DATA Act
Bill: H.R.3498 | Sponsor: Rep. Gonzalez, Anthony (R-OH)
Policy area: Foreign Trade and International Finance

Summary:
Documenting Adversarial Trade Aggression Act or the DATA Act
This bill requires the Department of Commerce to establish a China Economic Data Coordination Center within the Bureau of Economic Analysis.
The center must collect, synthesize, and report on specified Chinese economic data regarding developments in China's financial markets and U.S. exposure to risks and vulnerabilities in China's financial system.

To direct the Secretary of Commerce to establish within the Bureau of 
 Economic Analysis of the Department of Commerce a China Economic Data 
                          Coordination Center.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Documenting Adversarial Trade 
Aggression Act'' or ``DATA Act''.

SEC. 2. CHINA ECONOMIC DATA COORDINATION CENTER.

    (a) In General.--The Secretary of Commerce, in coordination with 
the Secretary of the Treasury, shall establish within the Bureau of 
Economic Analysis of the Department of Commerce a China Economic Data 
Coordination Center (in this section referred to as the ``Center'').
    (b) Duties.--The Center, in coordination with the heads of other 
relevant Federal agencies and the private sector, shall collect and 
synthesize official and unofficial Chinese economic data on 
developments in China's financial markets and United States exposure to 
risks and vulnerabilities in China's financial system, including--
            (1) data on baseline economic statistics such as gross 
        domestic product (GDP) and other indicators of economic health;
            (2) data on national and local government debt;
            (3) data on nonperforming loan amounts;
            (4) data on the composition of shadow banking assets;
            (5) data on the composition of China's foreign exchange 
        reserves;
            (6) data on bank loan interest rates;
            (7) data on United States retirement accounts tied to 
        Chinese investments;
            (8) data on China's exposure to foreign borrowers and flows 
        of official financing for China's Belt and Road Initiative and 
        other trade-related initiatives, including data from the 
        Export-Import Bank of China, the China Export and Credit 
        Insurance Corporation (Sinosure), and the China Development 
        Bank;
            (9) data on sovereign or near-sovereign loans made by China 
        to other countries or guaranteed by sovereign entities; and
            (10) data on Chinese domestic retirement accounts and 
        investments.
    (c) Briefings.--The Center shall provide to the appropriate 
congressional committees and the private sector on a biannual basis 
briefings on implementation of the duties of the Center.
    (d) Reports and Public Updates.--
            (1) Reports.--
                    (A) In general.--The Center shall submit to the 
                appropriate congressional committees on a quarterly 
                basis a report in writing on implementation of the 
                duties of the Center.
                    (B) Matters to be included.--The report required by 
                this subsection shall include--
                            (i) key findings, data, the research and 
                        development activities of the affiliates of 
                        United States multinational enterprises 
                        operating in China, and a description of the 
                        implications of such activities for United 
                        States production, employment, and the economy; 
                        and
                            (ii) a description of United States 
                        industry interactions with Chinese state-owned 
                        enterprises and other state-affiliated entities 
                        and inbound Chinese investments.
            (2) Public updates.--The Center shall provide to the public 
        on a monthly basis updates on implementation of the duties of 
        the Center.
    (e) Recommendations and Strategies.--The Secretary of the Treasury, 
using data collected and synthesized by the Center under subsection (b) 
and in consultation with the Center, shall--
            (1) develop recommendations and strategies for ways in 
        which the United States can respond to potential risks and 
        exposures within China's financial system; and
            (2) submit to the appropriate congressional committees a 
        report that contains such recommendations and strategies.
    (f) Appropriate Congressional Committees Defined.--In this section, 
the term ``appropriate congressional committees'' means--
            (1) the Committee on Foreign Affairs, the Committee on 
        Financial Services, and the Committee on Energy and Commerce of 
        the House of Representatives; and
            (2) Committee on Foreign Relations, the Committee on 
        Banking, Housing, and Urban Affairs, and the Committee on 
        Commerce, Science, and Transportation of the Senate.
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