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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4065 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
2d Session
S. 4065
To require the imposition of sanctions with respect to the People's
Republic of China if the People's Republic of China threatens the
security of Taiwan, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 11, 2026
Mr. Sullivan (for himself, Mr. Graham, Ms. Duckworth, Mr. Kennedy, Mr.
Budd, Mr. Ricketts, Mr. McCormick, and Mr. Cornyn) introduced the
following bill; which was read twice and referred to the Committee on
Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To require the imposition of sanctions with respect to the People's
Republic of China if the People's Republic of China threatens the
security of Taiwan, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Sanctions
Targeting Aggressors of Neighboring Democracies with Taiwan Act of
2026'' or the ``STAND with Taiwan Act of 2026''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Sense of Congress.
Sec. 4. Definitions.
TITLE I--SANCTIONS AND OTHER MEASURES IN RESPONSE TO SIGNIFICANT
THREATS TO SECURITY OF TAIWAN
Sec. 101. Covered determinations.
Sec. 102. Imposition of sanctions with respect to officials of the
Government of the People's Republic of
China and members of the Chinese Communist
Party.
Sec. 103. Imposition of sanctions with respect to financial
institutions affiliated with the Government
of the People's Republic of China.
Sec. 104. Imposition of sanctions with respect to entities owned by or
affiliated with the Government of the
People's Republic of China or the Chinese
Communist Party.
Sec. 105. Prohibition on transfers of funds involving the People's
Republic of China.
Sec. 106. Prohibition on listing or trading of Chinese entities on
United States securities exchanges.
Sec. 107. Prohibition on investments by United States financial
institutions that benefit the Government of
the People's Republic of China or the
Chinese Communist Party.
Sec. 108. Measures relating to energy sector of the People's Republic
of China.
Sec. 109. Prohibition on purchases of sovereign debt of the People's
Republic of China by United States persons.
Sec. 110. Prohibition on provision of services to sanctioned financial
institutions by international financial
messaging systems.
Sec. 111. Increases in duties on goods imported from the People's
Republic of China.
Sec. 112. Increases in duties on goods imported from countries that
support the People's Republic of China.
TITLE II--GENERAL PROVISIONS
Sec. 201. Sanctions described.
Sec. 202. National security waiver.
Sec. 203. Exceptions.
Sec. 204. Implementation; penalties.
Sec. 205. Termination authority.
SEC. 2. FINDINGS.
Congress makes the following findings:
(1) Taiwan is a free and prosperous democracy of nearly
23,000,000 people, an important contributor to peace and
stability around the world, and continues to embody and promote
democratic values, freedom, and human rights in Asia.
(2) The policy of the United States toward Taiwan is guided
by the Taiwan Relations Act (22 U.S.C. 3301 et seq.).
(3) Under section 2 of the Taiwan Relations Act (22 U.S.C.
3301), it is the policy of the United States--
(A) ``to preserve and promote extensive, close, and
friendly commercial, cultural, and other relations
between the people of the United States and the people
on Taiwan, as well as the people on the China mainland
and all other peoples of the Western Pacific area'';
(B) ``to declare that peace and stability in the
area are in the political, security, and economic
interests of the United States, and are matters of
international concern'';
(C) ``to make clear that the United States decision
to establish diplomatic relations with the People's
Republic of China rests upon the expectation that the
future of Taiwan will be determined by peaceful
means'';
(D) ``to consider any effort to determine the
future of Taiwan by other than peaceful means,
including by boycotts or embargoes, a threat to the
peace and security of the Western Pacific area and of
grave concern to the United States'';
(E) ``to provide Taiwan with arms of a defensive
character''; and
(F) ``to maintain the capacity of the United States
to resist any resort to force or other forms of
coercion that would jeopardize the security, or the
social or economic system, of the people on Taiwan''.
(4) For decades and increasingly since the election of
President Tsai Ing-wen as President of Taiwan in 2016, the
Chinese Communist Party has employed a variety of coercive
military and nonmilitary tactics short of armed conflict in its
efforts to exert existential pressure on Taiwan, including
through diplomatic isolation, restricting tourism,
cyberattacks, spreading disinformation, and controlling the
ability of Taiwan to purchase COVID-19 vaccines from other
countries.
(5) According to Taiwan's Ministry of National Defense, the
People's Republic of China undertook live-fire military
exercises in the Taiwan Strait April 1 and 2, 2025, vowing to
maintain combat readiness and prevent any attempts by Taiwan to
gain independence from the People's Republic of China. The
exercise reportedly involved Chinese 76 aircraft of the
People's Liberation Army, 15 naval ships and four official
ships of the People's Liberation Army Navy, with 37 sorties
crossing the median line of the Taiwan Strait and entered
Taiwan's northern, central, southwestern, and eastern air
defense identification zone.
(6) According to Taiwan's Ministry of National Defense, 29
Chinese warplanes and drones crossed the median line of the
Taiwan Strait on February 19 and 20, 2025.
(7) In March 2021, then-Commander of the United States
Indo-Pacific Command, Admiral Philip Davidson, testified that
the threat of a military invasion of Taiwan by the People's
Liberation Army ``is manifest during this decade, in fact in
the next six years''.
(8) In October 2024, the People's Republic of China
employed a record 125 aircraft, as well as its Liaoning
aircraft carrier and ships, in large-scale military exercises
surrounding Taiwan and its outlying islands, simulating the
sealing off of key ports. As part of that exercise, 111 Chinese
aircraft reportedly crossed the median line, entering Taiwan's
air defense identification zone. That action followed remarks
by Taiwan's president rejecting Beijing's claim of sovereignty
over the self-governed island.
SEC. 3. SENSE OF CONGRESS.
It is the sense of Congress that--
(1) it is in the interest of the United States to maintain
a free and open Indo-Pacific region, with peace and stability
in the Taiwan Strait as a critical component;
(2) efforts by the Government of the People's Republic of
China and the Chinese Communist Party to unilaterally determine
the future of Taiwan through non-peaceful means, including
threats and the direct use of force, military coercion,
economic boycotts or embargoes, cyberattacks, and efforts to
internationally isolate or annex Taiwan--
(A) directly undermine the spirit, intent, and
purpose of the Taiwan Relations Act (22 U.S.C. 3301 et
seq.);
(B) undermine peace and stability in the Taiwan
Strait;
(C) limit a free and open Indo-Pacific region; and
(D) are of grave concern to the Government of the
United States;
(3) the initiation of a military invasion of Taiwan by the
People's Liberation Army would--
(A) constitute a threat to the peace and security
of the Western Pacific area and threaten the peace
stability of the entire globe; and
(B) undermine the core political, security, and
economic interests of the United States at home and
abroad; and
(4) as an important deterrent measure against a military
invasion of Taiwan, the Government of the People's Republic of
China and the Chinese Communist Party must understand that
initiating such an invasion will result in catastrophic
economic and financial consequences for the People's Republic
of China.
SEC. 4. DEFINITIONS.
In this Act:
(1) Account; correspondent account; payable-through
account.--The terms ``account'', ``correspondent account'', and
``payable-through account'' have the meanings given those terms
in section 5318A of title 31, United States Code.
(2) Admission; admitted; alien.--The terms ``admission'',
``admitted'', and ``alien'' have the meanings given those terms
in section 101 of the Immigration and Nationality Act (8 U.S.C.
1101).
(3) Appropriate congressional committees.--The term
``appropriate congressional committees'' means--
(A) the Committee on Foreign Relations, the
Committee on Armed Services, and the Committee on
Banking, Housing, and Urban Affairs of the Senate; and
(B) the Committee on Foreign Affairs, the Committee
on Armed Services, and the Committee on Financial
Services of the House of Representatives.
(4) Armed forces of the people's republic of china.--The
term ``Armed Forces of the People's Republic of China''
includes, at a minimum--
(A) the People's Liberation Army Aerospace Force;
(B) the People's Liberation Army Cyberspace Force;
(C) the People's Liberation Army Information
Support Force;
(D) the People's Liberation Army Joint Logistics
Support Force;
(E) the People's Liberation Army Air Force;
(F) the People's Liberation Army Army;
(G) the People's Liberation Army Navy;
(H) the People's Liberation Army Special Operations
Forces;
(I) the People's Liberation Army Rocket Force;
(J) the Joint Staff Department of the Central
Military Commission;
(K) the China Coast Guard;
(L) paramilitary forces, including the Maritime
Militia;
(M) the People's Armed Police; and
(N) any successor entities or proxies of the
entities described in subparagraphs (A) through (M).
(5) Covered determination.--The term ``covered
determination'' has the meaning given that term in section
101(a).
(6) Critical infrastructure.--
(A) In general.--The term ``critical
infrastructure'', with respect to Taiwan, means systems
and assets, whether physical or virtual, so vital to
Taiwan that the incapacity or destruction of such
systems and assets would have catastrophic regional or
national effects on public health or safety, economic
security, or national security.
(B) Included sectors.--The term ``critical
infrastructure'' includes assets in the following
sectors:
(i) Biotechnology.
(ii) Chemical.
(iii) Commercial facilities.
(iv) Communications.
(v) Critical manufacturing.
(vi) Dams.
(vii) Defense industrial base.
(viii) Emergency services.
(ix) Energy.
(x) Financial services.
(xi) Food and agriculture.
(xii) Government facilities.
(xiii) Healthcare and public health.
(xiv) Information technology.
(xv) Materials and waste.
(xvi) Nuclear reactors.
(xvii) Space.
(xviii) Transportation systems.
(xix) Water and wastewater systems.
(7) Financial institution.--The term ``financial
institution'' means a financial institution specified in
subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J),
(M), or (Y) of section 5312(a)(2) of title 31, United States
Code.
(8) Foreign person.--The term ``foreign person'' means an
individual or entity that is not a United States person.
(9) Knowingly.--The term ``knowingly'' with respect to
conduct, a circumstance, or a result, means that a person had
actual knowledge, or should have known, of the conduct, the
circumstance, or the result.
(10) Sanctioned person.--The term ``sanctioned person''
means any person with respect to which sanctions are imposed
under this Act.
(11) Top decision-making body.--The term ``top decision-
making body'', with respect to the People's Republic of China
and the Chinese Communist Party, includes--
(A) the Chinese Communist Party Politburo Standing
Committee;
(B) the Chinese Communist Party Central Military
Commission;
(C) the Chinese Communist Party Politburo;
(D) the Chinese Communist Party Central Committee;
(E) the Chinese Communist Party National Congress;
(F) the State Council of the People's Republic of
China;
(G) the State Central Military Commission of the
People's Republic of China; and
(H) any successor entity or proxy of an entity
described in any of subparagraphs (A) through (G).
(12) 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.
TITLE I--SANCTIONS AND OTHER MEASURES IN RESPONSE TO SIGNIFICANT
THREATS TO SECURITY OF TAIWAN
SEC. 101. COVERED DETERMINATIONS.
(a) Covered Determination Defined.--In this Act, the term ``covered
determination'' means--
(1) a determination by the President under subsection (b)
that an actor described in paragraph (1) of that subsection has
engaged, is engaging, or is planning to engage imminently in an
act described in paragraph (2) of that subsection; or
(2) the enactment of a joint resolution pursuant to
subsection (c).
(b) Determinations by President.--
(1) In general.--Not later than 15 days after the date of
the enactment of this Act, and not less frequently than every
30 days thereafter, the President shall determine if any of the
following actors has engaged, is engaging, or is planning to
engage imminently in an act described in paragraph (2):
(A) The Government of the People's Republic of
China.
(B) The Chinese Communist Party.
(C) Any proxy of the Government of the People's
Republic of China or the Chinese Communist Party.
(D) Any individual or entity controlled by or
acting at the direction of the Government of the
People's Republic of China or the Chinese Communist
Party.
(E) Any individual who serves on any top decision-
making body of the Government of the People's Republic
of China.
(F) Any person described in section 102 or 103.
(2) Acts described.--An act described in this paragraph is
any of the following:
(A) Overthrowing or dismantling the governing
institutions in Taiwan.
(B) Occupying any territory controlled or
administered by Taiwan as of the date of the enactment
of this Act.
(C) Violating the territorial integrity of Taiwan.
(D) Taking any of the following actions:
(i) Creating a naval or aerial blockade of
Taiwan.
(ii) Seizing the offshore islands of
Taiwan.
(iii) Initiating a military attack,
including--
(I) an amphibious landing or
assault;
(II) an airport operation, air
assault, or aerial bombardment;
(III) missile attacks; or
(IV) naval bombardment.
(iv) A debilitating attack on the critical
infrastructure of Taiwan.
(c) Determinations by Joint Resolution.--
(1) Covered joint resolution defined.--In this subsection,
the term ``covered joint resolution'' means only a joint
resolution of either House of Congress the sole matter after
the resolving clause of which is as follows: ``That Congress
determines that an actor described in paragraph (1) of section
101(b) of the Sanctions Targeting Aggressors of Neighboring
Democracies with Taiwan Act of 2026 has engaged, is engaging,
or is planning to engage in an act described in paragraph (2)
of that section.''.
(2) Introduction.--A covered joint resolution may be
introduced--
(A) in the House of Representatives, by the
majority leader (or the majority leader's designee) or
the minority leader (or the minority leader's
designee); and
(B) in the Senate, by the majority leader (or the
majority leader's designee) or the minority leader (or
the minority leader's designee).
(3) Floor consideration in house of representatives.--
(A) Discharge from committee.--If a committee of
the House of Representatives to which a covered joint
resolution has been referred has not reported the joint
resolution within 2 calendar days after the date of
referral of the joint resolution, the committee shall
be discharged from further consideration of the joint
resolution and the joint resolution shall be placed on
the appropriate calendar.
(B) Moving to consideration.--At any time after a
covered joint resolution has been placed on the
appropriate calendar, it is in order for the sponsor of
the joint resolution (or a designee) to move for the
consideration of that joint resolution.
(C) Points of order; motions.--All points of order
against the covered joint resolution and its
consideration are waived. If the motion under
subparagraph (B) is agreed to, the joint resolution
shall remain the unfinished business of the House until
disposed of, except as provided in paragraph (5).
(D) No amendments.--A covered joint resolution
shall not be subject to amendment in the House of
Representatives.
(E) Debate.--General debate on a covered joint
resolution shall not exceed 4 hours, which shall be
equally divided and controlled by the sponsor of the
joint resolution (or a designee) and an opponent.
(F) Final passage.--At the conclusion of debate,
the previous question shall be considered as ordered on
the resolution, and the House of Representatives shall
vote on final passage without intervening motion.
(4) Consideration in the senate.--
(A) Reporting and discharge.--If the committee of
the Senate to which a covered joint resolution was
referred has not reported the joint resolution within 2
calendar days after the date of referral of the joint
resolution, that committee shall be discharged from
further consideration of the joint resolution and the
joint resolution shall be placed on the appropriate
calendar.
(B) Proceeding to consideration.--Notwithstanding
Rule XXII of the Standing Rules of the Senate, it is in
order at any time after the committee of the Senate to
which a covered joint resolution was referred reports
the joint resolution to the Senate or has been
discharged from consideration of the joint resolution
(even though a previous motion to the same effect has
been disagreed to) to move to proceed to the
consideration of the joint resolution, and all points
of order against the joint resolution (and against
consideration of the joint resolution) are waived. The
motion to proceed is not debatable. The motion is not
subject to a motion to postpone.
(C) No amendments.--An amendment to a covered joint
resolution, or a motion to postpone, or a motion to
proceed to the consideration of other business, or a
motion to recommit a covered joint resolution, is not
in order.
(D) Consideration.--
(i) Limitation on debate.--Consideration in
the Senate of a covered joint resolution shall
be limited to not more than 10 hours, which
shall be equally divided between, and
controlled by, the majority leader and the
minority leader, or by their designees.
(ii) Vote on adoption.--Whenever all the
time for debate on a covered joint resolution
has been used or yielded back, the vote on the
adoption of the resolution shall occur without
any intervening motion or amendment, except
that a single quorum call at the conclusion of
the debate if requested in accordance with the
Rules of the Senate may occur immediately
before such vote.
(E) Rulings of the chair on procedure.--Appeals
from the decisions of the Chair relating to the
application of the rules of the Senate, as the case may
be, to the procedure relating to a covered joint
resolution shall be decided without debate.
(F) Consideration of veto messages.--Debate in the
Senate of any veto message with respect to a covered
joint resolution, including all debatable motions and
appeals in connection with the joint resolution, shall
be limited to 10 hours, to be equally divided between,
and controlled by, the majority leader and the minority
leader or their designees.
(5) Rules relating to senate and house of
representatives.--
(A) Treatment of senate joint resolution in
house.--In the House of Representatives, the following
procedures shall apply to a covered joint resolution
received from the Senate (unless the House has already
passed a joint resolution relating to the same proposed
action):
(i) The joint resolution shall be referred
to the appropriate committees.
(ii) If a committee to which a joint
resolution has been referred has not reported
the joint resolution within 2 calendar days
after the date of referral, that committee
shall be discharged from further consideration
of the joint resolution.
(iii) Beginning on the third legislative
day after the committee to which a joint
resolution has been referred reports the joint
resolution to the House or has been discharged
from further consideration thereof, it shall be
in order to move to proceed to consider the
joint resolution in the House. All points of
order against the motion are waived. Such a
motion shall not be in order after the House
has disposed of a motion to proceed on the
joint resolution. The previous question shall
be considered as ordered on the motion to its
adoption without intervening motion. The motion
shall not be debatable. A motion to reconsider
the vote by which the motion is disposed of
shall not be in order.
(iv) The joint resolution shall be
considered as read. All points of order against
the joint resolution and against its
consideration are waived. The previous question
shall be considered as ordered on the joint
resolution to final passage without intervening
motion except 4 hours of debate equally divided
and controlled by the sponsor of the joint
resolution (or a designee) and an opponent. A
motion to reconsider the vote on passage of the
joint resolution shall not be in order.
(B) Treatment of house joint resolution in
senate.--
(i) Receipt before passage.--If, before the
passage by the Senate of a covered joint
resolution, the Senate receives an identical
joint resolution from the House of
Representatives, the following procedures shall
apply:
(I) That joint resolution shall not
be referred to a committee.
(II) With respect to that joint
resolution--
(aa) the procedure in the
Senate shall be the same as if
no joint resolution had been
received from the House of
Representatives; but
(bb) the vote on passage
shall be on the joint
resolution from the House of
Representatives.
(ii) Receipt after passage.--If, following
passage of a covered joint resolution in the
Senate, the Senate receives an identical joint
resolution from the House of Representatives,
that joint resolution shall be placed on the
appropriate Senate calendar.
(iii) No companion measure.--If a covered
joint resolution is received from the House,
and no companion joint resolution has been
introduced in the Senate, the Senate procedures
under this subsection shall apply to the House
joint resolution.
(C) Application to revenue measures.--The
provisions of this paragraph shall not apply in the
House of Representatives to a covered joint resolution
that is a revenue measure.
(6) Rules of the house of representatives and senate.--This
subsection is enacted by Congress--
(A) as an exercise of the rulemaking power of the
Senate and the House of Representatives, respectively,
and as such is deemed a part of the rules of each
House, respectively, and supersedes other rules only to
the extent that it is inconsistent with such rules; and
(B) with full recognition of the constitutional
right of either House to change the rules (so far as
relating to the procedure of that House) at any time,
in the same manner, and to the same extent as in the
case of any other rule of that House.
SEC. 102. IMPOSITION OF SANCTIONS WITH RESPECT TO OFFICIALS OF THE
GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA AND MEMBERS
OF THE CHINESE COMMUNIST PARTY.
(a) In General.--Not later than 3 days after a covered
determination is made, the President shall--
(1) impose the sanctions described in section 201 with
respect to the persons described in subsection (b), to the
extent such persons can be identified; and
(2) prohibit any United States person (other than an
official of the United States Government acting in an official
capacity) from engaging in any transaction with a person
described in subsection (b).
(b) Persons Described.--The persons described in this subsection
are the following:
(1) The following officials of the Government of the
People's Republic of China:
(A) The General Secretary of the Chinese Communist
Party and all members of the Standing Committee of the
National People's Congress of the People's Republic of
China.
(B) The President of the People's Republic of
China.
(C) The Vice President of the People's Republic of
China.
(D) Leaders of the State Council of the People's
Republic of China, including the Premier, Vice
Premiers, State Councilors, and the Secretary General.
(E) Members of the State Council of the People's
Republic of China, including all Ministers and heads of
all constituent agencies.
(F) The Minister of National Defense of the
People's Republic of China.
(G) Members of the Central Military Commission of
the Chinese Communist Party.
(H) The commanders of the People's Liberation Army,
the People's Liberation Army Navy, the People's
Liberation Army Air Force, and the People's Liberation
Army Rocket Force.
(I) The Commander of the People's Armed Police
Force of the Central Military Commission.
(J) The Commander of the People's Liberation Army
Reserve Force.
(K) The Commander-in-Chief of the People's
Liberation Army Aerospace Force, Cyberspace Force,
Information Support Force, and Joint Logistics Force.
(L) The Director of the Office of the Central
Commission for Foreign Affairs of the Central Committee
of the Chinese Communist Party.
(M) The Chair of the National Development and
Reform Commission of the People's Republic of China.
(N) The Minister of Agriculture and Rural Affairs
of the People's Republic of China.
(O) The Minister of State Security of the People's
Republic of China.
(P) The Minister of Public Security of the People's
Republic of China.
(Q) Any foreign person serving as a member of the
Standing Committee of the National People's Congress of
the People's Republic of China.
(R) Any foreign person serving as a member of the
State Central Military Commission of the People's
Republic of China.
(S) The Chief Justice or Grand Justice of the
Supreme People's Court of the People's Republic of
China.
(T) The Prosecutor General of the Supreme People's
Procuratorate of the People's Republic of China.
(U) Any foreign person serving as a member of the
State Council or any organ composing the State Council
of the People's Republic of China.
(V) Any other official of the Government of the
People's Republic of China that the President
determines should be subject to sanctions under
subsection (a).
(2) Any foreign person that--
(A) knowingly sells, supplies, transfers, markets,
or provides defense articles, equipment, goods,
services, technology, or materials to the Armed Forces
of the People's Republic of China;
(B) knowingly conducts a transaction with the Armed
Forces of the People's Republic of China (other than a
transaction of an official of a foreign government
acting in an official capacity);
(C) has engaged in or attempted to engage in
activities that--
(i) materially undermine the military
readiness of Taiwan;
(ii) seek to overthrow, dismantle, or
subvert the governing institutions of Taiwan;
(iii) debilitate the critical
infrastructure of Taiwan;
(iv) debilitate cybersecurity systems
through malicious electronic attacks or
cyberattacks on Taiwan;
(v) undermine the democratic processes of
Taiwan; or
(vi) involve committing serious human
rights abuses against citizens of Taiwan,
including forceful transfers, enforced
disappearances, unjust detainment, or torture;
or
(D) is responsible for or complicit in, or has
directly or indirectly engaged or attempted to engage
in, for or on behalf of, or for the benefit of,
directly or indirectly, the Government of the People's
Republic of China--
(i) transnational corruption, bribery,
extortion, or money laundering;
(ii) assassination, murder, or other
unlawful killing of, or infliction of other
bodily harm against, a United States person or
a citizen or national of an ally or partner of
the United States;
(iii) activities that undermine the peace,
security, political stability, or territorial
integrity of the United States or an ally or
partner of the United States; or
(iv) deceptive or structured transactions
or dealings to circumvent the application of
any sanctions imposed by the United States,
including through the use of digital currencies
or assets or the use of physical assets.
(3) Any agent of any person described in paragraph (1) or
(2), or any other person, if the sanctioned person transferred
property or an interest in property to the agent or other
person--
(A) after the date on which the President imposed
sanctions with respect to the sanctioned person; or
(B) before that date, if the sanctioned person did
so in an attempt to evade the imposition of sanctions.
SEC. 103. IMPOSITION OF SANCTIONS WITH RESPECT TO FINANCIAL
INSTITUTIONS AFFILIATED WITH THE GOVERNMENT OF THE
PEOPLE'S REPUBLIC OF CHINA.
(a) In General.--Not later than 3 days after a covered
determination is made, the Secretary of the Treasury shall--
(1) impose the sanctions described in subsection (b) with
respect to--
(A) the People's Bank of China;
(B) any state-owned bank;
(C) any other financial institution organized under
the laws of the People's Republic of China and owned in
whole or part by the Government of the People's
Republic of China;
(D) any subsidiary of, or successor entity to, any
of the financial institutions described in
subparagraphs (A) through (F); and
(E) any financial institution that engages in
transactions with any of the financial institutions
described in subparagraphs (A) through (G);
(2) impose the sanctions described in section 201 with
respect to any directors of, officers of, officials of, and
shareholders with an interest in, a financial institution
described in paragraph (1); and
(3) prohibit any United States person from engaging in any
transaction with a financial institution described in paragraph
(1).
(b) Sanctions Described.--The sanctions described in this
subsection are the following:
(1) Blocking of property.--
(A) In general.--The President shall exercise all
of the powers granted to the President under the
International Emergency Economic Powers Act (50 U.S.C.
1701 et seq.) to the extent necessary to block and
prohibit all transactions in property and interests in
property of a financial institution subject to
subsection (a)(1) if such property and interests in
property are in the United States, come within the
United States, or are or come within the possession or
control of a United States person.
(B) Inapplicability of national emergency
requirement.--The requirements of section 202 of the
International Emergency Economic Powers Act (50 U.S.C.
1701) shall not apply for purposes of this section.
(2) Restrictions on correspondent and payable-through
accounts.--The President shall prohibit the opening, and
prohibit or impose strict conditions on the maintaining, in the
United States of a correspondent account or payable-through
account by a financial institution subject to subsection
(a)(1).
(c) State-Owned Bank Defined.--In this section, the term ``state-
owned bank''--
(1) means a bank that--
(A) is incorporated in the People's Republic of
China; or
(B) is owned in whole or part by the Government of
the People's Republic of China; and
(2) includes--
(A) the Export-Import Bank of China;
(B) the China Development Bank;
(C) the Agricultural Development Bank of China;
(D) the Industrial and Commercial Bank of China;
(E) the China Construction Bank;
(F) the Bank of Communications;
(G) the Agricultural Bank of China; and
(H) the Bank of China.
SEC. 104. IMPOSITION OF SANCTIONS WITH RESPECT TO ENTITIES OWNED BY OR
AFFILIATED WITH THE GOVERNMENT OF THE PEOPLE'S REPUBLIC
OF CHINA OR THE CHINESE COMMUNIST PARTY.
Not later than 3 days after a covered determination is made, the
Secretary of the Treasury shall impose the sanctions described in
section 201(1) with respect to any entity engaged in commercial
activities on behalf of the Government of the People's Republic of
China or the Chinese Communist Party, in which the government or party
has an ownership stake and exercises ultimate control over business
decisions.
SEC. 105. PROHIBITION ON TRANSFERS OF FUNDS INVOLVING THE PEOPLE'S
REPUBLIC OF CHINA.
(a) In General.--Except as provided by subsection (b), not later
than 3 days after a covered determination is made, a depository
institution (as defined in section 19(b)(1)(A) of the Federal Reserve
Act (12 U.S.C. 461(b)(1)(A))) or a broker or dealer in securities
registered with the Securities and Exchange Commission under the
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) may not process
transfers of funds--
(1) to or from the People's Republic of China; or
(2) for the direct or indirect benefit of officials of the
Government of the People's Republic of China or members of the
Chinese Communist Party.
(b) Exception.--A depository institution, broker, or dealer
described in subsection (a) may process a transfer described in that
subsection if the transfer--
(1) arises from, and is ordinarily incident and necessary
to give effect to, an underlying transaction that is authorized
by a specific or general license; and
(2) does not involve debiting or crediting a Chinese
account.
SEC. 106. PROHIBITION ON LISTING OR TRADING OF CHINESE ENTITIES ON
UNITED STATES SECURITIES EXCHANGES.
(a) In General.--The Securities and Exchange Commission shall
prohibit the securities of an issuer described in subsection (b) from
being traded on a national securities exchange on and after the date
that is 3 days after a covered determination is made.
(b) Issuers.--An issuer described in this subsection is an issuer
that is a security listed with the China Securities Regulatory
Commission.
(c) Definitions.--In this section:
(1) Issuer; security.--The terms ``issuer'' and
``security'' have the meanings given those terms in section
3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c).
(2) National securities exchange.--The term ``national
securities exchange'' means an exchange registered as a
national securities exchange in accordance with section 6 of
the Securities Exchange Act of 1934 (15 U.S.C. 78f).
SEC. 107. PROHIBITION ON INVESTMENTS BY UNITED STATES FINANCIAL
INSTITUTIONS THAT BENEFIT THE GOVERNMENT OF THE PEOPLE'S
REPUBLIC OF CHINA OR THE CHINESE COMMUNIST PARTY.
(a) In General.--Not later than 3 days after a covered
determination is made, the Secretary of the Treasury shall prohibit any
United States financial institution from making any investments
described in subsection (b).
(b) Investments Described.--An investment described in this
subsection is a monetary investment--
(1) to--
(A) an entity owned or controlled by the Government
of the People's Republic of China or the Chinese
Communist Party; or
(B) the People's Liberation Army; or
(2) for the benefit of any priority industrial sector
identified in the ``Made in China 2025'' plan or the ``14th
Five Year Smart Manufacturing Development Plan'', including--
(A) agriculture machinery;
(B) information technology;
(C) artificial intelligence, machine learning, and
robotics;
(D) green energy and green vehicles;
(E) aerospace equipment;
(F) ocean engineering and high tech ships;
(G) railway equipment;
(H) power equipment;
(I) new materials;
(J) medicine and medical devices;
(K) fifth generation and future generation
telecommunications and other advanced wireless
networking technologies;
(L) semiconductor manufacturing;
(M) biotechnology;
(N) quantum computing;
(O) surveillance technologies, including facial
recognition technologies and censorship software;
(P) fiber optic cables; and
(Q) mining and resource development.
(c) United States Financial Institution Defined.--In this section,
the term ``United States financial institution''--
(1) means any financial institution that is a United States
person; and
(2) includes an investment company, private equity company,
venture capital company, or hedge fund that is a United States
person.
SEC. 108. MEASURES RELATING TO ENERGY SECTOR OF THE PEOPLE'S REPUBLIC
OF CHINA.
(a) Prohibition on Exports.--On and after the date that is 3 days
after a covered determination is made, the Secretary of Commerce shall
prohibit, under the Export Control Reform Act of 2018 (50 U.S.C. 4801
et seq.), the export, reexport, or in-country transfer to or in the
People's Republic of China any energy or energy product produced in the
United States.
(b) Prohibition on Investments.--On and after the date that is 3
days after a covered determination is made, a United States person may
not make an investment in the energy sector of the People's Republic of
China.
(c) Imposition of Sanctions.--The President shall--
(1) impose the sanctions described in section 201 with
respect to any foreign person that the President determines
knowingly sells, supplies, transfers, markets, or provides
goods, services, technology, information, or other support that
facilitates the maintenance or expansion of the production of
oil, uranium, natural gas, petroleum, petroleum products, or
petrochemical products for use by any person subject to
sanctions under section 102, 103, or 104; and
(2) prohibit any United States person from engaging in any
transaction with a person described in paragraph (1).
(d) Definitions.--In this section, the terms ``export'', ``in-
country transfer'', ``reexport'', and ``United States person'' have the
meanings given those terms in section 1742 of the Export Control Reform
Act of 2018 (50 U.S.C. 4801).
SEC. 109. PROHIBITION ON PURCHASES OF SOVEREIGN DEBT OF THE PEOPLE'S
REPUBLIC OF CHINA BY UNITED STATES PERSONS.
On and after the date that is 3 days after a covered determination
is made, the purchase of sovereign debt of the Government of the
People's Republic of China by any United States person is prohibited.
SEC. 110. PROHIBITION ON PROVISION OF SERVICES TO SANCTIONED FINANCIAL
INSTITUTIONS BY INTERNATIONAL FINANCIAL MESSAGING
SYSTEMS.
Not later than 3 days after a covered determination is made, the
President shall impose sanctions pursuant to the International
Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) with respect
to--
(1) any global financial communications services provider
that does not terminate the provision of financial
communications services to, and the enabling and facilitation
of access to such services for, any financial institution
subject to sanctions under section 103 or any other provision
of this Act; and
(2) the directors of, officers of, and shareholders with a
interest in, the provider.
SEC. 111. INCREASES IN DUTIES ON GOODS IMPORTED FROM THE PEOPLE'S
REPUBLIC OF CHINA.
(a) In General.--Not later than 15 days after a covered
determination is made, the President shall, notwithstanding any other
provision of law, increase the rate of duty for all goods imported into
the United States from the People's Republic of China to a rate of up
to 500 percent ad valorem.
(b) Duty Rate in Addition to Antidumping and Countervailing
Duties.--The rate of duty required under subsection (a) with respect to
a good described in that subsection shall be in addition to any
antidumping or countervailing duty applicable with respect to the good
under title VII of the Tariff Act of 1930 (19 U.S.C. 1671 et seq.).
SEC. 112. INCREASES IN DUTIES ON GOODS IMPORTED FROM COUNTRIES THAT
SUPPORT THE PEOPLE'S REPUBLIC OF CHINA.
(a) In General.--Not later than 15 days after a covered
determination is made, and every 90 days thereafter, the President
shall, notwithstanding any other provision of law, increase the rate of
duty for all goods imported into the United States from a country
described in subsection (b) to a rate of up to 500 percent ad valorem.
(b) Countries Described.--A country is described in this subsection
if the country--
(1) knowingly sells, supplies, transfers, or purchases oil,
uranium, natural gas, petroleum products, or petrochemical
products to or from the People's Republic of China; or
(2) knowingly sells, supplies, transfers, or purchases
products, material, or financial support to or from the
People's Republic of China for its military-industrial capacity
or for any act described in section 101(b)(2).
(c) Duty Rate in Addition to Antidumping and Countervailing
Duties.--The rate of duty required under subsection (a) with respect to
a good described in that subsection shall be in addition to any
antidumping or countervailing duty applicable with respect to the good
under title VII of the Tariff Act of 1930 (19 U.S.C. 1671 et seq.).
(d) Prohibition on Waivers for Certain Countries.--The President
may not waive under section 202 the application of subsection (a) with
respect to--
(1) a country the government of which the Secretary of
State has determined has repeatedly provided support for acts
of international terrorism (commonly referred to as a ``state
sponsor of terrorism''), for purposes of--
(A) section 1754(c)(1)(A)(i) of the Export Control
Reform Act of 2018 (50 U.S.C. 4813(c)(1)(A)(i));
(B) section 620A of the Foreign Assistance Act of
1961 (22 U.S.C. 2371);
(C) section 40(d) of the Arms Export Control Act
(22 U.S.C. 2780(d)); or
(D) any other provision of law; or
(2) a country specified in section 4872(f)(2) of title 10,
United States Code.
(e) Military-Industrial Capacity Defined.--In this section, the
term ``military-industrial capacity'' means the capacity of a country
to produce and supply the equipment, technology, weapons, training and
deployment of personnel, manpower, and systems necessary for military
operations.
TITLE II--GENERAL PROVISIONS
SEC. 201. SANCTIONS DESCRIBED.
The sanctions described in this section are the following:
(1) Blocking of property.--
(A) In general.--The President shall exercise all
of the powers granted by the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.) to block
and prohibit all transactions in all property and
interests in property of the sanctioned person if such
property and interests in property are in the United
States, come within the United States, or are or come
within the possession or control of a United States
person.
(B) Inapplicability of national emergency
requirement.--The requirements of section 202 of the
International Emergency Economic Powers Act (50 U.S.C.
1701) shall not apply for purposes of this section.
(2) Ineligibility for visas, admission, or parole.--
(A) Visas, admission, or parole.--In the case of a
sanctioned person who is an alien, the alien shall be--
(i) inadmissible to the United States;
(ii) ineligible to receive a visa or other
documentation to enter the United States; and
(iii) otherwise ineligible to be admitted
or paroled into the United States or to receive
any other benefit under the Immigration and
Nationality Act (8 U.S.C. 1101 et seq.).
(B) Current visas revoked.--
(i) In general.--The visa or other entry
documentation of an alien described in
subparagraph (A) shall be revoked, regardless
of when such visa or other entry documentation
is or was issued.
(ii) Immediate effect.--A revocation under
clause (i) shall--
(I) take effect immediately; and
(II) automatically cancel any other
valid visa or entry documentation that
is in the alien's possession.
SEC. 202. NATIONAL SECURITY WAIVER.
Except as provided by section 112(d), the President may waive, for
successive periods of not more than 90 days each, the application of
sanctions, prohibitions, restrictions, duties, and penalties under this
Act with respect to a person if, for each such period, the President--
(1) determines that such a waiver--
(A) is in the national security interests of the
United States; and
(B) supports the enduring security of Taiwan and a
return to the disposition of forces that prevailed
before the act that led to the applicable covered
determination; and
(2) submits to the appropriate congressional committees a
notification of the waiver and the reasons for the waiver.
SEC. 203. EXCEPTIONS.
(a) Support for People of the People's Republic of China.--This Act
shall not apply with respect to efforts to promote democracy in the
People's Republic of China.
(b) Exception for Intelligence Activities.--This Act shall not
apply with respect to activities subject to the reporting requirements
under title V of the National Security Act of 1947 (50 U.S.C. 3091 et
seq.) or any authorized intelligence activities of the United States.
(c) Exception To Comply With International Obligations.--Sanctions
under this Act shall not apply to the admission of an alien if the
admission of that alien is necessary to comply with United States
obligations under the Agreement between the United Nations and the
United States regarding the Headquarters of the United Nations, signed
at Lake Success June 26, 1947, and entered into force November 21,
1947, under the Convention on Consular Relations, done at Vienna April
24, 1963, and entered into force March 19, 1967, or under other
international agreements.
(d) Exception Relating to Importation of Goods.--
(1) In general.--The authorities and requirements to impose
sanctions authorized under this Act shall not include the
authority or requirement to impose sanctions on the importation
of goods.
(2) Good defined.--In this subsection, the term ``good''
means any article, natural or manmade substance, material,
supply or manufactured product, including inspection and test
equipment, and excluding technical data.
SEC. 204. IMPLEMENTATION; PENALTIES.
(a) Implementation.--The President may exercise all authorities
provided under sections 203 and 205 of the International Emergency
Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this Act
(other than sections 111 and 112).
(b) Penalties.--A person that violates, attempts to violate,
conspires to violate, or causes a violation of any provision of this
Act (other than section 111 or 112) or any regulation, license, or
order issued to carry out any such provision shall be subject to the
penalties set forth in subsections (b) and (c) of section 206 of the
International Emergency Economic Powers Act (50 U.S.C. 1705) to the
same extent as a person that commits an unlawful act described in
subsection (a) of that section.
SEC. 205. TERMINATION AUTHORITY.
(a) In General.--The President may terminate the application of
sanctions, prohibitions, restrictions, duties, and penalties under this
Act if the President submits to Congress a certification that--
(1) all actors described in paragraph (1) of section 101(b)
have verifiably ceased engaging in acts described in paragraph
(2) of that section; and
(2) the Government of the People's Republic of China and
the Chinese Communist Party have renounced engaging in any such
acts in the future.
(b) Reimposition.--If, after the submission of a certification
described in subsection (a), an actor described in paragraph (1) of
section 101(b) engages in an act described in paragraph (2) of that
section, the President shall immediately reimpose all previously
terminated sanctions, prohibitions, restrictions, duties, and penalties
imposed under this Act, in addition to new sanctions, prohibitions,
restrictions, duties, and penalties under this Act.
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