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Code · BILL · 118th Congress · S. 5137 (Introduced in Senate) — To identify property located in the territory of certain foreign trade partners that is owned or controlled by United... · Sec. 7

Sec. 7. Termination and extension of requirements

190 words·~1 min read·/bill/118/s/5137/is/section-7·

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Except as provided by subsections
(b)and (c), the requirements of this Act, and any prohibition imposed under section 4, shall terminate on the date that is 5 years after the date of the enactment of this Act. Before the termination date under subsection (a), the President may terminate the requirements of this Act with respect to a covered foreign trade partner if the President determines and reports to the appropriate congressional committees, not later than 15 days before terminating such requirements, that— the government of the covered foreign trade partner has reversed or curtailed any actions described in section 2(4)(C); or the termination of such requirements with respect to the covered foreign trade partner is in the vital national security interests of the United States. After the termination date under subsection (a), the President may extend, for 1 or more 2-year periods, the requirements of this Act (including the reports required by section 6) with respect to a covered foreign trade partner if the President certifies to the appropriate congressional committees that the government of the covered foreign trade partner continues to engage in actions described in section 2(4)(C).
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