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Code · BILL · 116th Congress · H.R. 7007 (Introduced in House) — To initiate negotiations for a bilateral agreement on compensation between the United States and the People’s Republi... · Sec. 8

Sec. 8. Authorization to freeze Chinese assets

348 words·~2 min read·/bill/116/hr/7007/ih/section-8·

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The President shall use his authorities under the International Emergency Economic Powers Act to freeze or block any Chinese asset subject to the jurisdiction of the United States in order to reach a bilateral agreement on compensation with China. With the consent of China under the bilateral agreement on compensation, the President may deposit all or some of these frozen funds into the compensation fund established under section 6(a). Not later than 30 days after the date of the enactment of this Act, the Secretary of Treasury shall publish online a public repository described in paragraph (2).
The public repository described in this paragraph shall include information relating to the following: Chinese state-owned entities in the United States. Chinese entities financed, directed, or controlled by the Government of China or the Chinese Communist Party. United States entities financed, directed, or controlled by the Government of China or the Chinese Communist Party. Subject to subparagraph (B), not later than 60 days after the date of the enactment of this Act, a United States entity employed by a Chinese entity, including a firm in the United States financial, consulting, or legal industries, shall self-report to the Secretary of Treasury and be added to the public repository described in paragraph (2).
Notwithstanding any other provision of law, if a public report under subparagraph
(A)would disclose confidential proprietary information, including business or trade secrets, the information shall be provided to the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate in a classified repository and shall not be subject to public disclosure. Not later than 30 days after a United State entity reports to the Secretary of Treasury that all contracts or agreements with a Chinese entity have terminated, the Secretary of Treasury shall remove all information relating to the United States entity from the public repository. Notwithstanding any other provision of law, and requiring the consent of China, the President may deposit all or some of the assets frozen pursuant to subsection
(a)into the compensation fund established under section 6(a).
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