I 117th CONGRESS 2d Session H. R. 7457 IN THE HOUSE OF REPRESENTATIVES April 7, 2022 Mr. Fitzpatrick (for himself and Mr. Gottheimer ) introduced the following bill; which was referred to the Committee on Foreign Affairs , and in addition to the Committees on Financial Services , the Judiciary , Oversight and Reform , Armed Services , Intelligence (Permanent Select) , Ways and Means , Rules , and Education and Labor , 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 hold the Chinese Communist Party accountable for the COVID–19 pandemic that has killed approximately 981,000 Americans.

1. Short title; table of contents (a) Short title This Act may be cited as the Hold CCP Accountable Act of 2022 . (b) Table of contents The table of contents is as follows: Sec. 1. Short title; table of contents. Title I—No Sovereign Immunity Sec. 101. Lists of foreign countries based on compliance with international reporting and monitoring of outbreaks of novel viruses and diseases. Sec. 102. Presidential actions with respect to foreign countries on the Tier 2 list. Sec. 103. Sovereign immunity waiver. Sec. 104. Imposition of sanctions with respect to government officials of foreign countries on the Tier 2 list. Sec. 105. G–20 investigation of international response to COVID–19. Sec. 106. International response to wet markets globally. Sec. 107. Public health emergency of international concern defined. Title II—Revoking CCP’s Ability to get Visas Sec. 201. Disclosure on certain visa applications. Title III—Tighten up Regulations on Confucius Institutes Sec. 301. Restrictions on Confucius Institutes. Title IV—Delisting China from Stock Markets Sec. 401. Prohibitions relating to certain Communist Chinese military companies. Sec. 402. Modification of requirements for list of Communist Chinese military companies. Sec. 403. Analysis of financial ambitions of the Government of the People’s Republic of China. Title V—Revoking China’s Most Favored Nation Status Sec. 501. Withdrawal of normal trade relations treatment from the People’s Republic of China. Sec. 502. Expansion of bases of ineligibility of People's Republic of China for normal trade relations. Title VI—Removal of China from the WTO Sec. 601. Removal of China from the WTO. Title VII—End Lending to the CCP from World Bank Sec. 701. Opposition to provision of assistance to People's Republic of China by multilateral development banks. I No Sovereign Immunity 101. Lists of foreign countries based on compliance with international reporting and monitoring of outbreaks of novel viruses and diseases (a) Lists of foreign countries (1) Tier 1 list (A) In general Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall establish a list of foreign countries that the Secretary determines meet the requirements described in subsection (b). (B) Reference The list of foreign countries established under this paragraph shall be referred to as the Tier 1 list . (2) Tier 2 list (A) In general Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall establish a list of foreign countries that the Secretary determines do not meet the requirements described in subsection (b) but are capable of meeting such requirements. (B) Review The Secretary of State shall conduct a review on an ongoing basis of each country on the list established under this paragraph to ensure that the country is taking appropriate steps to meet the requirements described in subsection (b). (C) Reference The list of foreign countries established under this paragraph shall be referred to as the Tier 2 list . (3) Tier 3 list (A) In general Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall establish a list of foreign countries that the Secretary determines do not meet the requirements described in subsection (b) because such countries are not capable, based on financial, security, or government infrastructure reasons, of meeting such requirements. (B) Reference The list of foreign countries established under this paragraph shall be referred to as the Tier 3 list . (4) Updates The Secretary of State shall submit to the appropriate congressional committees an updated Tier 1 list under paragraph (1), an updated Tier 2 list under paragraph (2), and an updated Tier 3 list under paragraph (3)— (A) not later than one year after the date of the enactment of this Act and annually thereafter; and (B) as new information becomes available. (b) International reporting and monitoring requirements described The requirements described in this subsection are the following: (1) The foreign country has established procedures and standards to comply with established international sentinel surveillance systems to collect data, identify trends, identify outbreaks, and provide monitoring with respect to the burden of disease in a community. (2) The foreign country has established procedures and standards to ensure that novel viruses and diseases are reported such international sentinel surveillance systems not later than 3 days after identification. (c) Rule of construction Nothing in this section may be construed to apply with respect to the territory of a foreign country with respect to which the internationally recognized government of the country does not control due to armed conflict. (d) Inclusion in annual United States Government Global Health Security Strategy The President shall ensure that the requirements of this section are appropriately reflected in the annual United States Government Global Health Security Strategy. 102. Presidential actions with respect to foreign countries on the Tier 2 list (a) In general The President, in consultation with the Secretary of State, shall take one or more of the actions described in subsection (b) (or commensurate action in substitution thereto) with respect to a foreign country that is on the Tier 2 list established under section 101(a). (b) Description of Presidential actions The Presidential actions referred to in this subsection are the following: (1) A private demarche. (2) An official public demarche. (3) A public condemnation. (4) A public condemnation within one or more multilateral fora. (5) The delay or cancellation of one or more scientific exchanges. (6) The delay or cancellation of one or more cultural exchanges. (7) The denial of one or more working, official, or state visits. (8) The delay or cancellation of one or more working, official, or state visits. (9) The withdrawal, limitation, or suspension of United States development assistance in accordance with section 116 of the Foreign Assistance Act of 1961. (10) The withdrawal, limitation, or suspension of United States security assistance in accordance with section 502B of the Foreign Assistance Act of 1961. (11) Consistent with section 701 of the International Financial Institutions Act of 1977, directing the United States executive directors of international financial institutions to oppose and vote against loans primarily benefiting the specific foreign government, agency, instrumentality. (12) Ordering the heads of the appropriate United States agencies not to issue any (or a specified number of) specific licenses, and not to grant any other specific authority (or a specified number of authorities), to export any goods or technology to the specific foreign government, agency, instrumentality under— (A) the Export Control Reform Act of 2018; (B) the Arms Export Control Act; (C) the Atomic Energy Act of 1954; or (D) any other statute that requires the prior review and approval of the United States Government as a condition for the export or reexport of goods or services. (13) Prohibiting any United States financial institution from making loans or providing credits totaling more than $10,000,000 in any 12-month period to the specific foreign government, agency, instrumentality. (14) Prohibiting the United States Government from procuring, or entering into any contract for the procurement of, any goods or services from the foreign government, entities. (c) Waiver The President may waive the application of subsection (a) with respect to a foreign country if the President determines it is important to the national interests of the United States to do so. 103. Sovereign immunity waiver (a) In general Chapter 97 of title 28, United States Code, is amended by inserting after section 1605B the following: 1605C. Responsibility of foreign states for pandemic outbreaks (a) Responsibility of foreign states A foreign state shall not be immune from the jurisdiction of the courts of the United States in any case in which damages are sought against a foreign state for physical injury to person or property or death occurring in the United States and caused by a failure to abide the requirements laid out in paragraphs (1) and (2) of section 2(b) of the Never Again International Outbreak Prevention Act or are determined to have intentionally misled the international community or the WHO on the outbreak or spread of a health concern that leads to a pandemic. (b) Rule of construction A foreign state shall not be subject to the jurisdiction of the courts of the United States under subsection (a) on the basis of an omission or a tortious act or acts that constitute mere negligence. . (b) Clerical amendment (1) The table of sections for chapter 97 of title 28, United States Code, is amended by inserting after the item relating to section 1605A the following: 1605C. Responsibility of foreign states for pandemic outbreaks. . (2) Subsection 1605(g)(1)(A) of title 28, United States Code, is amended by striking but for section 1605A or section 1605B and inserting but for section 1605A, 1605B, or 1605C . (c) Stay of actions pending State negotiations (1) Exclusive jurisdiction The courts of the United States shall have exclusive jurisdiction in any action in which a foreign state is subject to the jurisdiction of a court of the United States under section 1605C of title 28, United States Code. (2) Intervention The Attorney General may intervene in any action in which a foreign state is subject to the jurisdiction of a court of the United States under section 1605C of title 28, United States Code, for the purpose of seeking a stay of the civil action, in whole or in part. (3) Stay (A) In general A court of the United States may stay a proceeding against a foreign state if the Secretary of State certifies that the United States is engaged in good faith discussions with the foreign state defendant concerning the resolution of the claims against the foreign state, or any other parties as to whom a stay of claims is sought. (B) Duration (i) In general A stay under this subsection may be granted for not more than 180 days. (ii) Extension (I) In general The Attorney General may petition the court for an extension of the stay for additional 180-day periods. (II) Recertification A court shall grant an extension under subclause (I) if the Secretary of State recertifies that the United States remains engaged in good faith discussions with the foreign state defendant concerning the resolution of the claims against the foreign state, or any other parties as to whom a stay of claims is sought. 104. Imposition of sanctions with respect to government officials of foreign countries on the Tier 2 list (a) In general The President may impose the sanctions described in subsection (b) with respect to any foreign person the President determines, based on credible evidence— (1) is a government official of a foreign country on the Tier 2 list established under section 101(a), or a senior associate of such an official, that is responsible for, or complicit in, ordering, controlling, or otherwise directing, or financially benefits from, acts intended to deliberately conceal or distort information about a public health emergency of international concern, including acts intended to deliberately withhold information from or obstruct the activities of the World Health Organization with respect to a public health emergency of international concern; or (2) has materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, an act described in paragraph (1). (b) Sanctions described The sanctions to be imposed with respect to a foreign person under subsection (a) are the following: (1) Inadmissibility of certain individuals (A) Ineligibility for visas, admission, or parole A foreign person who meets any of the criteria described subsection (a) 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 visas revoked A foreign person subject to subsection (a) is subject to the following: (i) Revocation of any visa or other entry documentation regardless of when the visa or other entry documentation is or was issued. (ii) 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 foreign person’s possession. (2) Blocking of property The President shall exercise all of the powers granted to the President by the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ) (except that the requirements of section 202 of such Act ( 50 U.S.C. 1701 ) shall not apply) to the extent necessary to block and prohibit all transactions in property and interests in property of the person if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (c) Consideration of certain information in imposing sanctions In determining whether to impose sanctions under subsection (a), the President shall consider— (1) information provided jointly by the chairperson and ranking member of each of the appropriate congressional committees; and (2) credible information obtained by other countries and nongovernmental organizations that monitor violations of human rights and global health issues, including issues related to infectious disease. (d) Requests by appropriate congressional committees (1) In general Not later than 120 days after receiving a request that meets the requirements of paragraph (2) with respect to whether a foreign person is described in subsection (a), the President shall— (A) determine if that person is so described; and (B) submit a classified or unclassified report to the chairperson and ranking member of the committee or committees that submitted the request with respect to that determination that includes— (i) a statement of whether or not the President imposed or intends to impose sanctions with respect to the person; and (ii) if the President imposed or intends to impose sanctions, a description of those sanctions. (2) Requirements A request under paragraph (1) with respect to whether a foreign person is described in subsection (a) shall be submitted to the President in writing jointly by the chairperson and ranking member of one of the appropriate congressional committees. (e) Exception To comply with United Nations headquarters agreement and law enforcement objectives Sanctions under subsection (b)(1) shall not apply to an individual if admitting the individual into the United States— (1) would further important law enforcement objectives; or (2) 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 of the United States. (f) Enforcement of blocking of property A person that violates, attempts to violate, conspires to violate, or causes a violation of subsection (b)(2) or any regulation, license, or order issued to carry out that subsection shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) to the same extent as a person that commits an unlawful act described in subsection (a) of that section. (g) Reports required Not later than 120 days after the date of the enactment of this Act, and annually thereafter, the President shall submit to the appropriate congressional committees a report that includes— (1) a list of each foreign person with respect to which the President imposed sanctions under subsection (b) during the year preceding the submission of the report; (2) a description of the type of sanctions imposed with respect to each such person; (3) the number of foreign persons with respect to which the President— (A) imposed sanctions under subsection (b) during that year; or (B) terminated sanctions under subsection (h) during that year; (4) the dates on which such sanctions were imposed or terminated, as the case may be; (5) the reasons for imposing or terminating such sanctions; and (6) a description of the efforts of the President to encourage the governments of other countries to impose sanctions that are similar to the sanctions authorized by this section. (h) Termination of sanctions The President may terminate the application of sanctions under this section with respect to a person if the President determines and reports to the appropriate congressional committees not later than 15 days before the termination of the sanctions that— (1) credible information exists that the person did not engage in the activity for which sanctions were imposed; (2) the person has been prosecuted appropriately for the activity for which sanctions were imposed; (3) the foreign country of the person has been upgraded from the Tier 2 list to the Tier 1 list established under section 101(a); and (4) the termination of the sanctions is in the national security interests of the United States. (i) Regulatory authority The President shall issue such regulations, licenses, and orders as are necessary to carry out this section. (j) Exception relating to importation of goods (1) In general The authorities and requirements to impose sanctions under this section shall not include the authority to impose sanctions on the importation of goods. (2) Good defined In this subsection, the term good means any article, natural or manmade substance, material, supply, or manufactured product, including inspection and test equipment, and excluding technical data. (k) Definitions In this section: (1) Appropriate congressional committees The term appropriate congressional committees means— (A) the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate; and (B) the Committee on Financial Services and the Committee on Foreign Affairs of the House of Representatives. (2) Foreign person The term foreign person means a person that is not a United States person. (3) Person The term person means an individual or entity. (4) United States person The term United States person means— (A) an individual who is a United States citizen or an alien lawfully admitted for permanent residence to the United States; (B) an entity organized under the laws of the United States or any jurisdiction within the United States, including a foreign branch of such an entity; or (C) any person in the United States. 105. G–20 investigation of international response to COVID–19 (a) In general The President shall seek to work with the heads of other Group of Twenty (commonly referred to as the G–20 ) countries and international organizations to— (1) investigate and prepare a report on the international response to the coronavirus disease 2019 (commonly known as COVID–19 ); and (2) conduct an audit of the World Health Organization relating to its actions in response to COVID–19. (b) United Nations actions The Permanent United States Representative to the United Nations shall request the United Nations Office of Internal Oversight Services to establish a panel with representatives from each G–20 country and international organization to— (1) conduct a review of the World Health Organization’s response to COVID–19; and (2) make recommendations to the United Nations and the United Nations Security Council on actions that can be taken to— (A) ensure improved future responses; and (B) ensure accountability of World Health Organization officials for identified failures. 106. International response to wet markets globally (a) In general The Permanent United States Representative to the United Nations shall use the voice, vote, and influence of the United States to seek the adoption in the United Nations General Assembly or Security Council of a resolution to ban wet markets described in subsection (b) globally. (b) Wet markets described A wet market described in this subsection is a market where— (1) animals are sold, dead or alive, for human consumption; (2) the origin of such animals and their health cannot be certified; and (3) the conditions in which such animals are raised, kept, or sold are unhygienic. 107. Public health emergency of international concern defined In this Act, the term public health emergency of international concern means a public health emergency determined to be a public health emergency of international concern by the World Health Organization. II Revoking CCP’s Ability to get Visas 201. Disclosure on certain visa applications (a) Disclosure requirement for F and M visas Not later than 180 days after the date of the enactment of this Act, the Secretary of Homeland Security shall update Form I–20, or a successor form with respect to eligibility for nonimmigrant student status, to require an alien submitting such form to report— (1) whether the alien has received or plans to receive certain funds; (2) the amount of any certain funds received by the alien; and (3) a description of the entity providing any certain funds to the alien. (b) Disclosure requirement for J visas Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall update Form DS–2019, or a successor form with respect to eligibility for a exchange visitor status, to require an alien submitting such form to report— (1) whether the alien has received or plans to receive certain funds; (2) the amount of any certain funds received by the alien; and (3) a description of the entity providing any certain funds to the alien. (c) Updated disclosure requirement (1) In general An alien who receives certain funds after receiving a visa under subparagraph (F), (J), or (M) of section 101(a)(15) of the Immigration and Nationality Act ( 8 U.S.C. 1101(a)(15) ) shall report to the Secretary of Homeland Security and the Secretary of State the receipt of such funds not more than 90 days after the date on which such funds are received. (2) Provisional revocation based on failure to comply with disclosure requirement An alien who receives certain funds and does not report such receipt pursuant to paragraph (1) is subject to revocation of any visa or other entry documentation regardless of when the visa or other entry documentation was issued. (d) Disclosure for alien spouse and minor children The disclosure requirements under subsections (a) through (c) shall apply to an alien spouse or any minor children applying for or receiving a visa under subparagraph (F), (J), or (M) of section 101(a)(15) of the Immigration and Nationality Act ( 8 U.S.C. 1101(a)(15) ). (e) Applicability Not later than 180 days after the date of the enactment of this Act, an alien, alien spouse, or any minor children who have a valid visa under subparagraph (F), (J), or (M) of section 101(a)(15) of the Immigration and Nationality Act ( 8 U.S.C. 1101(a)(15) ) on the date of the enactment of this Act, shall report to the Secretary of Homeland Security— (1) whether such alien has received or plans to receive certain funds; (2) the amount of any certain funds received by the alien; and (3) a description of the entity providing any certain funds to the alien. (f) Certain funds defined In this section, the term certain funds includes any amount of money provided to an alien from the Chinese Communist Party or any entity owned or controlled by the Chinese Communist Party. III Tighten up Regulations on Confucius Institutes 301. Restrictions on Confucius Institutes (a) Definition In this section, the term Confucius Institute means a cultural institute directly or indirectly funded by the Government of the People’s Republic of China. (b) Restrictions on Confucius Institutes An institution of higher education or other postsecondary educational institution (referred to in this section as an institution ) shall not be eligible to receive Federal funds from the Department of Education (except funds under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ) or other Department of Education funds that are provided directly to students) unless the institution ensures that any contract or agreement between the institution and a Confucius Institute includes clear provisions that— (1) protect academic freedom at the institution; (2) prohibit the application of any foreign law on any campus of the institution; and (3) grant full managerial authority of the Confucius Institute to the institution, including full control over what is being taught, the activities carried out, the research grants that are made, and who is employed at the Confucius Institute. IV Delisting China from Stock Markets 401. Prohibitions relating to certain Communist Chinese military companies (a) Definitions In this section: (1) Commission The term Commission means the Securities and Exchange Commission. (2) Control; insurance company The terms control and insurance company have the meaning given the terms in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ). (3) Covered entity (A) In general The term covered entity — (i) means an entity on— (I) the list of Communist Chinese military companies required by section 1237(b) of the Strom Thurmond National Defense Authorization Act for Fiscal Year 1999 ( Public Law 105–261 ; 50 U.S.C. 1701 note); or (II) the entity list maintained by the Bureau of Industry and Security of the Department of Commerce and set forth in Supplement No. 4 to part 744 of the title 15, Code of Federal Regulations; and (ii) includes a parent, subsidiary, or affiliate of, or an entity controlled by, an entity described in clause (i). (B) Grace period For the purposes of this Act, and the amendments made by this Act, an entity shall be considered to be a covered entity beginning on the date that is 1 year after the date on which the entity first qualifies under the applicable provision of subparagraph (A). (4) Exchange; security The terms exchange and security have the meanings given those terms in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ). (b) Prohibitions (1) Listing on exchange Beginning on the date that is 1 year after the date of enactment of this Act, the Commission shall prohibit a covered entity from offering to sell or selling on an exchange (or through any other method that is within the jurisdiction of the Commission to regulate, including through the method of trading that is commonly referred to as the over-the-counter trading of securities) securities issued by the covered entity, including pursuant to an exemption to section 5 of the Securities Act of 1933 ( 15 U.S.C. 77e ). (2) Investments; limitation on actions (A) In general The Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq. ) is amended— (i) in section 12(d) ( 15 U.S.C. 80a–12(d) ), by adding at the end the following: (4) (A) It shall be unlawful for any investment company, or any person that would be an investment company but for the application of paragraph (1) or (7) of section 3(c), to invest in a covered entity. (B) In this paragraph, the term covered entity has the meaning given the term in section 2(a) of the American Financial Markets Integrity and Security Act . ; and (ii) in section 13(c)(1) ( 15 U.S.C. 80a–13(c)(1) )— (I) in subparagraph (A), by striking or at the end; (II) in subparagraph (B), by striking the period at the end and inserting or ; and (III) by adding at the end the following: (C) are covered entities, as that term is defined in section 12(d)(4)(B). . (B) Effective date The amendments made by subparagraph (A) shall take effect on the date that is 1 year after the date of enactment of this Act. (3) Federal funds (A) In general Except as provided in subparagraph (B), on and after the date that is 180 days after the date of enactment of this Act, no Federal funds may be used to enter into, extend, or renew a contract or purchasing agreement with a covered entity. (B) Waiver The head of a Federal agency may issue a national security waiver to the prohibition in subparagraph (A) for a period of not more than 2 years with respect to a covered entity if the agency head submits to Congress a notification that includes— (i) a written justification for the waiver; and (ii) a plan for a phase-out of the goods or services provided by the covered entity. (4) Investments by insurance companies (A) In general On and after the date of enactment of this Act, an insurance company may not invest in a covered entity. (B) Certification of compliance (i) In general Each insurance company shall, on an annual basis, submit to the Secretary of the Treasury a certification of compliance with subparagraph (A). (ii) Responsibilities of the Secretary The Secretary of the Treasury shall create a form for the submission required under clause (i) in such a manner that minimizes the reporting burden on an insurance company making the submission. (C) Sharing information The Secretary of the Treasury, acting through the Federal Insurance Office, shall share the information received under subparagraph (B) and coordinate verification of compliance with State insurance offices. (c) Qualified trusts, etc (1) In general Subsection (a) of section 401 of the Internal Revenue Code of 1986 is amended by inserting after paragraph (38) the following new paragraph: (39) Prohibited investments A trust which is part of a plan shall not be treated as a qualified trust under this subsection unless the plan provides that no part of the plan's assets will be invested in any covered entity (as defined in section 12(d)(6)(B) of the Investment Company Act of 1940). . (2) I RA s Paragraph (3) of section 408(a) of such Code is amended by striking contracts and inserting contracts or in any covered entity (as defined in section 12(d)(6)(B) of the Investment Company Act of 1940) . (3) Fiduciary duty Section 404 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104 ) is amended by adding at the end the following new subsection: (f) Prohibited investments No fiduciary shall cause any assets of a plan to be invested in any covered entity (as defined in section 12(d)(6)(B) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–12(d)(6)(B) )). . (4) Effective date (A) In general Except as provided in subparagraph (B), the amendments made by this subsection shall apply to plan years beginning after the date which is 180 days after the date of the enactment of this Act. (B) Plan amendments If subparagraph (C) applies to any retirement plan or contract amendment— (i) such plan or contract shall not fail to be treated as being operated in accordance with the terms of the plan during the period described in subparagraph (C)(ii) solely because the plan operates in accordance with the amendments made by this subsection; and (ii) except as provided by the Secretary of the Treasury (or the Secretary’s delegate), such plan or contract shall not fail to meet the any requirements of the Internal Revenue Code of 1986 or the Employee Retirement Income Security Act of 1974 by reason of such amendment. (C) Amendments to which paragraph applies (i) In general This subparagraph shall apply to any amendment to any plan or annuity contract which— (I) is made pursuant to the provisions of this section; and (II) is made on or before the last day of the first plan year beginning on or after the date which is 2 years after the date of the enactment of this Act (4 years after such date of enactment, in the case of a governmental plan). (ii) Conditions This subparagraph shall not apply to any amendment unless— (I) during the period beginning on the date which is 180 days after the date of the enactment of this Act, and ending on the date described in clause (i)(II) (or, if earlier, the date the plan or contract amendment is adopted), the plan or contract is operated as if such plan or contract amendment were in effect; and (II) such plan or contract amendment applies retroactively for such period. (D) Subsequent amendments Rules similar to the rules of subparagraphs (B) and (C) shall apply in the case of any amendment to any plan or annuity contract made pursuant to any update of the list of Communist Chinese military companies required by section 1237(b) of the Strom Thurmond National Defense Authorization Act for Fiscal Year 1999 ( Public Law 105–261 ; 50 U.S.C. 1701 note) which is made after the effective date of the amendments made by this subsection. 402. Modification of requirements for list of Communist Chinese military companies Section 1237(b) of the Strom Thurmond National Defense Authorization Act for Fiscal Year 1999 ( Public Law 105–261 ; 50 U.S.C. 1701 note) is amended— (1) by striking paragraph (2) and inserting the following: (2) Revisions to the list (A) Additions The Secretary of Defense, the Secretary of Commerce, or the Director of National Intelligence may add a person to the list required by paragraph (1) at any time. (B) Removals A person may be removed from the list required by paragraph (1) if the Secretary of Defense, the Secretary of Commerce, and the Director of National Intelligence agree to remove the person from the list. (C) Submission of updates to Congress Not later than February 1 of each year, the Secretary of Defense shall submit a version of the list required in paragraph (1), updated to include any additions or removals under this paragraph, to the committees and officers specified in paragraph (1). ; (2) by striking paragraph (3) and inserting the following: (3) Consultation In carrying out paragraphs (1) and (2), the Secretary of Defense, the Secretary of Commerce, and the Director of National Intelligence shall consult with each other, the Attorney General, and the Director of the Federal Bureau of Investigation. ; and (3) in paragraph (4), in the matter preceding subparagraph (A), by striking making the determination required by paragraph (1) and of carrying out paragraph (2) and inserting this section . 403. Analysis of financial ambitions of the Government of the People’s Republic of China (a) Analysis required The Director of the Office of Commercial and Economic Analysis of the Air Force shall conduct an analysis of— (1) the strategic importance to the Government of the People’s Republic of China of inflows of United States dollars through capital markets to the People’s Republic of China; (2) the methods by which that Government seeks to manage such inflows; (3) how the inclusion of the securities of Chinese entities in stock or bond indexes affects such inflows and serves the financial ambitions of that Government; and (4) how the listing of the securities of Chinese entities on exchanges in the United States assists in— (A) meeting the strategic goals of that Government, including defense, surveillance, and intelligence goals; and (B) the fusion of the civilian and military components of that Government. (b) Submission to congress The Director of the Office of Commercial and Economic Analysis of the Air Force shall submit to Congress a report— (1) setting forth the results of the analysis conducted under subsection (a); and (2) based on that analysis, making recommendations for best practices to mitigate any national security and economic risks to the United States relating to the financial ambitions of the Government of the People’s Republic of China. V Revoking China’s Most Favored Nation Status 501. Withdrawal of normal trade relations treatment from the People’s Republic of China Notwithstanding the provisions of title I of Public Law 106–286 (114 Stat. 880) or any other provision of law, effective on the date of the enactment of this Act— (1) normal trade relations treatment shall not apply pursuant to section 101 of that Act to the products of the People’s Republic of China; (2) normal trade relations treatment may thereafter be extended to the products of the People's Republic of China only in accordance with the provisions of chapter 1 of title IV of the Trade Act of 1974 ( 19 U.S.C. 2431 et seq. ), as in effect with respect to the products of the People’s Republic of China on the day before the effective date of the accession of the People’s Republic of China to the World Trade Organization; and (3) the extension of waiver authority that was in effect with respect to the People’s Republic of China under section 402(d)(1) of the Trade Act of 1974 ( 19 U.S.C. 2432(d)(1) ) on the day before the effective date of the accession of the People’s Republic of China to the World Trade Organization shall, upon the enactment of this Act, be deemed not to have expired, and shall continue in effect until the date that is 90 days after the date of such enactment. 502. Expansion of bases of ineligibility of People's Republic of China for normal trade relations (a) In general Section 402 of the Trade Act of 1974 ( 19 U.S.C. 2432 ) is amended— (1) in the section heading, by striking Freedom of emigration in East-West trade and inserting East-West trade and human rights ; and (2) by adding at the end the following: (f) Additional bases of ineligibility of People's Republic of China for normal trade relations (1) In general Products from the People's Republic of China shall not be eligible to receive nondiscriminatory treatment (normal trade relations), the People's Republic of China shall not participate in any program of the Government of the United States which extends credits or credit guarantees or investment guarantees, directly or indirectly, and the President shall not conclude any commercial agreement with the People's Republic of China, during the period— (A) beginning with the date on which the President determines that the People's Republic of China— (i) is in violation of paragraph (1), (2), or (3) of subsection (a); (ii) uses or provides for the use of slave labor; (iii) operates vocational training and education centers or other concentration camps where people are held against their will; (iv) performs or otherwise orders forced abortion or sterilization procedures; (v) harvests the organs of prisoners without their consent; (vi) hinders the free exercise of religion; (vii) intimidates or harasses nationals of the People's Republic of China living outside the People's Republic of China; or (viii) engages in systematic economic espionage against the United States, including theft of the intellectual property of United States persons; and (B) ending on the date on which the President determines that the People's Republic of China is no longer in violation of any of clauses (i) through (viii) of subparagraph (A). (2) Report required (A) In general After the date of the enactment of this subsection, products of the People's Republic of China may be eligible to receive nondiscriminatory treatment (normal trade relations), the People's Republic of China may participate in any program of the Government of the United States which extends credits or credit guarantees or investment guarantees, and the President may conclude a commercial agreement with the People's Republic of China, only after the President has submitted to Congress a report indicating that the People's Republic of China is not in violation of any of clauses (i) through (viii) of paragraph (1)(A). (B) Elements The report required by subparagraph (A) shall include information as to the nature and implementation of laws and policies of the People's Republic of China relating to the matters specified in clauses (i) through (viii) of paragraph (1)(A). (C) Deadlines The report required by subparagraph (A) shall be submitted on or before each June 30 and December 31 of each year for as long as products of the People's Republic of China receive nondiscriminatory treatment (normal trade relations), the People's Republic of China participates in any program of the Government of the United States which extends credits or credit guarantees or investment guarantees, or a commercial agreement with the People's Republic of China is in effect. (3) Waiver (A) In general The President is authorized to waive by Executive order the application of paragraphs (1) and (2) for a 12-month period if the President submits to Congress a report that the President— (i) has determined that such waiver will substantially promote the objectives of this subsection; and (ii) has received assurances that the practices of the People's Republic of China relating to the matters specified in clauses (i) through (viii) of paragraph (1)(A) will in the future lead substantially to the achievement of the objectives of this subsection. (B) Termination of waiver A waiver under subparagraph (A) shall terminate on the earlier of— (i) the day after the waiver authority granted by this paragraph ceases to be effective under paragraph (4); or (ii) the effective date of an Executive order providing for termination of the waiver. (4) Extension of waiver authority (A) Recommendations If the President determines that the further extension of the waiver authority granted under paragraph (3) will substantially promote the objectives of this subsection, the President may recommend further extensions of such authority for successive 12-month periods. Any such recommendations shall— (i) be made not later than 30 days before the expiration of such authority; (ii) be made in a document submitted to the House of Representatives and the Senate setting forth the reasons of the President for recommending the extension of such authority; and (iii) include— (I) a determination that continuation of the waiver will substantially promote the objectives of this subsection; and (II) a statement setting forth the reasons of the President for such determination. (B) Continuation in effect of waiver If the President recommends under subparagraph (A) the further extension of the waiver authority granted under paragraph (3), such authority shall continue in effect until the end of the 12-month period following the end of the previous 12-month extension, unless— (i) Congress adopts and transmits to the President a joint resolution of disapproval under paragraph (5) before the end of the 60-day period beginning on the date the waiver authority would expire but for an extension under subparagraph (A); and (ii) if the President vetoes the joint resolution, each House of Congress votes to override the veto on or before the later of— (I) the last day of the 60-day period referred to in clause (i); or (II) the last day of the 15-day period (excluding any day described in section 154(b)) beginning on the date on which Congress receives the veto message from the President. (C) Termination of waiver pursuant to joint resolution of disapproval If a joint resolution of disapproval is enacted into law pursuant to paragraph (5), the waiver authority granted under paragraph (3) shall cease to be effective as of the day after the 60-day period beginning on the date of the enactment of the joint resolution. (5) Joint resolution of disapproval (A) Joint resolution of disapproval defined In this paragraph, the term joint resolution of disapproval means a joint resolution the matter after the resolving clause of which is as follows: That Congress does not approve the extension of the authority contained in paragraph (3) of section 402(f) of the Trade Act of 1974 with respect to the People's Republic of China recommended by the President to Congress under paragraph (4) of that section on ___. , with the blank space being filled with the appropriate date. (B) Procedures in House and Senate The provisions of subsections (b) through (f) of section 152 shall apply with respect to a joint resolution of approval to the same extent and in the same manner as such provisions apply with respect to a resolution described in subsection (a) of that section, except that subsection (e)(2) of that section shall be applied and administered by substituting Consideration for Debate . (C) Rules of the house of representatives and senate This paragraph is enacted by Congress— (i) as an exercise of the rulemaking power of the House of Representatives and the Senate, respectively, and as such is deemed a part of the rules of each House, respectively, and supersedes other rules only to the extent that it is inconsistent with such other rules; and (ii) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner and to the same extent as in the case of any other rule of that House. . (b) Clerical amendment The table of contents for the Trade Act of 1974 is amended by striking the item relating to section 402 and inserting the following: Sec. 402. East-West trade and human rights. . VI Removal of China from the WTO 601. Removal of China from the WTO The President shall direct the U.S. Permanent Mission to the World Trade Organization (WTO) to use the voice, vote, and influence of the United States to seek the removal of the People’s Republic of China from the WTO. VII End Lending to the CCP from World Bank 701. Opposition to provision of assistance to People's Republic of China by multilateral development banks (a) Findings Congress makes the following findings: (1) The People’s Republic of China is the world’s second largest economy and a major global lender. (2) In February 2021, the foreign exchange reserves of the People’s Republic of China totaled more than $3,200,000,000,000. (3) The World Bank classifies the People’s Republic of China as having an upper-middle-income economy. (4) On February 25, 2021, President Xi Jinping announced complete victory over extreme poverty in the People’s Republic of China. (5) The Government of the People’s Republic of China utilizes state resources to create and promote the Asian Infrastructure Investment Bank, the New Development Bank, and the Belt and Road Initiative. (6) The People’s Republic of China is the world’s largest official creditor. (7) Through a multilateral development bank, countries are eligible to borrow until they can manage long-term development and access to capital markets without financial resources from the bank. (8) The World Bank reviews the graduation of a country from eligibility to borrow from the International Bank for Reconstruction and Development once the country reaches the graduation discussion income, which is equivalent to the gross national income. For fiscal year 2021, the graduation discussion income is a gross national income per capita exceeding $7,065. (9) Many of the other multilateral development banks, such as the Asian Development Bank, use the gross national income per capita benchmark used by the International Bank for Reconstruction and Development to trigger the graduation process. (10) The People’s Republic of China exceeded the graduation discussion income threshold in 2016. (11) Since 2016, the International Bank for Reconstruction and Development has approved projects totaling $8,930,000,000 to the People’s Republic of China. (12) Since 2016, the Asian Development Bank has continued to approve loans and technical assistance to the People’s Republic of China totaling $7,600,000,000. The Bank has also approved non-sovereign commitments in the People's Republic of China totaling $1,800,000,000 since 2016. (13) The World Bank calculates the People’s Republic of China’s most recent year (2019) gross national income per capita as $10,390. (b) Statement of policy It is the policy of the United States to oppose any additional lending from the multilateral development banks, including the International Bank for Reconstruction and Development and the Asian Development Bank, to the People’s Republic of China as a result of the People’s Republic of China’s successful graduation from the eligibility requirements for assistance from those banks. (c) Opposition to lending to People's Republic of China The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank to use the voice, vote, and influence of the United States— (1) to oppose any loan or extension of financial or technical assistance by the bank to the People’s Republic of China; and (2) to end lending and assistance to countries that exceed the graduation discussion income of the bank. (d) Report required Not later than one year after the date of the enactment of this Act, and annually thereafter, the Secretary of the Treasury shall submit to the appropriate congressional committees a report that includes— (1) an assessment of the status of borrowing by the People’s Republic of China from each multilateral development bank; (2) a description of voting power, shares, and representation by the People’s Republic of China at each such bank; (3) a list of countries that have exceeded the graduation discussion income at each such bank; (4) a list of countries that have graduated from eligibility for assistance from each such bank; and (5) a full description of the efforts taken by the United States to graduate countries from such eligibility once they exceed the graduation discussion income at each such bank. (e) Definitions In this section: (1) Appropriate congressional committees The term appropriate congressional committees means— (A) the Committee on Foreign Relations of the Senate; and (B) the Committee on Financial Services and the Committee on Foreign Affairs of the House of Representatives. (2) Multilateral development banks The term multilateral development banks has the meaning given that term in section 1701(c) of the International Financial Institutions Act ( 22 U.S.C. 262r(c) ).