Denying Chinese Investors Access to U.S. Small Business Aid Act of 2018

Bill: 115-s-3148
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2018-06-27
Policy area: Commerce
Subjects: Administrative law and regulatory procedures

Asia

China

Corporate finance and management

Foreign and international corporations

Securities

Small Business Administration

Small business

U.S. and foreign investments
Latest action: action_date: 2018-06-27
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2018-06-27
action_desc: Introduced in Senate
text: <p><b>Denying Chinese Investors Access to U.S. Small Business Aid Act of 2018</b></p> <p>This bill prohibits companies that are headquartered in China, are connected to China's government, or have more than 25% of voting stock owned by China's citizens from qualifying as small business concerns that&nbsp;may receive assistance from the Small Business Administration. </p>

tv_txt: II 115th CONGRESS 2d Session S. 3148 IN THE SENATE OF THE UNITED STATES June 27, 2018 Mr. Rubio introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To prohibit certain business concerns from receiving assistance from the Small Business Administration, and for other purposes.

1. Short title This Act may be cited as the Denying Chinese Investors Access to U.S. Small Business Aid Act of 2018 . 2. Prohibition on affiliation with the People's Republic of China (a) In general Section 3(a) of the Small Business Act ( 15 U.S.C. 632(a) ) is amended by adding at the end the following: (10) Prohibition on affiliation with the People's Republic of China For purposes of this Act, a small business concern may not— (A) be headquartered in the People's Republic of China; (B) be owned or affiliated by citizens of the People's Republic of China or an entity owned or controlled by, or otherwise connected to, the Government of the People's Republic of China; or (C) have more than 25 percent of the voting stock of the small business concern owned by affiliates that are citizens of the People's Republic of China. . (b) Regulations and guidance The Administrator of the Small Business Administration shall amend the regulations and guidance of the Administration, including sections 120.100, 120.110, and 121.105 of title 13, Code of Federal Regulations, to carry out the amendment made by this Act.