American Economic Independence Act of 2024

Bill: 118-s-4026
Sponsor: full_name: Sen. Romney, Mitt [R-UT]
Introduced: 2024-03-21
Policy area: International Affairs
Latest action: action_date: 2024-03-21
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4026 IN THE SENATE OF THE UNITED STATES March 21, 2024 Mr. Romney (for himself, Ms. Cortez Masto , Mr. Lankford , Mr. Brown , Mr. Cornyn , and Mr. Young ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To require a report on the state of economic integration between the United States and the People's Republic of China and the risks of that integration to the national security of the United States.

1. Short title This Act may be cited as the American Economic Independence Act of 2024 . 2. Report on economic integration between the United States and the People's Republic of China and risks to the national security of the United States (a) In general Not later than one year after the date of the enactment of this Act, and every 3 years thereafter for 15 years, the President, acting through the Director of the Office of Management and Budget (in this section referred to as the Director ), and in consultation with the officials specified in subsection (c), shall submit to Congress a report on— (1) the state of economic integration between the United States and the People's Republic of China; and (2) the risks that integration poses to the national security interests of the United States. (b) Elements Each report required by subsection (a) shall include the following: (1) An assessment of the current level of economic integration between the United States and the People's Republic of China in each priority sector. (2) An assessment of how economic integration between the United States and the People's Republic of China has changed since 2000, and is predicted to change during the 3 years following submission of the report, for each priority sector. (3) An analysis of the extent to which the degree of current or predicted economic integration between the United States and the People’s Republic of China in each priority sector presents significant risks to the national security of the United States. The analysis with respect to each such sector shall address the following: (A) The sector’s reliance on entities organized under the laws of, or otherwise subject to the jurisdiction of, the People's Republic of China, including entities owned or controlled by the Government of the People's Republic of China, for foreign direct investment and other sources of financial capital. (B) The sector’s reliance on supply chains that have a significant dependence on products or processes based in the People's Republic of China. (C) An assessment of the risks of intellectual property theft or economic espionage by individuals or entities linked to or subject to the control of the Government of the People’s Republic of China or the Chinese Communist Party. (D) An assessment of the risks to the defense industrial base of the United States. (E) An assessment of the risks posed by the use of subsidies and the dumping of goods into the customs territory of the United States by entities in the People’s Republic of China, including entities owned or controlled by the Government of the People’s Republic of China. (4) Recommendations for steps the United States Government should take to mitigate the risks identified under paragraph (3). (5) Any other information the Director considers appropriate. (c) Officials specified The officials specified in this subsection are the following: (1) The Secretary of State. (2) The Secretary of the Treasury. (3) The Secretary of Defense. (4) The Attorney General. (5) The Secretary of the Interior. (6) The Secretary of Commerce. (7) The Secretary of Health and Human Services. (8) The Secretary of Energy. (9) The Secretary of Homeland Security. (10) The United States Trade Representative. (11) The Director of National Intelligence. (12) The Director of the National Science Foundation. (13) The head of any other agency the Director considers appropriate. (d) Consultation authority In developing a report required by subsection (a), the Director may consult with any nongovernmental entity that the Director considers necessary. (e) Form of report Each report required by subsection (a) shall be submitted to Congress in unclassified form but may include a classified annex. (f) Applicability of FOIA Nothing in this section, or in a report required by subsection (a), shall be construed to allow the disclosure of information or a record that is exempt from public disclosure under section 552 of title 5, United States Code (commonly known as the Freedom of Information Act ). (g) Applicability of Paperwork Reduction Act Subchapter I of chapter 35 of title 44, United States Code (commonly known as the Paperwork Reduction Act ), shall not apply to this section. (h) Priority sector defined In this section, the term priority sector means one of the following elements of an economy: (1) Financial services. (2) Critical minerals (as defined in section 7002(a) of the Energy Act of 2020 ( 30 U.S.C. 1606(a) )), including rare-earth elements, that the Secretary of Defense determines to be important to the national security of the United States. (3) Semiconductors and microelectronics. (4) Artificial intelligence. (5) Communications, including telecommunications, social media applications, satellites and other space-based systems, and undersea cables. (6) Quantum computing. (7) Cloud-based systems, including computing services and data storage. (8) Biotechnology. (9) Pharmaceuticals and medical technology, including medical devices. (10) Manufacturing processes, particularly casting, machining, joining, and forming.