Our Money in China Transparency Act

Bill: 118-s-3582
Sponsor: full_name: Sen. Scott, Rick [R-FL]
Introduced: 2024-01-11
Policy area: Economics and Public Finance
Latest action: action_date: 2024-01-11
text: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 3582 IN THE SENATE OF THE UNITED STATES January 11, 2024 Mr. Scott of Florida (for himself, Mr. Budd , and Mr. Braun ) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs A BILL To require annual reporting on the availability of Federal funds to persons and entities of China and activities conducted in collaboration with China, and for other purposes.

1. Short title This Act may be cited as the Our Money in China Transparency Act . 2. Definitions In this Act: (1) Chinese person or entity The term Chinese person or entity means— (A) the Government of China; (B) the Chinese Communist Party; (C) any satellite or other foreign campus of a United States institution of higher education (as such term is defined in section 101 of the Higher Education Act of 1965 ( 20 U.S.C. 1001 )) that is located in China; (D) an individual who is a citizen or national of China and permanently resides in China; and (E) any other entity organized under the laws of China, or any jurisdiction within China, including— (i) any United States branch of such entity; and (ii) any branch of a United States entity that is located in China. (2) United States entity The term United States entity means— (A) an institution of higher education (as such term is defined in section 101 of the Higher Education Act of 1965 ( 20 U.S.C. 1001 )); and (B) any other entity organized under the laws of the United States or any jurisdiction within the United States. 3. Report on funding (a) General report on Federal funding The Director of the Office of Management and Budget shall include, in the budget materials submitted in support of the budget of the President (submitted to Congress pursuant to section 1105 of title 31, United States Code) for each fiscal year beginning after the date of the enactment of this Act, a report that specifies, with respect to each account in the Treasury for which Federal funds are requested in such budget, the information described in subsection (c). (b) Additional report on Federal funding The head of each Federal department or agency shall include, in the budget materials submitted in support of the budget of the President (submitted to Congress pursuant to section 1105 of title 31, United States Code) for each fiscal year beginning after the date of the enactment of this Act, a report that specifies the information described in subsection (c) with respect to each account— (1) from which funds are made available to carry out the programs, projects, or activities of such department or agency; and (2) that is not included in the corresponding report required under subsection (a). (c) Report requirements The information described in this subsection is, with respect to each account— (1) each amount made available from such account during the preceding fiscal year to any Chinese person or entity, disaggregated by each such person or entity; (2) each amount made available from such account during the preceding fiscal year to any Federal program, project, or activity conducted in partnership with a Chinese person or entity, disaggregated by each such partner; (3) each amount made available from such account during the preceding fiscal year to any Chinese person or entity that is owned or controlled by a United States entity, disaggregated by each such United States entity; (4) each amount made available from such account during the preceding fiscal year to any Federal employee for the purpose of carrying out any program, project, or activity in China, disaggregated by each such program, project, or activity; and (5) each amount made available from such account during the preceding fiscal year to any joint, collaborative, or bilateral effort between the United States and China, disaggregated by each such effort. (d) Initial report The first report submitted after the date of the enactment of this Act under subsection (a) or (b) shall include the information described in subsection (c) with respect to the 10 preceding fiscal years.