Say No to the Silk Road Act
The source supplies the latest action, but no lifecycle stage.
Latest action (8 Mar 2022): Read twice and referred to the Committee on Foreign Relations.
What this bill does
The Say No to the Silk Road Act would direct several federal agencies to study and respond to China's blockchain-based service network and its digital currency, the digital yuan. The Secretary of Commerce would have to report to Congress within 270 days on the Chinese network's operations in the United States, its data-privacy implications, and the involvement of U.S.-based companies in its development, followed by recommendations within a year. The Commerce Department and the U.S. Trade Representative would also each produce reports assessing how trade enforcement actions and shifts toward use of the digital yuan could affect U.S. trade, investment agreements, and enforcement efforts, along with mitigation recommendations.
The bill would additionally require the Office of Management and Budget, working with other federal cybersecurity and intelligence agencies, to set security guidance for any federal use of digital yuan on government information technology. Countries receiving U.S. Foreign Military Financing assistance would have to disclose to the State Department whether they use the digital yuan as a settlement or reserve currency. The State Department would also be required to post an online warning to U.S. travelers to China about risks associated with the digital yuan.
The bill affects federal agencies (Commerce, State, OMB, USTR, and others), U.S. companies involved with Chinese blockchain infrastructure, and foreign governments receiving U.S. military financing. It was introduced in the Senate on March 8, 2022, and referred to the Committee on Foreign Relations. It did not receive a vote before the end of the 117th Congress, so it did not become law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Say No to the Silk Road Act
This bill requires various actions pertaining to China's sovereign digital currency.
Specifically, the bill requires (1) the Office of Management and Budget to develop guidance for executive agencies pertaining to security requirements for the use of China's sovereign digital currency, (2) countries accepting assistance through the Foreign Military Financing Program to disclose any use of such currency as a settlement or reserve currency, and (3) the Department of State to include on its public website a warning for travelers about the dangers of such currency.
Timeline
8 Mar 2022
Read twice and referred to the Committee on Foreign Relations.
Common questions
- What does S. 3784 do?
- The Say No to the Silk Road Act would direct several federal agencies to study and respond to China's blockchain-based service network and its digital currency, the digital yuan. The Secretary of Commerce would have to report to Congress within 270 days on the Chinese network's operations in the United States, its data-privacy implications, and the involvement of U.S.-based companies in its development, followed by recommendations within a year. The Commerce Department and the U.S. Trade Representative would also each produce reports assessing how trade enforcement actions and shifts toward use of the digital yuan could affect U.S. trade, investment agreements, and enforcement efforts, along with mitigation recommendations. The bill would additionally require the Office of Management and Budget, working with other federal cybersecurity and intelligence agencies, to set security guidance for any federal use of digital yuan on government information technology. Countries receiving U.S. Foreign Military Financing assistance would have to disclose to the State Department whether they use the digital yuan as a settlement or reserve currency. The State Department would also be required to post an online warning to U.S. travelers to China about risks associated with the digital yuan. The bill affects federal agencies (Commerce, State, OMB, USTR, and others), U.S. companies involved with Chinese blockchain infrastructure, and foreign governments receiving U.S. military financing. It was introduced in the Senate on March 8, 2022, and referred to the Committee on Foreign Relations. It did not receive a vote before the end of the 117th Congress, so it did not become law.
- Has S. 3784 become law?
- The source does not supply a confirmed lifecycle stage for S. 3784. Check the latest action and official source below.
- Who sponsored S. 3784?
- S. 3784 was sponsored by Sen. Blackburn, Marsha [R-TN] (R-TN), with 8 cosponsors.
- What's the latest action on S. 3784?
- Read twice and referred to the Committee on Foreign Relations. (8 Mar 2022).
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