A bill to impose sanctions with respect to foreign persons that knowingly engage in significant operations in the defense and related materiel sector or the surveillance technology sector of the economy of the People's Republic of China, and for other purposes.
About This Bill
Committee
Latest Action · December 17, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill would expand economic sanctions against Chinese companies that support military, surveillance, and defense operations. The legislation targets foreign companies operating in China's defense sector, military-civil fusion operations, or surveillance technology sector by prohibiting foreign exchange transactions involving these companies and restricting U.S. financial institutions from conducting business with foreign banks that facilitate transactions for these entities. The bill applies to companies on various existing government watchlists, including those identified by the Department of Defense as Chinese military companies and those linked to forced labor in Xinjiang, as well as companies producing communications equipment deemed a national security risk. The President has 180 days after the bill's enactment to issue implementing regulations and begin imposing sanctions, with the Treasury Department required to annually review and report on compliance. The sanctions authority expires after seven years, though the President may grant temporary waivers in the national security interest if Congress is briefed on the reasons.
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