Title: Compensation for Americans Act of 2020
Policy area: International Affairs

Summary:
Compensation for Americans Act of 2020
This bill requires the Department of State to negotiate with China to secure compensation for China's distortion of information related to the spread of COVID-19 (i.e., coronavirus disease 2019). The bill also contains other China-related provisions, such as those imposing sanctions on certain Chinese individuals and entities.
As part of such negotiations, the President shall (1) freeze Chinese assets subject to U.S. jurisdiction; (2) suspend the required review of any proposed acquisition of a U.S. entity by a Chinese entity; (3) impose sanctions on Chinese entities in certain industries, such as artificial intelligence and pharmaceuticals; (4) impose sanctions on various individuals, including Chinese government officials and Chinese citizens responsible for stealing intellectual property from U.S. entities; and (5) prohibit using federal funds to procure goods manufactured or sourced from a Chinese company, if such goods pose a supply chain risk to U.S. national security.
The President s may terminate such prohibitions and sanctions if China and the United States come to an agreement regarding compensation related to COVID-19.
The Department of the Treasury shall establish a public repository with information about entities that are owned, financed, or controlled by the Chinese government.
Other provisions in this bill include (1) imposing export controls on telecommunications equipment that would help China carry out censorship or surveillance, (2) banning researchers affiliated with China's military from obtaining visas, and (3) requiring U.S. World Bank representatives to end China's eligibility for World Bank assistance.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7007 Introduced in House (IH)]

<DOC>






116th CONGRESS
  2d Session
                                H. R. 7007

  To initiate negotiations for a bilateral agreement on compensation 
 between the United States and the People's Republic of China relating 
  to the spread of the virus responsible for COVID-19, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 22, 2020

 Mrs. Wagner introduced the following bill; which was referred to the 
  Committee on Foreign Affairs, and in addition to the Committees on 
  Oversight and Reform, the Judiciary, Financial Services, Energy and 
   Commerce, Armed Services, and Ways and Means, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
  To initiate negotiations for a bilateral agreement on compensation 
 between the United States and the People's Republic of China relating 
  to the spread of the virus responsible for COVID-19, and for other 
                               purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Compensation for 
Americans Act of 2020''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Findings.
Sec. 4. Sense of Congress.
Sec. 5. Statement of policy.
Sec. 6. Coronavirus compensation fund.
Sec. 7. Bilateral agreement on compensation between the United States 
                            and China.
Sec. 8. Authorization to freeze Chinese assets.
Sec. 9. Encouraging developing nations to seek compensation from China.
Sec. 10. Suspension of requests made by Chinese entities to acquire 
                            United States entities under certain 
                            circumstances.
Sec. 11. Prohibition on procurement of certain products from a covered 
                            foreign entity, including products intended 
                            to be included in the Strategic National 
                            Stockpile.
Sec. 12. Report on integrity of the United States supply chain.
Sec. 13. Restriction on Federal funds to propose, finalize, implement, 
                            or enforce any rule that reconsiders or 
                            amends certain Bureau of Industry and 
                            Security rules.
Sec. 14. Authorization of sanctions.
Sec. 15. Export controls on certain telecommunication equipment.
Sec. 16. Visa ban on researchers affiliated with the PLA.
Sec. 17. Prohibition on investment of TSP I fund in China.
Sec. 18. Protecting pharmaceutical access for Americans.
Sec. 19. Removal of China's designation as a developing country in 
                            international bodies.
Sec. 20. Protecting America from cyberattacks.
Sec. 21. Ensuring transparency for Chinese listings on U.S. Exchanges.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) China.--The term ``China'' means the People's Republic 
        of China.
            (2) Compensation fund.--The term ``compensation fund'' 
        means the Coronavirus Compensation Fund.
            (3) WHO.--The term ``WHO'' means the World Health 
        Organization.

SEC. 3. FINDINGS.

    Congress finds the following:
            (1) In the early weeks of the spread of the virus 
        responsible for COVID-19, the Government of China 
        systematically suppressed, misrepresented, and falsified 
        information concerning such spread.
            (2) The first reported instance of such virus may have 
        occurred on November 17, 2019, in Wuhan, China. The Government 
        of China did not notify the WHO that it had detected an unknown 
        respiratory illness until December 31, 2020.
            (3) The Government of China violated international law by 
        covering up the origins and spread of such virus.
            (4) Articles 6 and 7 of the International Health 
        Regulations of 2005 require notification to the WHO within 24 
        hours of an assessment of events that may constitute a public 
        health emergency of international concern.
            (5) The International Health Regulations require the WHO to 
        be notified of ``all relevant public health information'' 
        regarding public health events of international concern, and 
        for information to be shared in a ``timely, accurate, and 
        sufficiently detailed manner''.
            (6) The Government of China failed to share information 
        with the WHO, and embarked on a campaign to silence doctors, 
        scientists, and whistleblowers in an attempt to mislead the 
        Chinese people and the international community concerning the 
        spread of such virus.
            (7) On December 27, 2020, samples of the virus found in 
        hospitals in Wuhan, China, were analyzed and determined to be a 
        novel coronavirus.
            (8) The Government of China did not share with the WHO such 
        determination concerning the novel coronavirus.
            (9) On January 3, 2020, the Government of China ordered 
        Chinese scientists working to sequence the genome of such virus 
        to surrender or destroy their samples and the Government of 
        China did not publicly share the genetic sequence until January 
        12, 2020.
            (10) In early January, the Government of China jailed eight 
        medical professionals who sought to share information relating 
        to such virus.
            (11) A Chinese ophthalmologist, Dr. Li Wenliang, tried to 
        warn the medical community of such virus. The Government of 
        China forced Dr. Li to sign a letter stating that he made 
        ``false statements'' concerning such virus. Dr. Li later became 
        infected with such virus and died on February 7, 2020.
            (12) The Government of China insisted that no evidence 
        existed concerning the spread of such virus through person-to-
        person transmission, and allowed Chinese citizens to travel 
        unimpeded, including during the Lunar New Year, when travelers 
        numbered in the hundreds of millions.
            (13) On December 31, 2020, the Government of Taiwan noted 
        the possibility that such virus could spread through person-to-
        person transmission. Officials of the WHO sent to China did not 
        announce that such virus could spread through person-to-person 
        transmission until January 22, 2020.
            (14) The Government of China continues to neutralize or 
        eliminate actors who threaten to expose the Government of 
        China's culpability in the spread of such virus.
            (15) Wuhan Central Hospital reprimanded Dr. Ai Fen for 
        sharing a picture of a patient report labeled ``SARS 
        Coronavirus''. In an interview published in the Chinese 
        magazine Ren Wu on March 10, 2020, Doctor Ai said ``This 
        incident has shown that everyone needs to have their own 
        thoughts because someone has to step up to speak the truth.''. 
        Dr. Ai has been missing since March 29, 2020, and it is 
        believed the Government of China is involved in his 
        disappearance.
            (16) The repeated violations of the International Health 
        Regulations by the Government of China caused the spread of 
        such virus first in Wuhan, China, and then worldwide.
            (17) As of May 18, 2020, such spread affected 188 countries 
        worldwide, resulting in millions of confirmed cases and more 
        than 317,000 deaths.
            (18) As of May 18, 2020, 496,509 Americans were infected by 
        such virus and 89,874 of those people died.
            (19) On May 15, 2020, the Asia Development bank estimated 
        that such spread will cost the global economy between $5.8 
        trillion and $8.8 trillion in 2020.
            (20) The International Labor Organization estimated that 
        the spread of such virus caused a 10.5 percent drop in working 
        hours globally, which is equivalent to 305 million full-time 
        jobs.
            (21) As of April 2020, the Bureau of Labor Statistics 
        reported 26.5 million Americans lost their jobs.
            (22) More than 38.6 million Americans filed unemployment 
        claims over an eight-week period ending on May 16, 2020, 
        bringing the total of unemployed Americans to more than 40 
        million.
            (23) The real unemployment rate is estimated to be between 
        22.8 percent and 25 percent.
            (24) On April 24, 2020, the Congressional Budget Office 
        predicted that the United States Gross Domestic Product would 
        fall 12 percent in the second quarter of 2020, equivalent to a 
        decline at annual rate of 40 percent.
            (25) To mitigate the economic impact of such spread and 
        bolster response efforts, Congress appropriated nearly $3 
        trillion in emergency spending.
            (26) In April 2020, the Congressional Budget Office nearly 
        quadrupled its Fiscal Year 2020 Federal budget deficit 
        projection from $1 trillion in January 2020 to $3.7 trillion.
            (27) 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 correctly 
        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 outlet in the United States;
            (3) such limitation may encourage China to allow American 
        journalists and other foreign independent reporters to live and 
        report in China without threat or harassment by China; and
            (4) United States entities should avoid supporting or 
        spreading propaganda from China by reviewing 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 compensation from 
China for intentionally concealing and distorting information 
concerning the spread of the virus responsible 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 freezing of 
        assets belonging to China under section 8.

SEC. 7. BILATERAL AGREEMENT ON COMPENSATION BETWEEN 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.
            (2) Matters included.--The initiation of negotiations 
        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 relating 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 authorities 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 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 repository described in 
        this paragraph shall include information 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, directed, or 
                controlled by the Government of China or the Chinese 
                Communist Party.
            (3) Self-report.--
                    (A) In general.--Subject to subparagraph (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, consulting, or legal industries, shall self-
                report to 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 classified 
                repository and shall not be subject to public 
                disclosure.
                    (C) Removal from public repository.--Not later than 
                30 days after a United State entity reports to the 
                Secretary of Treasury that all contracts or agreements 
                with a Chinese entity have terminated, the Secretary of 
                Treasury shall remove all information relating to the 
                United States entity from the public repository.
    (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 pursuant to subsection (a) into the 
compensation fund established under section 6(a).

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 compensation pursuant to section 7, if China did 
not enter into, or abide by, a contract or agreement relating to such 
negotiations, the Secretary of State shall submit to the appropriate 
congressional committees a report described in subsection (b).
    (b) Report.--The report described in this subsection shall include 
information concerning strategies to encourage and support developing 
countries that are facing a severe health and economic crisis due to 
China's actions during 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 developing countries.
    (c) Definitions.--In this section:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (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 following 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 Communist Party.

SEC. 10. SUSPENSION OF REQUESTS MADE BY CHINESE ENTITIES TO ACQUIRE 
              UNITED STATES ENTITIES 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 compensation pursuant to section 7, the 
President shall suspend review of requests made by a Chinese entity to 
acquire a United States entity to the Committee on Foreign Investment 
in the United States.
    (b) Application.--Subsection (a) shall only apply if China did not 
enter into, or abide by, a contract or agreement 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 ENTITY, 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, cooperative agreement, or otherwise any product sourced, 
manufactured, or assembled in whole or in part by a covered foreign 
entity that poses a supply chain risk to the national 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 committees a report concerning supply 
        chain risks and vulnerabilities posed by a covered foreign 
        entity to the national security, including health security, of 
        the United States, and methods to mitigate such risks and 
        vulnerabilities.
            (2) Matters included.--The report required under paragraph 
        (1) shall include information relating 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 prohibitions under this 
section with respect to a product if the President determines and 
reports to the appropriate congressional 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--
            (1) acknowledges intentionally distorting and concealing 
        information concerning the spread of the virus responsible for 
        COVID-19; and
            (2) provides compensation to the United States for actions 
        described in paragraph (1), which caused--
                    (A) avoidable loss of life, health, or property of 
                citizens of the United States; and
                    (B) damage to the national economy of the United 
                States.
    (e) Definitions.--In this section:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Affairs of the House 
                of Representatives;
                    (B) the Committee on Energy and Commerce of the 
                House of Representatives;
                    (C) the Committee on Homeland Security of the House 
                of Representatives;
                    (D) the Committee on Armed Services of the House of 
                Representatives;
                    (E) the Committee on Veterans' Affairs of the House 
                of Representatives;
                    (F) the Committee on Ways and Means of the House of 
                Representatives;
                    (G) the Committee on Foreign Relations of the 
                Senate;
                    (H) the Committee on Health, Education, Labor, and 
                Pensions of the Senate;
                    (I) the Committee on Homeland Security and 
                Governmental Affairs of the Senate;
                    (J) the Committee on Armed Services of the Senate; 
                and
                    (K) the Committee on Veterans' Affairs of the 
                Senate.
            (2) Covered foreign entity.--The term ``covered foreign 
        entity'' means any entity domiciled in China or subject to 
        influence or control by China or the Communist Party of China, 
        as determined by the Secretary of State.

SEC. 12. REPORT ON INTEGRITY OF THE UNITED STATES SUPPLY CHAIN.

    (a) In General.--Not later than 60 days after the date of the 
enactment of this Act, the Secretary of Commerce shall submit to the 
appropriate congressional committees a report concerning strategies to 
incentivize, require, or compensate United States persons for 
relocating or repatriating United States business activities and assets 
from China to the United States.
    (b) Matters Included.--The report required under subsection (a) 
shall include information relating to the following business sectors:
            (1) Pharmaceutical.
            (2) Medical.
            (3) Electronics.
            (4) Information and communications technology.
            (5) Science.
            (6) Defense industries.
    (c) Definitions.--In this section:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Affairs of the House 
                of Representatives;
                    (B) the Committee on Energy and Commerce of the 
                House of Representatives;
                    (C) the Committee on Financial Services of the 
                House of Representatives;
                    (D) the Committee on Foreign Relations of the 
                Senate;
                    (E) the Committee on Commerce, Science, and 
                Transportation of the Senate; and
                    (F) the Committee on Finance of the Senate.
            (2) Person.--The term ``person'' means--
                    (A) a natural person;
                    (B) a corporation, business association, 
                partnership, society, trust, financial institution, 
                insurer, underwriter, guarantor, and any other business 
                organization, any other nongovernmental entity, 
                organization, or group, or any government or agency 
                thereof; and
                    (C) any successor to any entity described in 
                subparagraph (B).
            (3) United states person.--The term ``United States 
        person'' means--
                    (A) any individual who is a citizen or national of 
                the United States or who is an individual described in 
                subparagraph (B) of section 274B(a)(3) of the 
                Immigration and Nationality Act (8 U.S.C. 1324b(a)(3)); 
                or
                    (B) a corporation or other legal entity which is 
                organized under the laws of the United States, any 
                State or territory thereof, or the District of 
                Columbia.

SEC. 13. RESTRICTION ON FEDERAL FUNDS TO PROPOSE, FINALIZE, IMPLEMENT, 
              OR ENFORCE ANY RULE THAT RECONSIDERS OR AMENDS CERTAIN 
              BUREAU OF INDUSTRY AND SECURITY RULES.

    No Federal funds may be used to propose, finalize, implement, or 
enforce any rule that reconsiders or amends Bureau of Industry and 
Security's--
            (1) rule dated April 28, 2020, and titled, ``Elimination of 
        License Exception Civil End Users (CIV)'' (85 Fed. Reg. 23470); 
        or
            (2) rule dated April 28, 2020, and titled, ``Expansion of 
        Export, Reexport, and Transfer (in-Country) Controls for 
        Military End Use or Military End Users in the People's Republic 
        of China, Russia, or Venezuela'' (85 Fed. Reg. 23459).

SEC. 14. AUTHORIZATION OF SANCTIONS.

    (a) In General.--The President shall impose the sanctions described 
in subsection (b) with respect to a foreign person the President 
determines, based on credible evidence, is one of the following:
            (1) A government official, or a senior associate of such an 
        official, of China.
            (2) A Chinese manufacturer or supplier, or a corporate 
        officer of, or a principal shareholder with controlling 
        interests in, such a manufacturer or supplier, in the following 
        industries:
                    (A) Artificial intelligence.
                    (B) Genetic engineering technologies.
                    (C) Semiconductors.
                    (D) Lithium battery manufacturing.
                    (E) High-capacity computing.
                    (F) Quantum computing.
                    (G) Medical equipment.
                    (H) Pharmaceuticals.
                    (I) Robotics.
                    (J) Biotechnology.
            (3) An individual, corporate officer, or principal 
        shareholder with controlling interests in a medical equipment 
        supplier or pharmaceutical manufacturer entity that profited 
        from the global response to the spread of the virus responsible 
        for COVID-19.
            (4) A citizen of China who the President determines to--
                    (A) be responsible for or complicit in, or to have 
                engaged in, the misappropriation, receipt, or use of 
                intellectual property stolen from United States persons 
                if that misappropriation, receipt, or use is reasonably 
                likely to result in, or has materially contributed to, 
                a significant threat to the national security, foreign 
                policy, or economy of the United States;
                    (B) have materially assisted, sponsored, or 
                provided financial, material, or technological support 
                for, or goods or services to or in support of--
                            (i) any activity described in subparagraph 
                        (A); or
                            (ii) any person the property and interests 
                        in property of which are blocked pursuant to 
                        subsection (b)(1);
                    (C) be owned or controlled by, or to have acted or 
                purported to act for or on behalf of, directly or 
                indirectly, any person the property and interests in 
                property of which are blocked pursuant to subsection 
                (b)(1);
                    (D) have attempted to engage in any of the activity 
                described in subparagraph (A), (B), or (C); or
                    (E) be a corporate officer of, or a principal 
                shareholder with controlling interests in, an entity 
                described in any of subparagraph (A), (B), (C), or (D).
            (5) A Chinese state-owned entity or a Chinese entity 
        financed, directed, or controlled by the Government of China or 
        the Chinese Communist Party, that the President determines to, 
        on or after the date of the enactment of this Act--
                    (A) be responsible for or complicit in, or to have 
                engaged in, censorship, surveillance, or any other 
                similar or related activity through means of 
                telecommunications, including the internet;
                    (B) have materially assisted, sponsored, or 
                provided financial, material, or technological support 
                for, or goods or services to or in support of--
                            (i) any activity described in subparagraph 
                        (A); or
                            (ii) any person the property and interests 
                        in property of which are blocked pursuant to 
                        subsection (b)(1);
                    (C) be owned or controlled by, or to have acted or 
                purported to act for or on behalf of, directly or 
                indirectly, any person the property and interests in 
                property of which are blocked pursuant to subsection 
                (b)(1);
                    (D) have attempted to engage in any of the activity 
                described in subparagraph (A), (B), or (C); or
                    (E) be a corporate officer of, or a principal 
                shareholder with controlling interests in, an entity 
                described in any of subparagraph (A), (B), (C), or (D).
    (b) Sanctions Described.--The sanctions described in this 
subsection are the following:
            (1) Asset blocking.--The President shall exercise all of 
        the powers granted to the President under the International 
        Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to the 
        extent necessary to block and prohibit all transactions in 
        property and interests in property of a foreign person 
        identified in the report required under subsection (a) if such 
        property and interests in property are in the United States, 
        come within the United States, or come within the possession or 
        control of a United States person.
            (2) Ineligibility for visas, admission, or parole.--
                    (A) Visas, admission, or parole.--A foreign person 
                described in subsection (a) and his or her immediate 
                family members is--
                            (i) inadmissible to the United States;
                            (ii) ineligible to receive a visa or other 
                        documentation to enter the United States; and
                            (iii) otherwise ineligible to be admitted 
                        or paroled into the United States or to receive 
                        any other benefit under the Immigration and 
                        Nationality Act (8 U.S.C. 1101 et seq.).
                    (B) Current visa revoked.--
                            (i) In general.--A foreign person described 
                        in subsection (a) is subject to revocation of 
                        any visa or other entry documentation 
                        regardless of when the visa or other entry 
                        documentation is or was issued.
                            (ii) Immediate effect.--A revocation under 
                        clause (i) shall--
                                    (I) take effect immediately; and
                                    (II) automatically cancel any other 
                                valid visa or entry documentation that 
                                is in the alien's possession.
                    (C) Exception to comply with international 
                obligations.--Sanctions under this paragraph shall not 
                apply with respect to a foreign person if admitting or 
                paroling such person into the United States is 
                necessary to permit the United States to comply with 
                the Agreement regarding the Headquarters of the United 
                Nations, signed at Lake Success June 26, 1947, and 
                entered into force November 21, 1947, between the 
                United Nations and the United States, or other 
                applicable international obligations.
    (c) Implementation.--The President may exercise all authorities 
provided under sections 203 and 205 of the International Emergency 
Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this 
section.
    (d) Waiver.--The President may waive the application of sanctions 
under this section with respect to a foreign person identified in the 
report required under subsection (a) if the President determines and 
certifies to the appropriate congressional committees that such a 
waiver is in the national interest of the United States.
    (e) Termination of Sanctions.--The President may terminate the 
application of sanctions under this section with respect to a foreign 
person if the President determines and reports to the appropriate 
congressional committees not less than 15 days before such termination 
takes effect that China--
            (1) acknowledges intentionally distorting and concealing 
        information concerning the spread of the virus responsible for 
        COVID-19; and
            (2) provides compensation to the United States for such 
        actions described in paragraph (1), which caused an avoidable 
        injury to--
                    (A) the life, health, and property of the citizens 
                of the United States; and
                    (B) the national economy of the United States.
    (f) Exception Relating to the Importation of Goods.--
            (1) In general.--The authorities and requirements to impose 
        sanctions under this section shall not include the authority or 
        requirement to impose sanctions on the importation of goods.
            (2) Good defined.--In this subsection, the term ``good'' 
        means any article, natural or man-made substance, material, 
        supply or manufactured product, including inspection and test 
        equipment, and excluding technical data.
    (g) Definitions.--In this section:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Affairs of the House 
                of Representatives; and
                    (B) the Committee on Foreign Relations of the 
                Senate.
            (2) Foreign person.--The term ``foreign person'' means--
                    (A) an individual who is not a citizen of the 
                United States or an alien admitted for permanent 
                residence to the United States; or
                    (B) a corporation, partnership, or other entity 
                which is created or organized under the laws of a 
                foreign country or which has its principal place of 
                business outside the United States.

SEC. 15. EXPORT CONTROLS ON CERTAIN TELECOMMUNICATION EQUIPMENT.

    (a) In General.--Section 1754 of the John S. McCain National 
Defense Authorization Act for Fiscal Year 2019 (50 U.S.C. 4813) is 
amended by adding at the end the following:
    ``(g) Certain Telecommunications Equipment.--
            ``(1) In general.--The Secretary, in consultation with the 
        Secretary of State, the Secretary of Defense, and the heads of 
        other appropriate Federal departments and agencies, shall 
        establish and maintain a list of goods and technology that 
        would serve the primary purpose of assisting, or be 
        specifically configured to assist, the People's Republic of 
        China in acquiring the capability to carry out censorship, 
        surveillance, or any other similar or related activity through 
        means of telecommunications, including the internet, the 
        prohibition or licensing of which would be effective in barring 
        acquisition or enhancement of such capability.
            ``(2) Prohibition.--Notwithstanding any other provision of 
        law, the Secretary shall prohibit the export of goods or 
        technology on the list established under paragraph (1) to 
        Chinese state-owned entities or Chinese entities financed, 
        directed, or controlled by the People's Republic of China or 
        the Chinese Communist Party.
            ``(3) Waiver.--The President may waive the application of 
        paragraph (2) with respect to export of goods or technology on 
        the list established under paragraph (1) on a case-by-case 
        basis if the President determines and certifies to Congress 
        that it is in the national interests of the United States to do 
        so.
            ``(4) Definitions.--In this subsection, the term `Internet' 
        has the meaning given the term in section 231(e)(3) of the 
        Communications Act of 1934 (47 U.S.C. 231(e)(3)).''.
    (b) Regulations.--
            (1) In general.--Not later than 90 days after the date of 
        the enactment of this Act, the President shall revise the 
        Export Administration Regulations and any other regulations 
        necessary to carry out the amendment made by subsection (a).
            (2) Export administration regulations defined.--In this 
        subsection, the term ``Export Administration Regulations'' 
        means the Export Administration Regulations as maintained and 
        amended under the authority of the International Emergency 
        Economic Powers Act and codified, as of the date of the 
        enactment of this Act, in subchapter C of chapter VII of title 
        15, Code of Federal Regulations.
    (c) Effective Date.--Section 1754(g) of the John S. McCain National 
Defense Authorization Act for Fiscal Year 2019 (50 U.S.C. 4813(g)), as 
added by subsection (a), shall take effect on the date of the enactment 
of this Act.

SEC. 16. VISA BAN ON RESEARCHERS AFFILIATED WITH THE PLA.

    (a) Identification of PLA-Supported Institutions.--
            (1) In general.--Not later than 60 days after the date of 
        the enactment of this Act, and annually thereafter, the 
        Secretary of Homeland Security shall publish a list identifying 
        the research, engineering, and scientific institutions that the 
        Secretary of Homeland Security determines are affiliated with, 
        or funded by, the Chinese People's Liberation Army.
            (2) Form.--The list published under paragraph (1) shall be 
        unclassified and publicly accessible, but may include a 
        classified annex.
    (b) Exclusion From United States.--Except as provided in 
subsections (d) and (e), the Secretary of State may not issue a visa 
under subparagraph (F) or (J) of section 101(a)(15) of the Immigration 
and Nationality Act (8 U.S.C. 1101(a)(15)), and the Secretary of 
Homeland Security may not admit, parole into the United States, or 
otherwise provide nonimmigrant status under such subparagraphs, to any 
alien who is, or has previously been, employed, sponsored, or funded by 
any entity identified on the most recently published list under 
subsection (a).
    (c) Inquiry.--Before issuing a visa described in subsection (b) to 
a national of China, the Secretary of State, the Secretary of Homeland 
Security, a consular officer, or a U.S. Customs and Border Protection 
officer shall ask the alien seeking such visa if the alien is, or has 
previously been, employed, funded, or otherwise sponsored by the 
Chinese People's Liberation Army or any of the affiliated institutions 
identified on the most recently published list under subsection (a).
    (d) Exception To Comply With United Nations Headquarters 
Agreement.--Subsection (b) shall not apply to an individual if 
admitting the individual to the United States is necessary to permit 
the United States to comply with the Agreement between the United 
Nations and the United States of America regarding the Headquarters of 
the United Nations, signed June 26, 1947, and entered into force 
November 21, 1947, and other applicable international obligations.
    (e) National Security Waiver.--The President, or a designee of the 
President, may waive subsection (b) if the President or such designee 
certifies in writing to the appropriate congressional committees that 
such waiver is in the national security interest of the United States.

SEC. 17. PROHIBITION ON INVESTMENT OF TSP I FUND IN CHINA.

    (a) In General.--Section 8438(b)(4) of title 5, United States Code, 
is amended by adding at the end the following:
                    ``(C) The index selected by the Board under 
                subparagraph (A) may not include investments in any 
                stock of an entity based in the People's Republic of 
                China.''.
    (b) Divestiture of Assets.--Not later than 60 days after the date 
of the enactment of this Act, the Federal Retirement Thrift Investment 
Board (as established under section 8472(a) of title 5, United States 
Code), in consultation with the manager of the Thrift Savings Fund, 
shall--
            (1) review whether any sums in the Thrift Savings Fund are 
        invested in contravention of subparagraph (C) of section 
        8438(b)(4) of such title, as added by subsection (a);
            (2) if any sums are so invested, and consistent with the 
        legal and fiduciary duties provided under chapter 84 of such 
        title or any other provision of law, divest such sums; and
            (3) re-invest the divested sums in investments that do not 
        contradict such subparagraph.

SEC. 18. PROTECTING PHARMACEUTICAL ACCESS FOR AMERICANS.

    (a) List of Critical Drugs Produced Exclusively in China.--
            (1) In general.--Not later than 30 days after the date of 
        enactment of this Act, the Commissioner of Food and Drugs shall 
        submit to the Congress a list of all critical drugs and 
        critical active pharmaceutical ingredients--
                    (A) that are produced in China; and
                    (B) the supply of which would be disrupted for 
                United States consumers if such production were 
                discontinued or interrupted.
            (2) Definitions.--In this subsection:
                    (A) The term ``critical active pharmaceutical 
                ingredient'' means an active pharmaceutical ingredient 
                in a critical drug.
                    (B) The term ``critical drug'' means a product 
                that--
                            (i) is a drug (as defined in section 201 of 
                        the Federal Food, Drug, and Cosmetic Act (21 
                        U.S.C. 321)) for which the approval of an 
                        application submitted under subsection (b) or 
                        (j) of section 505 of such Act (21 U.S.C. 355) 
                        or subsection (a) or (k) of section 351 of the 
                        Public Health Service Act (42 U.S.C. 352) 
                        remains in effect; and
                            (ii) is deemed by the Commissioner of Food 
                        and Drugs to be critical to the health and 
                        safety of United States consumers.
                    (C) The term ``produce'' means manufactured, 
                prepared, propagated, compounded, or processed, in 
                whole or in part.
    (b) Certification Concerning Chinese Pharmaceutical Regulation.--
            (1) In general.--Not later than 180 days after the date of 
        enactment of this Act, the Commissioner of Food and Drugs (in 
        this subsection referred to as the ``Commissioner'') shall 
        certify to the Congress whether the Chinese pharmaceutical 
        industry is being regulated for safety (including regulation of 
        such industry by Chinese authorities and the Food and Drug 
        Administration) to substantially the same degree as the United 
        States pharmaceutical industry.
            (2) Investigations.--The Commissioner--
                    (A) shall conduct such investigations as may be 
                necessary to make the certification required by 
                paragraph (1); and
                    (B) in conducting such investigations, may use 
                unannounced inspections and demand all necessary onsite 
                access.
            (3) Plan.--If the Commissioner certifies pursuant to 
        paragraph (1) that the Chinese pharmaceutical industry is not 
        being regulated for safety to substantially the same degree as 
        the United States pharmaceutical industry, the Commissioner 
        shall, not later than 60 days after the Commissioner submits 
        the certification required by paragraph (1), submit a plan to 
        the Congress to protect United States consumers from unsafe 
        Chinese drugs.
    (c) Purchasing Plan.--
            (1) In general.--Not later than 90 days after the date of 
        the enactment of this Act, the Secretary of Defense, in 
        coordination with the Secretary of Health and Human Services 
        and the Commissioner of Food and Drugs, shall submit to the 
        Congress--
                    (A) a plan to ensure that by 2024 no pharmaceutical 
                products purchased for beneficiaries of health care 
                from the Department of Defense or any associated 
                program are made in part or in whole in China; and
                    (B) an assessment of the resilience and capacity of 
                the current supply chain and industrial base to support 
                national defense if no pharmaceutical products 
                purchased for beneficiaries of health care from the 
                Department of Defense or any associated program are 
                made in part or in whole in China, including with 
                respect to--
                            (i) the manufacturing capacity of the 
                        United States;
                            (ii) gaps in domestic manufacturing 
                        capabilities, including non-existent, extinct, 
                        threatened, and single-point-of-failure 
                        capabilities; and
                            (iii) supply chains with single points of 
                        failure and limited resiliency.
            (2) Required recommendations.--The assessment under 
        paragraph (1)(B) shall include recommendations--
                    (A) to address critical bottlenecks in the supply 
                of pharmaceutical products in the United States; and
                    (B) to mitigate single points of failure and 
                limited resilience of supply chains for pharmaceutical 
                products in the United States.

SEC. 19. REMOVAL OF CHINA'S DESIGNATION AS A DEVELOPING COUNTRY IN 
              INTERNATIONAL BODIES.

    (a) Statement of Policy.--It is the policy of the United States to 
oppose efforts by China to use its self-declared status as a developing 
country to lessen its obligations under international agreements, 
dispute settlement proceedings, negotiations, rules, and regulations.
    (b) World Bank.--The Secretary of the Treasury shall instruct the 
United States Executive Director at the International Bank for 
Reconstruction and Development to pursue the removal of China from 
eligibility for assistance from the Bank.
    (c) Designation of China as a Developed Country.--
            (1) United states trade law.--Notwithstanding any other 
        provision of law, China shall be treated as a developed country 
        for the purposes of United States trade law.
            (2) WTO designation.--The President shall direct the United 
        States Trade Representative to use the voice, vote, and 
        influence of the United States to secure changes at the World 
        Trade Organization to--
                    (A) prevent China from receiving benefits under the 
                rules and regulations of the World Trade Organization 
                that are not justified by appropriate economic and 
                other indicators; and
                    (B) treat China as a developed country.
    (d) United Nations Classification System.--The President shall 
direct the United States Permanent Representative to the United Nations 
to use the voice, vote, and influence of the United States--
            (1) to revise the classification system of the United 
        Nations Statistics Division necessary to ensure the 
        classification of China reflects justifiable economic and other 
        indicators; and
            (2) to treat China as a developed country for purposes of 
        the Standard Country or Area Codes for Statistical Use (Series 
        M, No. 49).

SEC. 20. PROTECTING AMERICA FROM CYBERATTACKS.

    (a) Exemptions to the Computer Fraud and Abuse Act.--Section 1030 
of title 18, United States Code, is amended by adding at the end the 
following:
    ``(k) Exception for the Use of Attributional Technology.--
            ``(1) In general.--This section shall not apply with 
        respect to the use of attributional technology in regard to a 
        defender who uses a program, code, or command for attributional 
        purposes that beacons or returns locational or attributional 
        data in response to a cyber intrusion in order to identify the 
        source of an intrusion; if--
                    ``(A) the program, code, or command originated on 
                the computer of the defender but is copied or removed 
                by an unauthorized user;
                    ``(B) the program, code, or command does not result 
                in the destruction of data or result in an impairment 
                of the essential operating functionality of the 
                attacker's computer system, or intentionally create a 
                backdoor enabling intrusive access into the attacker's 
                computer system; and
                    ``(C) the defender believes the attacker is an 
                agent or an affiliate of Chinese state commercial 
                actors in the United States, other Chinese entities or 
                individuals financed, directed, or controlled by the 
                Chinese State, Government of China, or the Chinese 
                Communist Party.
            ``(2) Definition.--The term `attributional data' means any 
        digital information such as log files, text strings, time 
        stamps, malware samples, identifiers such as user names and 
        Internet Protocol addresses and metadata or other digital 
        artifacts gathered through forensic analysis.''.
    (b) Exclusion From Prosecution for Certain Computer Crimes for 
Those Taking Active Cyber Defense Measures.--Section 1030 of title 18, 
United States Code, is amended by adding at the end the following:
    ``(l) Active Cyber Defense Measures Not a Violation.--
            ``(1) In general.--It is a defense to a criminal 
        prosecution under this section that the conduct constituting 
        the offense was an active cyber defense measure if the defender 
        believes the attacker was an agent or an affiliate of Chinese 
        state commercial actors in the United States, other Chinese 
        entities or individuals financed, directed, or controlled by 
        the Chinese State, the Government of China, or the Chinese 
        Communist Party.
            ``(2) Definitions.--In this subsection--
                    ``(A) the term `defender' means a person or an 
                entity that is a victim of a persistent unauthorized 
                intrusion of the individual entity's computer;
                    ``(B) the term `active cyber defense measure'--
                            ``(i) means any measure--
                                    ``(I) undertaken by, or at the 
                                direction of, a defender; and
                                    ``(II) consisting of accessing 
                                without authorization the computer of 
                                the attacker to the defender's own 
                                network to gather information in order 
                                to--
                                            ``(aa) establish 
                                        attribution of criminal 
                                        activity to share with law 
                                        enforcement and other United 
                                        States Government agencies 
                                        responsible for cybersecurity;
                                            ``(bb) disrupt continued 
                                        unauthorized activity against 
                                        the defender's own network; or
                                            ``(cc) monitor the behavior 
                                        of an attacker to assist in 
                                        developing future intrusion 
                                        prevention or cyber defense 
                                        techniques; but
                            ``(ii) does not include conduct that--
                                    ``(I) intentionally destroys or 
                                renders inoperable information that 
                                does not belong to the victim that is 
                                stored on another person or entity's 
                                computer;
                                    ``(II) recklessly causes physical 
                                injury or financial loss as described 
                                under subsection (c)(4);
                                    ``(III) creates a threat to the 
                                public health or safety;
                                    ``(IV) intentionally exceeds the 
                                level of activity required to perform 
                                reconnaissance on an intermediary 
                                computer to allow for attribution of 
                                the origin of the persistent cyber 
                                intrusion;
                                    ``(V) intentionally results in 
                                intrusive or remote access into an 
                                intermediary's computer;
                                    ``(VI) intentionally results in the 
                                persistent disruption to a person or 
                                entities internet connectivity 
                                resulting in damages defined under 
                                subsection (c)(4); or
                                    ``(VII) impacts any computer 
                                described under subsection (a)(1) 
                                regarding access to national security 
                                information, subsection (a)(3) 
                                regarding government computers, or to 
                                subsection (c)(4)(A)(i)(V) regarding a 
                                computer system used by or for a 
                                Government entity for the furtherance 
                                of the administration of justice, 
                                national defense, or national security;
                    ``(C) the term `attacker' means a person or an 
                entity that is the source of the persistent 
                unauthorized intrusion into the victim's computer; and
                    ``(D) the term `intermediary computer' means a 
                person or entity's computer that is not under the 
                ownership or primary control of the attacker but has 
                been used to launch or obscure the origin of the 
                persistent cyber-attack.''.
    (c) Notification Requirement for the Use of Active Cyber Defense 
Measures.--Section 1030 of title 18, United States Code, is amended by 
adding the following:
    ``(m) Notification Requirement for the Use of Active Cyber Defense 
Measures.--
            ``(1) In general.--A defender who uses an active cyber 
        defense measure under the preceding section must notify the FBI 
        National Cyber Investigative Joint Task Force and either 
        receive a response from the FBI acknowledging receipt of the 
        notification or wait 48 hours prior to using the measure.
            ``(2) Required notification.--Notification must include the 
        type of cyber breach that the person or entity was a victim of, 
        the intended target of the active cyber defense measure, the 
        steps the defender plans to take to preserve evidence of the 
        attacker's criminal cyber intrusion, as well as the steps they 
        plan to prevent damage to intermediary computers not under the 
        ownership of the attacker and other information requested by 
        the FBI to assist with oversight.''.

SEC. 21. ENSURING TRANSPARENCY FOR CHINESE LISTINGS ON U.S. EXCHANGES.

    (a) Definitions.--In this section--
            (1) the term ``applicable Chinese issuer'' means a Chinese 
        issuer--
                    (A) that is required to file a covered form; and
                    (B) for which, during the period covered by the 
                filing described in subparagraph (A), a covered foreign 
                public accounting firm has prepared an audit report for 
                the issuer;
            (2) the term ``audit report'' has the meaning given the 
        term in section 2(a) of the Sarbanes-Oxley Act of 2002 (15 
        U.S.C. 7201(a));
            (3) the term ``Board'' means the Public Company Accounting 
        Oversight Board;
            (4) the term ``Commission'' means the Securities and 
        Exchange Commission;
            (5) the term ``covered foreign public accounting firm'' 
        means a foreign public accounting firm that the Board is unable 
        to inspect or investigate under the Sarbanes-Oxley Act of 2002 
        (15 U.S.C. 7201 et seq.) because of a position taken by an 
        authority outside of the United States;
            (6) the term ``covered form''--
                    (A) means--
                            (i) the form described in section 249.310 
                        of title 17, Code of Federal Regulations, or 
                        any successor regulation; and
                            (ii) the form described in section 249.220f 
                        of title 17, Code of Federal Regulations, or 
                        any successor regulation; and
                    (B) includes a form that--
                            (i) is the equivalent of, or substantially 
                        similar to, the form described in clause (i) or 
                        (ii) of subparagraph (A); and
                            (ii) a Chinese issuer files with the 
                        Commission under the Securities Exchange Act of 
                        1934 (15 U.S.C. 78a et seq.) or rules issued 
                        under that Act;
            (7) the term ``covered jurisdiction'' means the foreign 
        jurisdiction in which the position described in paragraph (5) 
        is taken with respect to a covered foreign public accounting 
        firm that prepares an audit report for an applicable Chinese 
        issuer;
            (8) the term ``exchange'' has the meaning given the term in 
        section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 
        78a(a));
            (9) the term ``Chinese issuer'' means any issuer which is 
        the Chinese government, a national of China or a corporation or 
        other organization incorporated or organized under the laws of 
        China;
            (10) the term ``foreign public accounting firm'' has the 
        meaning given the term in section 106(g) of the Sarbanes-Oxley 
        Act of 2002 (15 U.S.C. 7216(g));
            (11) the term ``national securities exchange'' means an 
        exchange that is registered with the Commission under section 6 
        of the Securities Exchange Act of 1934 (15 U.S.C. 78f); and
            (12) the term ``public accounting firm'' has the meaning 
        given the term in section 2(a) of the Sarbanes-Oxley Act of 
        2002 (15 U.S.C. 7201(a)).
    (b) Disclosure.--
            (1) List of certain chinese issuers and covered foreign 
        public accounting firms.--
                    (A) In general.--The Commission shall maintain a 
                publicly available list of--
                            (i) each Chinese issuer, an audit report of 
                        which--
                                    (I) is prepared by a foreign public 
                                accounting firm; and
                                    (II) the Board is not able to 
                                inspect or investigate because of a 
                                position taken by an authority that is 
                                outside of the United States;
                            (ii) each covered foreign public accounting 
                        firm that has prepared an audit report 
                        identified under clause (i); and
                            (iii) the jurisdiction in which each 
                        covered foreign public accounting firm 
                        identified under clause (ii) is organized or 
                        operating.
                    (B) Role of the board.--Not less frequently than 
                annually, the Board shall provide to the Commission the 
                information that is required for the Commission to 
                carry out subparagraph (A).
            (2) Annual report disclosure.--
                    (A) Disclosure.--Each applicable Chinese issuer 
                shall disclose in each covered form filed by the 
                applicable Chinese issuer--
                            (i) that, during the period covered by 
                        covered form, a covered foreign public 
                        accounting firm has prepared an audit report 
                        for the issuer;
                            (ii) the percentage of the shares of the 
                        issuer owned by governmental entities in the 
                        foreign jurisdiction in which the issuer is 
                        incorporated or otherwise organized;
                            (iii) whether governmental entities in a 
                        covered jurisdiction with respect to any 
                        covered foreign public accounting firm that has 
                        prepared an audit report for the issuer during 
                        the period covered by the form have a 
                        controlling financial interest with respect to 
                        the issuer; and
                            (iv) the name of any official of the 
                        Chinese Communist Party who is a member of the 
                        board of directors of the issuer or the 
                        operating entity with respect to the issuer.
                    (B) Update of rules.--Not later than 270 days after 
                the date of enactment of this Act, and after providing 
                the opportunity for public notice and comment, the 
                Commission shall make any amendments to the rules of 
                the Commission that are required as a result of the 
                requirements of this subsection.
                    (C) Effective date.--This subsection shall take 
                effect on the date on which the Commission completes 
                the amendments required under paragraph (2).
            (3) Disclosure by brokers and dealers.--Section 15(n) of 
        the Securities Exchange Act of 1934 (15 U.S.C. 78o(n)) is 
        amended--
                    (A) in paragraph (1), by striking ``Commission may 
                issue'' and all that follows through the period at the 
                end and inserting the following: ``Commission--
                    ``(A) shall issue rules that require a broker and a 
                dealer to disclose, with respect to any advice, 
                analysis, or report of the broker or dealer to a retail 
                investor regarding the securities of a Chinese issuer, 
                whether a covered foreign public accounting firm has 
                prepared an audit report for the Chinese issuer; and
                    ``(B) in addition to the rules required under 
                subparagraph (A), may issue rules designating documents 
                or information that shall be provided by a broker or 
                dealer to a retail investor before the purchase of an 
                investment product or service by the retail 
                investor.''; and
                    (B) by adding at the end the following:
            ``(4) Definitions.--In this subsection, the terms `audit 
        report', `covered foreign public accounting firm', and `Chinese 
        issuer' have the meanings given the terms in section 21(a) of 
        the Compensation for Americans Act of 2020.''.
    (c) Prohibition Against the Listing of Certain Firms on National 
Securities Exchanges.--
            (1) In general.--Section 6(b) of the Securities Exchange 
        Act of 1934 (15 U.S.C. 78f(b)) is amended by adding at the end 
        the following:
            ``(11)(A) The rules of the exchange prohibit the initial 
        listing, after the date of enactment of this paragraph, of any 
        security of an issuer for which a covered foreign public 
        accounting firm has prepared an audit report.
            ``(B) Nothing in subparagraph (A) may be construed to 
        prevent an exchange from listing a security on the exchange on 
        or after the date of enactment of this paragraph if that 
        security was listed on the exchange or a national securities 
        exchange before the date of enactment of this paragraph.
            ``(C) In this paragraph, the terms `audit report' and 
        `covered foreign public accounting firm' have the meanings 
        given the terms in section 2 of the Compensation for Americans 
        Act of 2020.
            ``(12)(A) The rules of the exchange prohibit the listing of 
        any security of a Chinese issuer that, beginning in 2025, has 
        been identified under section 21(b)(1)(A)(i) of the 
        Compensation for Americans Act of 2020 in 3 consecutive years.
            ``(B) Nothing in subparagraph (A) may be construed to 
        prevent an exchange from listing a security of a Chinese issuer 
        described in that subparagraph beginning on the date on which 
        the issuer submits to the Commission an audit report for the 
        issuer that is prepared by a registered public accounting firm 
        that the Public Company Accounting Oversight Board has 
        inspected, or is able to inspect, under section 104 of the 
        Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214).
            ``(C) In this paragraph--
                    ``(i) the terms `audit report' and `registered 
                public accounting firm' have the meanings given the 
                terms in section 2(a) of the Sarbanes-Oxley Act of 2002 
                (15 U.S.C. 7201(a)); and
                    ``(ii) the terms `covered foreign public accounting 
                firm' and `Chinese issuer' have the meanings given the 
                terms in section 21(a) of the Compensation for 
                Americans Act of 2020.''.
            (2) Rules.--
                    (A) Proposals.--Not later than 90 days after the 
                date of enactment of this Act, each national securities 
                exchange shall, in accordance with section 19(b) of the 
                Securities Exchange Act of 1934 (15 U.S.C. 78s(b)) and 
                any rules prescribed by the Commission under that 
                section, file with the Commission any proposed change 
                to the rules of the exchange that is required as a 
                result of the amendments made by this subsection.
                    (B) Adoption.--Not later than 1 year after the date 
                of enactment of this Act, each national securities 
                exchange shall have each proposed change described in 
                subparagraph (A) approved by the Commission.
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