| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 1360 |
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| 5 | 5 | | To require an annual report on United States portfolio investments in the |
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| 6 | 6 | | People’s Republic of China, and for other purposes. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | APRIL8, 2025 |
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| 9 | 9 | | Mr. S |
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| 10 | 10 | | COTTof Florida (for himself and Mr. VANHOLLEN) introduced the fol- |
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| 11 | 11 | | lowing bill; which was read twice and referred to the Committee on Bank- |
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| 12 | 12 | | ing, Housing, and Urban Affairs |
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| 13 | 13 | | A BILL |
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| 14 | 14 | | To require an annual report on United States portfolio in- |
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| 15 | 15 | | vestments in the People’s Republic of China, and for |
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| 16 | 16 | | other purposes. |
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| 17 | 17 | | Be it enacted by the Senate and House of Representa-1 |
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| 18 | 18 | | tives of the United States of America in Congress assembled, 2 |
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| 19 | 19 | | SECTION 1. SHORT TITLE. 3 |
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| 20 | 20 | | This Act may be cited as the ‘‘Protecting American 4 |
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| 21 | 21 | | Capital Act of 2025’’. 5 |
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| 23 | 23 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 24 | 24 | | •S 1360 IS |
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| 25 | 25 | | SEC. 2. ANNUAL REPORT ON UNITED STATES PORTFOLIO 1 |
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| 26 | 26 | | INVESTMENTS IN THE PEOPLE’S REPUBLIC 2 |
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| 27 | 27 | | OF CHINA. 3 |
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| 28 | 28 | | (a) I |
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| 29 | 29 | | NGENERAL.—Not later than one year after the 4 |
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| 30 | 30 | | date of the enactment of this Act, and annually thereafter, 5 |
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| 31 | 31 | | the Secretary of the Treasury shall submit to Congress 6 |
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| 32 | 32 | | a report on portfolio investments by United States persons 7 |
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| 33 | 33 | | in the People’s Republic of China, including such invest-8 |
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| 34 | 34 | | ments routed through a jurisdiction outside the United 9 |
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| 35 | 35 | | States. 10 |
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| 36 | 36 | | (b) E |
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| 37 | 37 | | LEMENTS.—Each report required by subsection 11 |
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| 38 | 38 | | (a) shall include an assessment of the involvement of the 12 |
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| 39 | 39 | | following in portfolio investments in the People’s Republic 13 |
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| 40 | 40 | | of China: 14 |
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| 41 | 41 | | (1) United States persons making such invest-15 |
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| 42 | 42 | | ments, including an assessment of— 16 |
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| 43 | 43 | | (A) the types of United States persons 17 |
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| 44 | 44 | | making such investments, including State pen-18 |
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| 45 | 45 | | sion funds; and 19 |
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| 46 | 46 | | (B) United States persons making more 20 |
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| 47 | 47 | | than 2 percent of the total of such investments 21 |
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| 48 | 48 | | in a year. 22 |
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| 49 | 49 | | (2) Chinese entities receiving such investments, 23 |
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| 50 | 50 | | including an assessment of— 24 |
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| 53 | 53 | | •S 1360 IS |
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| 54 | 54 | | (A) such entities in individual sectors of 1 |
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| 55 | 55 | | the economic of the People’s Republic of China, 2 |
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| 56 | 56 | | including the housing sector; 3 |
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| 57 | 57 | | (B) any Chinese entities subject to sanc-4 |
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| 58 | 58 | | tions imposed by the United States receiving 5 |
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| 59 | 59 | | such investments; and 6 |
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| 60 | 60 | | (C) Chinese entities that receive more than 7 |
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| 61 | 61 | | $100,000,000 from such investments. 8 |
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| 62 | 62 | | (c) P |
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| 63 | 63 | | ERIODCOVERED.—The period covered by a re-9 |
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| 64 | 64 | | port required by subsection (a) shall be— 10 |
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| 65 | 65 | | (1) in the case of the first such report, the pe-11 |
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| 66 | 66 | | riod beginning on January 1, 2008, and ending on 12 |
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| 67 | 67 | | the date of the report; and 13 |
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| 68 | 68 | | (2) in the case of each subsequent such report, 14 |
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| 69 | 69 | | the one-year period preceding submission of the re-15 |
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| 70 | 70 | | port. 16 |
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| 71 | 71 | | (d) D |
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| 72 | 72 | | EFINITIONS.—In this section: 17 |
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| 73 | 73 | | (1) C |
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| 74 | 74 | | HINESE ENTITY.—The term ‘‘Chinese en-18 |
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| 75 | 75 | | tity’’ means an entity organized under the laws of 19 |
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| 76 | 76 | | the People’s Republic of China or otherwise subject 20 |
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| 77 | 77 | | to the jurisdiction of the Government of the People’s 21 |
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| 78 | 78 | | Republic of China. 22 |
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| 79 | 79 | | (2) U |
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| 80 | 80 | | NITED STATES PERSON .—The term 23 |
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| 81 | 81 | | ‘‘United States person’’ means— 24 |
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| 84 | 84 | | •S 1360 IS |
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| 85 | 85 | | (A) a United States citizen or an alien law-1 |
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| 86 | 86 | | fully admitted for permanent residence to the 2 |
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| 87 | 87 | | United States; or 3 |
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| 88 | 88 | | (B) an entity organized under the laws of 4 |
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| 89 | 89 | | the United States or any jurisdiction within the 5 |
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| 90 | 90 | | United States, including a foreign branch of 6 |
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| 91 | 91 | | such an entity. 7 |
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| 92 | 92 | | Æ |
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