Sec. 5. Additional conditions on receipt of assistance under section 3 and duty-free treatment (or other preferential treatment) under section 4
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/bill/117/hr/7579/ih/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The appropriate Federal agency may not provide assistance under section 3 or duty-free treatment (or other preferential treatment) under section 4 to a corporation unless— the agency determines that the corporation will create jobs in the Latin American or Caribbean country to which it moves operations in numbers determined by the agency to be commensurate with the assistance provided; the corporation makes a binding commitment to the agency that on and after the date the assistance is provided— the corporation will not come under the ownership or control of the Government of the People’s Republic of China or the Chinese Communist Party, the Government of the Russian Federation, or any other foreign adversary; and the corporation will not have its headquarters in the People’s Republic of China, the Russian Federation, or any other foreign adversary; within 2 years after the date described in paragraph (2), and subject to an additional extension as determined appropriate by the agency, all assets of the corporation with respect to which the assistance is provided will have been moved from the People’s Republic of China to a Latin American or Caribbean country; and the corporation retains all assets of the corporation with respect to which the assistance is provided in a Latin American or Caribbean country after the date described in paragraph
(2)or the last day of the extension described in paragraph (3), as the case may be. The appropriate Federal agency, in coordination with the Department of State, shall make all determinations regarding compliance with the provisions of subsection (a). A qualified corporation that has received assistance under section 3 or duty-free treatment (or other preferential treatment) under section 4 that is subsequently determined by the appropriate Federal agency not to be in compliance with the provisions of subsection
(a)shall be subject to the following actions: Any good or service made or produced in a Latin American or Caribbean country by the corporation (other than a good or service made or produced in a free trade zone or which is subject to benefits under a free trade agreement) shall not be eligible for duty-free treatment (or other preferential treatment) under section 4. The appropriate Federal agency shall adjust the interest rate on any loan to be provided by the agency to the corporation to the prevailing market interest rate. In this section, the term appropriate Federal agency means— with respect to actions relating to assistance under section 3, the DFC; and with respect to actions relating to duty-free treatment (or other preferential treatment) under section 4, the United States Trade Representative.