Title: Say No to the Silk Road Act
Policy area: International Affairs

Summary:
Say No to the Silk Road Act
This bill requires various actions pertaining to China's sovereign digital currency.
Specifically, the bill requires (1) the Office of Management and Budget to develop guidance for executive agencies pertaining to security requirements for the use of China's sovereign digital currency, (2) countries accepting assistance through the Foreign Military Financing Program to disclose any use of such currency as a settlement or reserve currency, and (3) the Department of State to include on its public website a warning for travelers about the dangers of such currency.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3784 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  2d Session
                                S. 3784

  To require the Secretary of Commerce to submit to Congress a report 
   relating to the blockchain-based service network of the People's 
               Republic of China, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                March 8 (legislative day, March 7), 2022

Mrs. Blackburn (for herself, Mr. Tuberville, Mr. Braun, Mr. Young, Mr. 
  Cruz, Ms. Lummis, Mr. Scott of Florida, Mr. Cassidy, and Mrs. Hyde-
Smith) introduced the following bill; which was read twice and referred 
                 to the Committee on Foreign Relations

_______________________________________________________________________

                                 A BILL


 
  To require the Secretary of Commerce to submit to Congress a report 
   relating to the blockchain-based service network of the People's 
               Republic of China, 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.

    This Act may be cited as the ``Say No to the Silk Road Act''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Digital yuan.--The term ``digital yuan'' means the 
        sovereign digital currency of the People's Bank of China, or 
        any successor sovereign digital currency of the People's 
        Republic of China.
            (2) Network.--The term ``Network'' means the blockchain-
        based service network of the People's Republic of China.
            (3) Relevant congressional committees.--The term ``relevant 
        congressional committees'' means--
                    (A) the Committee on Commerce, Science, and 
                Transportation of the Senate;
                    (B) the Committee on Foreign Relations of the 
                Senate;
                    (C) the Committee on Armed Services of the Senate;
                    (D) the Committee on Finance of the Senate;
                    (E) the Committee on Armed Services of the House of 
                Representatives;
                    (F) the Committee on Foreign Affairs of the House 
                of Representatives;
                    (G) the Committee on Energy and Commerce of the 
                House of Representatives; and
                    (H) the Committee on Ways and Means of the House of 
                Representatives.
            (4) Secretary.--The term ``Secretary'' means the Secretary 
        of Commerce.

SEC. 3. REPORT ON THE NETWORK.

    (a) Report.--Not later than 270 days after the date of enactment of 
this Act, the Secretary shall submit to Congress a report--
            (1) on--
                    (A) the Network;
                    (B) the operations of the Network in the United 
                States;
                    (C) the privacy implications associated with the 
                collection of data of citizens of the United States by 
                the Network; and
                    (D) the participation of companies headquartered in 
                the United States and companies located in the United 
                States in assisting with the operations of the Network 
                or performing work to expand the Network, including--
                            (i) with respect to the applications or 
                        technical capabilities of the Network; and
                            (ii) the geographic scope of the Network, 
                        such as--
                                    (I) expanding the Network to be 
                                used in the United States and countries 
                                participating in the Foreign Military 
                                Financing Program; and
                                    (II) constructing data centers of 
                                the Network in the United States and 
                                countries participating in the Foreign 
                                Military Financing Program; and
            (2) that includes--
                    (A) the goals of the Network in developing 
                blockchain infrastructure;
                    (B) an assessment of whether the involvement in the 
                Network of the Government of the People's Republic of 
                China and entities owned by the Government of the 
                People's Republic of China may pose any risk to 
                economic and national security interests of the United 
                States; and
                    (C) the privacy and security implications 
                associated with the collection of data of citizens of 
                the United States by the Network.
    (b) Recommendations.--Not later than 1 year after the date of 
enactment of this Act, the Secretary shall submit to the relevant 
congressional committees recommendations relating to the report 
submitted under subsection (a).

SEC. 4. REPORT ON TRADE ENFORCEMENT ACTIONS WITH RESPECT TO SOVEREIGN 
              DIGITAL CURRENCY OF PEOPLE'S REPUBLIC OF CHINA.

    Not later than 1 year after the date of the enactment of this Act, 
the Secretary shall submit to the relevant congressional committees a 
report--
            (1) assessing how trade enforcement actions relating to the 
        digital yuan would affect the United States; and
            (2) making recommendations with respect to mitigating the 
        effects of such actions.

SEC. 5. REPORT ON EFFECT OF SOVEREIGN DIGITAL CURRENCY OF PEOPLE'S 
              REPUBLIC OF CHINA ON TRADE AND INVESTMENT AGREEMENTS.

    Not later than 1 year after the date of the enactment of this Act, 
the United States Trade Representative shall submit to the relevant 
congressional committees a report--
            (1) assessing the ways in which shifts to the use of the 
        digital yuan by other countries as a settlement or reserve 
        currency could affect trade and investment agreements to which 
        the United States is a party; and
            (2) making recommendations with respect to mitigating the 
        effects of such shifts.

SEC. 6. USE OF DIGITAL YUAN BY EXECUTIVE AGENCIES.

    (a) Definitions.--In this section--
            (1) the term ``executive agency'' has the meaning given 
        that term in section 133 of title 41, United States Code; and
            (2) the term ``information technology'' has the meaning 
        given that term in section 11101 of title 40, United States 
        Code.
    (b) Use of Digital Yuan.--Not later than 60 days after the date of 
enactment of this Act, the Director of the Office of Management and 
Budget, in consultation with the Administrator of General Services, the 
Director of the National Institute of Standards and Technology, the 
Director of the Cybersecurity and Infrastructure Security Agency, the 
Director of National Intelligence, and the Secretary of Defense, and 
consistent with the information security requirements under subchapter 
II of chapter 35 of title 44, United States Code, shall develop strict 
guidance for executive agencies requiring adequate security measures 
for any transfer, storage, or use of digital yuan on information 
technology.

SEC. 7. DIGITAL YUAN DISCLOSURE REQUIREMENT FOR FOREIGN MILITARY 
              FINANCING PARTNER COUNTRIES.

    Any government of a country receiving assistance through the 
Foreign Military Financing Program shall be required, as a condition 
for receiving such assistance, to disclose to the Secretary of State if 
that government uses digital yuan as a settlement or reserve currency.

SEC. 8. DEPARTMENT OF STATE WARNING ABOUT DANGERS OF DIGITAL YUAN.

    Not later than 90 days after the date of the enactment of this Act, 
the Secretary of State shall include on a publicly available internet 
website of the Department of State a warning to United States citizens 
traveling to the People's Republic of China about the dangers of the 
digital yuan.
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