To protect the national security of the United States by imposing sanctions with respect to certain persons of the People's Republic of China and prohibiting and requiring notifications with respect to certain investments by United States persons in the People's Republic of China, and for other purposes.
# Summary of H.R. 10559 - COINS Act of 2024
This bill restricts U.S. investment in China and imposes sanctions on Chinese entities deemed threats to national security. It applies to U.S. persons (citizens, companies, and entities operating in the U.S.) investing in or conducting transactions with Chinese firms involved in advanced semiconductors, artificial intelligence, quantum computing, hypersonic missiles, and surveillance technology.
The bill establishes two main requirements: first, it prohibits certain investments in Chinese companies working on sensitive technologies and requires U.S. investors to notify the Treasury Department within 30 days of completing other strategic investments in these areas. Second, it mandates that U.S. persons divest from Chinese military-industrial companies on a government list within one year of enactment. The Treasury Secretary can waive these restrictions if deemed in the national interest, but must notify Congress within five business days.
The bill authorizes $150 million annually for the first two years to the Treasury Department (with transfers to Commerce) to implement and enforce these rules. It requires annual reports to Congress for seven years detailing enforcement actions, investment trends, and recommendations for expanding the list of restricted technologies. The law remains in effect until China is removed from the federal list of foreign adversaries.
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