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HR 1093 117th Congress House Foreign Trade and International Finance Administrative law and regulatory procedures Asia China Congressional oversight Department of the Treasury Financial services and investments Foreign and international corporations Securities

Stop Funding the PLA Act

Introduced: February 18, 2021 Introduced by: Banks, Jim Republican · Indiana See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 18, 2021
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Feb 18, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Stop Funding the PLA Act

This bill requires the Department of the Treasury to establish a list of entities the securities of which a U.S. person shall be prohibited from purchasing or holding.

Specifically, the Treasury must submit a report specifying each foreign industrial defense corporation with substantial contacts with, ties to, or support from any PLA entity (any entity of the Chinese military). The bill prohibits a U.S. person from purchasing a security of a foreign industrial defense corporation specified in the report, and it requires a U.S. person who owns any such security to divest themselves of it.

What's happening now February 18, 2021

Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Committees of jurisdiction 2