Chinese Military and Surveillance Company Sanctions Act of 2023
Impact
The bill mandates that the President must impose sanctions on identified companies operating in the military and surveillance sectors within 180 days of the bill’s passage. These sanctions aim to block transactions and prohibit financial dealings with these entities, thus preventing U.S. investments from supporting China's military ambitions. This move is considered a critical step in safeguarding American interests against perceived threats posed by Chinese technological advancements in military capacities.
Summary
House Bill 760, known as the Chinese Military and Surveillance Company Sanctions Act of 2023, aims to impose sanctions on companies linked to the military and surveillance sectors of the People's Republic of China. The bill responds to concerns that these companies, while appearing civilian, significantly contribute to the development and modernization of China's military and intelligence capabilities. Through this legislation, Congress seeks to enhance efforts to limit Chinese companies' financial avenues and strengthen U.S. national security.
Contention
One of the notable points of contention surrounds the scope and effectiveness of the sanctions outlined in the bill. Critics may argue that while this legislation addresses publicly traded securities, it may not fully account for alternative financing methods that Chinese companies could exploit. Furthermore, there are concerns regarding the proportionality of the sanctions and their potential to strain U.S.-China relations, which could impact other areas, including trade and diplomacy.
A bill to impose sanctions with respect to foreign persons that knowingly engage in significant operations in the defense and related materiel sector or the surveillance technology sector of the economy of the People's Republic of China, and for other purposes.
Condemning the Chinese Communist Party's use of a high-altitude surveillance balloon over United States territory as a brazen violation of United States sovereignty.
ANTI-SOCIAL CCP Act Averting the National Threat of Internet Surveillance, Oppressive Censorship and Influence, and Algorithmic Learning by the Chinese Communist Party Act
Public Investments; to prohibit Board of Control of ERSA and TRSA from investing with restricted entities affiliated with Communist Chinese military companies
Securing American Families and Enterprises from People's Republic of China Investments Act or the SAFE from PRC Investments Act This bill requires certain issuers of securities and funds traded on an exchange to report on connections to China or the Communist Party of China. In particular, an issuer with specified connections to China must annually disclose a variety of details, including whether executive-level employees, senior directors, or board members are members of the Communist Party of China; interactions with the party; expenditures in China; expenditures in the United States regarding operations and lobbying activities; and the ability of the Public Company Accounting Oversight Board to audit the issuer. Additionally, an exchange-traded fund that invests in a Chinese company must annually disclose about that company ownership information, party involvement, whether the company participates in specified Chinese policies or activities, any ties to U.S.-sanctioned individuals, and the types of products or services produced by the company.
A bill to impose sanctions with respect to foreign persons that knowingly engage in significant operations in the defense and related materiel sector or the surveillance technology sector of the economy of the People's Republic of China, and for other purposes.