Sec. 3. Definitions
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/bill/116/s/2357/is/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this Act: The term covered buyer means a foreign person or a person located outside the United States that purchases a United States asset in a covered transaction. The term covered transaction means the purchase or acquisition by a covered buyer of a United States asset the value of which exceeds $10,000. The term current account balance means that current account surpluses or deficits do not exceed an average of 0.5 percent of the gross domestic product of the United States in any 5-year period.
The term domestic financial institution has the meaning given that term in section 5312 of title 31, United States Code. The term entity includes— a corporation, partnership, or limited liability company; or a trust or estate. The term foreign person means any individual or entity that is not a United States person. The term market access charge means the fee imposed under section 5 with respect to a covered transaction. The term person means an individual or entity. The term Secretary means the Secretary of the Treasury.
The terms security and transfer agent have the meanings given those terms in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c ). Except as provided in subparagraph (B), the term United States asset means— a security, stock, bond, note, swap, loan, or other financial instrument— the face value of which is denominated in United States dollars; that is registered or located in the United States; or that is an obligation of a United States person; real property located in the United States; any ownership interest in an entity that is a United States person; intellectual property owned by a United States person; and any other asset class or transaction identified by the Board of Governors of the Federal Reserve as trading in sufficient volume to cause a risk of upward pressure on the exchange rate of the United States dollar.
The term United States asset does not include— a good being exported from the United States; or currency or noninterest bearing deposits. Not less frequently than annually, the Board of Governors shall consider whether to identify additional asset classes or transactions under subparagraph (A)(v). The term United States person means— a citizen or resident of the United States; or an entity organized under the laws of the United States or any jurisdiction within the United States.
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