II
119THCONGRESS
1
STSESSION S. 1360
To require an annual report on United States portfolio investments in the
People’s Republic of China, and for other purposes.
IN THE SENATE OF THE UNITED STATES
APRIL8, 2025
Mr. S
COTTof Florida (for himself and Mr. VANHOLLEN) introduced the fol-
lowing bill; which was read twice and referred to the Committee on Bank-
ing, Housing, and Urban Affairs
A BILL
To require an annual report on United States portfolio in-
vestments in the People’s Republic of China, and for
other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Protecting American 4
Capital Act of 2025’’. 5
VerDate Sep 11 2014 23:49 Apr 17, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1360.IS S1360
ssavage on LAPJG3WLY3PROD with BILLS 2
•S 1360 IS
SEC. 2. ANNUAL REPORT ON UNITED STATES PORTFOLIO 1
INVESTMENTS IN THE PEOPLE’S REPUBLIC 2
OF CHINA. 3
(a) I
NGENERAL.—Not later than one year after the 4
date of the enactment of this Act, and annually thereafter, 5
the Secretary of the Treasury shall submit to Congress 6
a report on portfolio investments by United States persons 7
in the People’s Republic of China, including such invest-8
ments routed through a jurisdiction outside the United 9
States. 10
(b) E
LEMENTS.—Each report required by subsection 11
(a) shall include an assessment of the involvement of the 12
following in portfolio investments in the People’s Republic 13
of China: 14
(1) United States persons making such invest-15
ments, including an assessment of— 16
(A) the types of United States persons 17
making such investments, including State pen-18
sion funds; and 19
(B) United States persons making more 20
than 2 percent of the total of such investments 21
in a year. 22
(2) Chinese entities receiving such investments, 23
including an assessment of— 24
VerDate Sep 11 2014 23:49 Apr 17, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1360.IS S1360
ssavage on LAPJG3WLY3PROD with BILLS 3
•S 1360 IS
(A) such entities in individual sectors of 1
the economic of the People’s Republic of China, 2
including the housing sector; 3
(B) any Chinese entities subject to sanc-4
tions imposed by the United States receiving 5
such investments; and 6
(C) Chinese entities that receive more than 7
$100,000,000 from such investments. 8
(c) P
ERIODCOVERED.—The period covered by a re-9
port required by subsection (a) shall be— 10
(1) in the case of the first such report, the pe-11
riod beginning on January 1, 2008, and ending on 12
the date of the report; and 13
(2) in the case of each subsequent such report, 14
the one-year period preceding submission of the re-15
port. 16
(d) D
EFINITIONS.—In this section: 17
(1) C
HINESE ENTITY.—The term ‘‘Chinese en-18
tity’’ means an entity organized under the laws of 19
the People’s Republic of China or otherwise subject 20
to the jurisdiction of the Government of the People’s 21
Republic of China. 22
(2) U
NITED STATES PERSON .—The term 23
‘‘United States person’’ means— 24
VerDate Sep 11 2014 23:49 Apr 17, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1360.IS S1360
ssavage on LAPJG3WLY3PROD with BILLS 4
•S 1360 IS
(A) a United States citizen or an alien law-1
fully admitted for permanent residence to the 2
United States; or 3
(B) an entity organized under the laws of 4
the United States or any jurisdiction within the 5
United States, including a foreign branch of 6
such an entity. 7
Æ
VerDate Sep 11 2014 23:49 Apr 17, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S1360.IS S1360
ssavage on LAPJG3WLY3PROD with BILLS