I 
117TH CONGRESS 
1ST SESSION H. R. 1092 
To place temporary restrictions on acquisitions by the People’s Republic 
of China, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 18, 2021 
Mr. BANKS introduced the following bill; which was referred to the Committee 
on Financial Services, and in addition to the Committees on Energy and 
Commerce, and Foreign Affairs, for a period to be subsequently deter-
mined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To place temporary restrictions on acquisitions by the 
People’s Republic of China, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. RESTRICTION ON ACQUISITIONS BY THE PEO-
PLE’S REPUBLIC OF CHINA. 
(a) IN GENERAL.—The Committee on Foreign In-
vestment in the United States shall review, and the Presi-
dent shall deny, any purchase of a controlling interest in 
a covered company by a covered foreign interest, except 
as provided by subsection (b). 
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(b) WAIVER.—The President may approve the pur-
chase of a controlling interest in a covered company by 
a covered foreign interest if the President, acting through 
the Committee on Foreign Investment in the United 
States, determines— 
(1) that it is not in the interest of the United 
States to take further action under section 721 of 
the Defense Production Act of 1950 (50 U.S.C. 
4565) with respect to such purchase; 
(2) that the purchase price was not significantly 
affected by the COVID–19 pandemic; and 
(3) that sale of the covered company to a cov-
ered foreign interest will not permit the covered for-
eign interest additional access to distribute propa-
ganda or otherwise alter U.S. news and media con-
sumption. 
(c) SUNSET.—This section shall cease to have any 
force or effect on and after the date on which the Presi-
dent— 
(1) determines that the United States has sub-
stantially recovered from the economic impacts of 
COVID–19; and 
(2) notifies the Committee on Foreign Invest-
ment in the United States, the Congress, and the 
public of such determination. 
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(d) DEFINITIONS.—In this section: 
(1) COVERED
COMPANY.—The term ‘‘covered 
company’’ means any company registered and doing 
business in the United States that is— 
(A) critical infrastructure, as described 
section 721(a)(4)(D)(ii)(II) of the Defense Pro-
duction 
Act 
of 
1950 
(50 
U.S.C. 
4565(a)(4)(D)(iii)(II)); 
(B) engaged in the production and dis-
semination of news media; or 
(C) otherwise determined to be critical to 
national security, critical infrastructure, or cul-
turally significant by the President. 
(2) COVERED FOREIGN INTEREST.—The term 
‘‘covered foreign interest’’ shall mean— 
(A) the Government of the People’s Repub-
lic of China; 
(B) any entity partially or wholly owned or 
controlled by the Government of the People’s 
Republic of China, and any subsidiaries of such 
an entity; 
(C) any other entity registered in the Peo-
ple’s Republic of China with substantial ties to 
the Government of the People’s Republic of 
China; and 
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(D) any other entity that the President de-
termines to be subject to the control (as defined 
under section 721(a)(3) of the Defense Produc-
tion Act of 1950 (50 U.S.C. 4565(a)(3))), 
whether direct or indirect, of the Government of 
the People’s Republic of China. 
Æ 
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