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

Bill: 117-s-1822
Sponsor: full_name: Sen. Wicker, Roger F. [R-MS]
Introduced: 2021-05-25
Policy area: Foreign Trade and International Finance
Subjects: Asia

Bank accounts, deposits, capital

Budget deficits and national debt

China

Congressional oversight

Department of Commerce

Economic performance and conditions

Employee benefits and pensions

Executive agency funding and structure

Foreign and international banking

Foreign and international corporations

Foreign loans and debt

Government studies and investigations

Interest, dividends, interest rates

International monetary system and foreign exchange

Research and development

U.S. and foreign investments
Latest action: action_date: 2021-05-25
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-05-25
action_desc: Introduced in Senate
text: <p>This bill requires the Department of Commerce to establish a China Economic Data Coordination Center within the Bureau of Economic Analysis.</p> <p>The center must collect, synthesize, and report on specified Chinese economic data regarding developments in China's financial markets and U.S. exposure to risks and vulnerabilities in China's financial system. </p>

tv_txt: II 117th CONGRESS 1st Session S. 1822 IN THE SENATE OF THE UNITED STATES May 25, 2021 Mr. Wicker introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To direct the Secretary of Commerce to establish within the Bureau of Economic Analysis of the Department of Commerce a China Economic Data Coordination Center.

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