DATA Act

Bill: 118-s-970
Sponsor: full_name: Sen. Wicker, Roger F. [R-MS]
Introduced: 2023-03-23
Policy area: Commerce
Latest action: action_date: 2023-03-23
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-03-23
action_desc: Introduced in Senate
text: <p><b>Documenting Adversarial Trade Aggression Act or the DATA Act</b></p> <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 118th CONGRESS 1st Session S. 970 IN THE SENATE OF THE UNITED STATES March 23, 2023 Mr. Wicker (for himself and Ms. Cortez Masto ) 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. Short title This Act may be cited as the Documenting Adversarial Trade Aggression Act or the DATA Act . 2. 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 economic data on developments in the financial markets of the People's Republic of China and the United States exposure to risks and vulnerabilities in the financial system of the People's Republic of China, including data on— (1) baseline economic statistics such as gross domestic product 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 foreign exchange reserves of the People's Republic of China; (6) bank loan interest rates; (7) United States retirement accounts tied to Chinese investments; (8) the exposure of the People's Republic of China to foreign borrowers and flows of official financing for the Belt and Road Initiative and other trade-related initiatives of the Government of the People's Republic of China, 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) retirement accounts and investments in the People's Republic of China. (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 report required by this subsection shall include— (i) key findings and data; (ii) 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 an assessment of the implications of such activities for production and employment in the United States and the economy of the United States; and (iii) a description of interactions of United States industry with— (I) entities owned or controlled by, or affiliated with, the Government of the People's Republic of China; and (II) investments by entities of the People's Republic of China in the United States. (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 financial system of the People's Republic of China; 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 Relations, the Committee on Banking, Housing, and Urban Affairs, and the Committee on Commerce, Science, and Transportation of the Senate; and (2) the Committee on Foreign Affairs, the Committee on Financial Services, and the Committee on Energy and Commerce of the House of Representatives.