Chinese Military and Surveillance Company Sanctions Act of 2024
The source supplies the latest action, but no lifecycle stage.
Latest action (17 Dec 2024): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
What this bill does
The bill, titled the Chinese Military and Surveillance Company Sanctions Act of 2024, would allow the President to impose sanctions on foreign individuals or entities found to be knowingly operating in China's defense, military-civil fusion, or surveillance technology sectors. Sanctions would include prohibiting U.S. jurisdiction foreign exchange transactions involving these entities. Additionally, it would allow the President to prohibit or strictly condition the opening of correspondent or payable-through accounts in the U.S. by foreign financial institutions that have facilitated significant transactions for these targeted foreign persons.
This legislation primarily affects foreign persons and entities operating within specific Chinese economic sectors that the President determines pose a risk. It would also impact foreign financial institutions that conduct or facilitate transactions on behalf of these targeted entities. The bill includes exceptions for U.S. intelligence and law enforcement activities, as well as humanitarian aid and the sale of essential goods like food and medicine.
S. 5571 was introduced in the Senate on December 17, 2024, during the 118th Congress and was referred to the Committee on Banking, Housing, and Urban Affairs. The bill has not yet had a vote. If passed by the Senate and the House of Representatives, it would then go to the President.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
17 Dec 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Common questions
- What does S. 5571 do?
- The bill, titled the Chinese Military and Surveillance Company Sanctions Act of 2024, would allow the President to impose sanctions on foreign individuals or entities found to be knowingly operating in China's defense, military-civil fusion, or surveillance technology sectors. Sanctions would include prohibiting U.S. jurisdiction foreign exchange transactions involving these entities. Additionally, it would allow the President to prohibit or strictly condition the opening of correspondent or payable-through accounts in the U.S. by foreign financial institutions that have facilitated significant transactions for these targeted foreign persons. This legislation primarily affects foreign persons and entities operating within specific Chinese economic sectors that the President determines pose a risk. It would also impact foreign financial institutions that conduct or facilitate transactions on behalf of these targeted entities. The bill includes exceptions for U.S. intelligence and law enforcement activities, as well as humanitarian aid and the sale of essential goods like food and medicine. S. 5571 was introduced in the Senate on December 17, 2024, during the 118th Congress and was referred to the Committee on Banking, Housing, and Urban Affairs. The bill has not yet had a vote. If passed by the Senate and the House of Representatives, it would then go to the President.
- Has S. 5571 become law?
- The source does not supply a confirmed lifecycle stage for S. 5571. Check the latest action and official source below.
- Who sponsored S. 5571?
- S. 5571 was sponsored by Sen. Scott, Rick [R-FL] (R-FL), with 0 cosponsors.
- What's the latest action on S. 5571?
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (17 Dec 2024).
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