Protecting American Capital Act of 2023

Bill: 118-s-860
Sponsor: full_name: Sen. Scott, Rick [R-FL]
Introduced: 2023-03-16
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-16
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-03-16
action_desc: Introduced in Senate
text: <p><strong>Protecting American Capital Act of 2023 </strong></p> <p>This bill requires the Department of the Treasury to annually report to Congress on U.S. portfolio investments in China. The report must include </p> <ul> <li>the U.S. persons making the investments, including state pension funds and those making more than 2% of the total annual investments; and </li> <li>the Chinese entities receiving the investments, including Chinese entities subject to U.S. sanctions and Chinese entities receiving more than $100 million. </li> </ul> <p>The initial report must include investment information back to January 1, 2008.</p>

tv_txt: II 118th CONGRESS 1st Session S. 860 IN THE SENATE OF THE UNITED STATES March 16, 2023 Mr. Scott of Florida (for himself and Mrs. Shaheen ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require an annual report on United States portfolio investments in the People's Republic of China, and for other purposes.

1. Short title This Act may be cited as the Protecting American Capital Act of 2023 . 2. Annual report on United States portfolio investments in the People's Republic of China (a) In general 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 Congress a report on portfolio investments by United States persons in the People's Republic of China, including such investments routed through a jurisdiction outside the United States. (b) Elements Each report required by subsection (a) shall include an assessment of the involvement of the following in portfolio investments in the People's Republic of China: (1) United States persons making such investments, including an assessment of— (A) the types of United States persons making such investments, including State pension funds; and (B) United States persons making more than 2 percent of the total of such investments in a year. (2) Chinese entities receiving such investments, including an assessment of— (A) such entities in individual sectors of the economic of the People's Republic of China, including the housing sector; (B) any Chinese entities subject to sanctions imposed by the United States receiving such investments; and (C) Chinese entities that receive more than $100,000,000 from such investments. (c) Period covered The period covered by a report required by subsection (a) shall be— (1) in the case of the first such report, the period beginning on January 1, 2008, and ending on the date of the report; and (2) in the case of each subsequent such report, the one-year period preceding submission of the report. (d) Definitions In this section: (1) Chinese entity The term Chinese entity means an entity organized under the laws of the People's Republic of China or otherwise subject to the jurisdiction of the Government of the People's Republic of China. (2) United states person The term United States person means— (A) a United States citizen or an alien lawfully admitted for permanent residence to the United States; or (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.