International 
Monetary Fund estimated that such spread will cost 
the global economy approximately $28 trillion in lost 
economic output. 
(21) The World Bank estimated on December 
14, 2020, that such spread added between 88 million 
people and 115 million people to those living in ex-
treme poverty and caused between 83 million people 
and 132 million people to become undernourished. 
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(22) The World Bank further predicted that 
learning losses and higher dropout rates caused by 
such spread would cost students an estimated $10 
trillion in future earnings, nearly 10 percent of glob-
al Gross Domestic Product. 
(23) The International Labor Organization esti-
mated that the spread of such virus caused an 8.8 
percent drop in working hours globally, which is 
equivalent to 255 million full-time jobs. 
(24) More than 60 million Americans filed un-
employment claims between March and October 
2020. 
(25) The United States unemployment rate 
reached 14.8 percent in April 2020, the highest rate 
observed since 1948. 
(26) The Congressional Budget Office predicted 
$7.6 trillion in United States economic output would 
be lost to the pandemic between 2021 and 2031. 
(27) To mitigate the economic impact of such 
spread and bolster response efforts, Congress appro-
priated nearly $5.3 trillion in emergency spending. 
(28) The Congressional Budget Office more 
than tripled its Fiscal Year 2020 Federal budget 
deficit projection from $1 trillion in January 2020 
to $3.3 trillion. 
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(29) If China had acted in accordance with its 
international obligations just three weeks earlier, the 
number of early coronavirus cases may have been 95 
percent lower. 
SEC. 4. SENSE OF CONGRESS. 
It is the sense of Congress that— 
(1) in February 2020, the United States cor-
rectly designated Chinese state-owned media outlets 
as foreign missions; 
(2) the Secretary of State should limit to 100 
or fewer people the total number of Chinese citizens 
who may work for a Chinese state-owned media out-
let in the United States; 
(3) such limitation may encourage China to 
allow American journalists and other foreign inde-
pendent reporters to live and report in China with-
out threat or harassment by China; and 
(4) United States entities should avoid sup-
porting or spreading propaganda from China by re-
viewing the policies of such entities relating to media 
advertisements created by China or advertising in 
media outlets owned or operated by China. 
SEC. 5. STATEMENT OF POLICY. 
It is the policy of the United States to seek com-
pensation from China for intentionally concealing and dis-
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torting information concerning the spread of the virus re-
sponsible for COVID–19 resulting in— 
(1) the avoidable loss of life, health, or property 
of citizens of the United States; and 
(2) the damage to the national economy of the 
United States. 
SEC. 6. CORONAVIRUS COMPENSATION FUND. 
(a) ESTABLISHMENT.—There is established in the 
Treasury a compensation fund to be known as the 
Coronavirus Compensation Fund. 
(b) DEPOSIT OF FUNDS.—There shall be deposited 
into the compensation fund— 
(1) the amount agreed upon, if any, between 
China and the United States relating to the bilateral 
agreement on compensation initiated under section 
7(a) of this Act; and 
(2) the amount, if any, collected from the freez-
ing of assets belonging to China under section 8. 
SEC. 7. BILATERAL AGREEMENT ON COMPENSATION BE-
TWEEN THE UNITED STATES AND CHINA. 
(a) NEGOTIATIONS.— 
(1) IN GENERAL.—Not later than 30 days after 
the date of the enactment of this Act, the Secretary 
of State shall enter into negotiations with China 
concerning a bilateral agreement on compensation. 
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(2) MATTERS INCLUDED.—The initiation of ne-
gotiations required under paragraph (1) shall relate 
to— 
(A) the efforts of China to intentionally 
distort and conceal information concerning the 
spread of the virus responsible for COVID–19; 
and 
(B) the avoidable loss of life, health, or 
property of citizens of the United States and 
the damage to the national economy of the 
United States caused by the actions of China 
described in subparagraph (A). 
(b) DEPOSIT OF FUNDS.—Any money received relat-
ing to negotiations initiated under paragraph (1) shall be 
deposited into the compensation fund established under 
section 6(a). 
SEC. 8. AUTHORIZATION TO FREEZE CHINESE ASSETS. 
(a) IN GENERAL.—The President shall use his au-
thorities under the International Emergency Economic 
Powers Act to freeze or block any Chinese asset subject 
to the jurisdiction of the United States in order to reach 
a bilateral agreement on compensation with China. With 
the consent of China under the bilateral agreement on 
compensation, the President may deposit all or some of 
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these frozen funds into the compensation fund established 
under section 6(a). 
(b) PUBLIC REPOSITORY OF CERTAIN ASSETS.— 
(1) IN GENERAL.—Not later than 30 days after 
the date of the enactment of this Act, the Secretary 
of Treasury shall publish online a public repository 
described in paragraph (2). 
(2) MATTERS INCLUDED.—The public reposi-
tory described in this paragraph shall include infor-
mation relating to the following: 
(A) Chinese state-owned entities in the 
United States. 
(B) Chinese entities financed, directed, or 
controlled by the Government of China or the 
Chinese Communist Party. 
(C) United States entities financed, di-
rected, or controlled by the Government of 
China or the Chinese Communist Party. 
(3) SELF-REPORT.— 
(A) IN
GENERAL.—Subject to subpara-
graph (B), not later than 60 days after the date 
of the enactment of this Act, a United States 
entity employed by a Chinese entity, including 
a firm in the United States financial, con-
sulting, or legal industries, shall self-report to 
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the Secretary of Treasury and be added to the 
public repository described in paragraph (2). 
(B) 
EXCEPTION.—Notwithstanding 
any 
other provision of law, if a public report under 
subparagraph (A) would disclose confidential 
proprietary information, including business or 
trade secrets, the information shall be provided 
to the Committee on Foreign Affairs of the 
House of Representatives and the Committee 
on Foreign Relations of the Senate in a classi-
fied repository and shall not be subject to pub-
lic disclosure. 
(C) REMOVAL
FROM
PUBLIC
REPOSI-
TORY.—Not later than 30 days after a United 
State entity reports to the Secretary of Treas-
ury that all contracts or agreements with a Chi-
nese entity have terminated, the Secretary of 
Treasury shall remove all information relating 
to the United States entity from the public re-
pository. 
(c) DEPOSIT OF FUNDS.—Notwithstanding any other 
provision of law, and requiring the consent of China, the 
President may deposit all or some of the assets frozen pur-
suant to subsection (a) into the compensation fund estab-
lished under section 6(a). 
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SEC. 9. ENCOURAGING DEVELOPING NATIONS TO SEEK 
COMPENSATION FROM CHINA. 
(a) IN GENERAL.—Not earlier than 60 days after the 
date that the Secretary of State enters into negotiations 
with China concerning a bilateral agreement on compensa-
tion pursuant to section 7, if China did not enter into, 
or abide by, a contract or agreement relating to such nego-
tiations, the Secretary of State shall submit to the appro-
priate congressional committees a report described in sub-
section (b). 
(b) REPORT.—The report described in this subsection 
shall include information concerning strategies to encour-
age and support developing countries that are facing a se-
vere health and economic crisis due to China’s actions dur-
ing the spread of the virus responsible for COVID–19 and 
indebted to China to freeze, repossess, and seize Chinese 
assets and holdings in each such country, renege on loans 
or debt, and expropriate ports in order to fund response 
efforts to the spread of the virus responsible for COVID– 
19 if China does not provide compensation to such devel-
oping countries. 
(c) DEFINITIONS.—In this section: 
(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means— 
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(A) the Committee on Foreign Affairs of 
the House of Representatives; and 
(B) the Committee on Foreign Relations of 
the Senate. 
(2) CHINESE
ASSETS
AND
HOLDINGS.—The 
term ‘‘Chinese assets and holdings’’ means the fol-
lowing entities in a developing country— 
(A) Chinese state-owned entities; 
(B) Chinese entities financed, directed, or 
controlled by China or the Chinese Communist 
Party; or 
(C) entities organized under the laws of a 
developing country that are financed, directed, 
or controlled by China or the Chinese Com-
munist Party. 
SEC. 10. SUSPENSION OF REQUESTS MADE BY CHINESE EN-
TITIES TO ACQUIRE UNITED STATES ENTI-
TIES UNDER CERTAIN CIRCUMSTANCES. 
(a) IN GENERAL.—Not earlier than 60 days after the 
date that the Secretary of State enters into negotiations 
with China concerning a bilateral agreement on compensa-
tion pursuant to section 7, the President shall suspend re-
view of requests made by a Chinese entity to acquire a 
United States entity to the Committee on Foreign Invest-
ment in the United States. 
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(b) APPLICATION.—Subsection (a) shall only apply if 
China did not enter into, or abide by, a contract or agree-
ment relating to such negotiations pursuant to section 7, 
and such suspension shall be lifted if such contract or 
agreement is established. 
SEC. 11. PROHIBITION ON PROCUREMENT OF CERTAIN 
PRODUCTS FROM A COVERED FOREIGN ENTI-
TY, INCLUDING PRODUCTS INTENDED TO BE 
INCLUDED IN THE STRATEGIC NATIONAL 
STOCKPILE. 
(a) PROHIBITION ON USE OF FEDERAL FUNDS FOR 
FOREIGN PROCUREMENT.—No Federal funds may be 
used to procure by contract, subcontract, grant, coopera-
tive agreement, or otherwise any product sourced, manu-
factured, or assembled in whole or in part by a covered 
foreign entity that poses a supply chain risk to the na-
tional security of the United States, including products 
identified in the report required under subsection (b). 
(b) REPORT.— 
(1) IN GENERAL.—Not later than 60 days after 
the date of the enactment of this Act, the President 
shall submit to the appropriate congressional com-
mittees a report concerning supply chain risks and 
vulnerabilities posed by a covered foreign entity to 
the national security, including health security, of 
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the United States, and methods to mitigate such 
risks and vulnerabilities. 
(2) MATTERS INCLUDED.—The report required 
under paragraph (1) shall include information relat-
ing to such business sectors: 
(A) Pharmaceutical. 
(B) Medical. 
(C) Rare earth material. 
(D) Cybersecurity. 
(E) Information security. 
(F) Communication technology, including 
fifth generation technology. 
(G) Electronics. 
(c) WAIVER.—The President may waive the prohibi-
tions under this section with respect to a product if the 
President determines and reports to the appropriate con-
gressional committees that such waiver is in the national 
security interests of the United States. 
(d) TERMINATION.—The President may terminate 
the prohibition with respect to a product if the President 
determines and reports to the appropriate congressional 
committees not less than 15 days before such termination 
takes effect that China— 
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