Sec. 8. WAIVER, TERMINATION, EXCEPTIONS, AND CONGRESSIONAL REVIEW PROCESS

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## SEC. 8 WAIVER, TERMINATION, EXCEPTIONS, AND CONGRESSIONAL REVIEW PROCESS ###

(a)National Security Waiver Unless a disapproval resolution is enacted under subsection (e), the President may waive the application of sanctions under section 6 or 7 with respect to a foreign person or foreign financial institution if the President— ####

(1)determines that the waiver is in the national security interest of the United States; and ####

(2)submits to the appropriate congressional committees and leadership a report on the determination and the reasons for the determination. ###

(b)Termination of Sanctions and Removal From Report Unless a disapproval resolution is enacted under subsection (e), the President may terminate the application of sanctions under section 6 or 7 with respect to a foreign person or foreign financial institution and remove the foreign person from the report required under section 5(a) or the foreign financial institution from the report required under section 5(b), as the case may be, if the Secretary of State, in consultation with the Secretary of the Treasury, determines that the actions taken by the foreign person or foreign financial institution that led to the imposition of sanctions— ####

(1)do not have a significant and lasting negative effect that contravenes the obligations of China under the Joint Declaration and the Basic Law; ####

(2)are not likely to be repeated in the future; and ####

(3)have been reversed or otherwise mitigated through positive countermeasures taken by that foreign person or foreign financial institution. ###

(c)Termination of Act ####

(1)Report #####

(A)In general Not later than July 1, 2046, the President, in consultation with the Secretary of State, the Secretary of the Treasury, and the heads of such other Federal agencies as the President considers appropriate, shall submit to Congress a report evaluating the implementation of this Act and sanctions imposed pursuant to this Act. #####

(B)Elements The President shall include in the report submitted under subparagraph

(A)an assessment of whether this Act and the sanctions imposed pursuant to this Act should be terminated. ####

(2)Termination This Act and the sanctions imposed pursuant to this Act shall remain in effect unless a termination resolution is enacted under subsection

(e)after July 1, 2047. ###

(d)Exception Relating to Importation of Goods ####

(1)In general The authorities and requirements to impose sanctions under sections 6 and 7 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. ###

(e)Congressional Review ####

(1)Resolutions #####

(A)Disapproval resolution In this section, the term “disapproval resolution” means only a joint resolution of either House of Congress— ######

(i)the title of which is as follows: “A joint resolution disapproving the waiver or termination of sanctions with respect to a foreign person that contravenes the obligations of China with respect to Hong Kong or a foreign financial institution that conducts a significant transaction with that person.”; and ######

(ii)the sole matter after the resolving clause of which is the following: “Congress disapproves of the action under section 8 of the Hong Kong Autonomy Act relating to the application of sanctions imposed with respect to a foreign person that contravenes the obligations of China with respect to Hong Kong, or a foreign financial institution that conducts a significant transaction with that person, on _______ relating to ________.”, with the first blank space being filled with the appropriate date and the second blank space being filled with a short description of the proposed action. #####

(B)Termination resolution In this section, the term “termination resolution” means only a joint resolution of either House of Congress— ######

(i)the title of which is as follows: “A joint resolution terminating sanctions with respect to foreign persons that contravene the obligations of China with respect to Hong Kong and foreign financial institutions that conduct significant transactions with those persons.”; and ######

(ii)the sole matter after the resolving clause of which is the following: “The Hong Kong Autonomy Act and any sanctions imposed pursuant to that Act shall terminate on ____.”, with the blank space being filled with the termination date. #####

(C)Covered resolution In this subsection, the term “covered resolution” means a disapproval resolution or a termination resolution. ####

(2)Introduction A covered resolution may be introduced— #####

(A)in the House of Representatives, by the majority leader or the minority leader; 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 If a committee of the House of Representatives to which a covered resolution has been referred has not reported the resolution within 10 legislative days after the date of referral, that committee shall be discharged from further consideration of the resolution. ####

(4)Consideration in the senate #####

(A)Committee referral ######

(i)Disapproval resolution A disapproval resolution introduced in the Senate shall be— ######

(I)referred to the Committee on Banking, Housing, and Urban Affairs if the resolution relates to an action that is not intended to significantly alter United States foreign policy with regard to China; and ######

(II)referred to the Committee on Foreign Relations if the resolution relates to an action that is intended to significantly alter United States foreign policy with regard to China. ######

(ii)Termination resolution A termination resolution introduced in the Senate shall be referred to the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations. #####

(B)Reporting and discharge If a committee to which a covered resolution was referred has not reported the resolution within 10 legislative days after the date of referral of the resolution, that committee shall be discharged from further consideration of the resolution and the resolution shall be placed on the appropriate calendar. #####

(C)Proceeding to consideration Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order at any time after the Committee on Banking, Housing, and Urban Affairs or the Committee on Foreign Relations, as the case may be, reports a covered resolution to the Senate or has been discharged from consideration of such a resolution (even though a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the resolution, and all points of order against the resolution (and against consideration of the resolution) are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. #####

(D)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 resolution shall be decided without debate. #####

(E)Consideration of veto messages Debate in the Senate of any veto message with respect to a covered resolution, including all debatable motions and appeals in connection with the 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 resolution in house In the House of Representatives, the following procedures shall apply to a covered resolution received from the Senate (unless the House has already passed a resolution relating to the same proposed action): ######

(i)The resolution shall be referred to the appropriate committees. ######

(ii)If a committee to which a resolution has been referred has not reported the resolution within 10 legislative days after the date of referral, that committee shall be discharged from further consideration of the resolution. ######

(iii)Beginning on the third legislative day after each committee to which a resolution has been referred reports the resolution to the House or has been discharged from further consideration thereof, it shall be in order to move to proceed to consider the 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 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 resolution shall be considered as read. All points of order against the resolution and against its consideration are waived. The previous question shall be considered as ordered on the resolution to final passage without intervening motion except 2 hours of debate equally divided and controlled by the offeror of the motion to proceed (or a designee) and an opponent. A motion to reconsider the vote on passage of the resolution shall not be in order. #####

(B)Treatment of house resolution in senate ######

(i)Received before passage of senate resolution If, before the passage by the Senate of a covered resolution, the Senate receives an identical resolution from the House of Representatives, the following procedures shall apply: ######

(I)That resolution shall not be referred to a committee. ######

(II)With respect to that resolution— ######

(aa)the procedure in the Senate shall be the same as if no resolution had been received from the House of Representatives; but ######

(bb)the vote on passage shall be on the resolution from the House of Representatives. ######

(ii)Received after passage of senate resolution If, following passage of a covered resolution in the Senate, the Senate receives an identical resolution from the House of Representatives, that resolution shall be placed on the appropriate Senate calendar. ######

(iii)No senate companion If a covered resolution is received from the House of Representatives, and no companion resolution has been introduced in the Senate, the Senate procedures under this subsection shall apply to the resolution from the House of Representatives. #####

(C)Application to revenue measures The provisions of this paragraph shall not apply in the House of Representatives to a covered resolution that is a revenue measure. ####

(6)Rules of 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.