A bill to prohibit and require notifications with respect to certain investments by United States persons in the People's Republic of China, and for other purposes.
The source supplies the latest action, but no lifecycle stage.
Latest action (18 Dec 2024): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
What this bill does
This bill, S. 5598, would authorize the Secretary to prohibit U.S. persons from engaging in specific investments related to certain technologies deemed critical for national security in China. It also requires U.S. persons to notify the Secretary about certain investments in China related to these technologies. The bill outlines penalties for violations, including civil fines and divestment orders, and allows for presidential waivers if an investment is deemed in the U.S. national interest, with congressional notification required for such waivers.
The bill would affect U.S. persons involved in investments within China related to technologies identified as posing a national security risk. The Secretary would be responsible for issuing regulations, providing processes for confidential feedback on transactions, and handling self-disclosures. The bill also mandates the creation of reports to Congress detailing enforcement actions, investment trends, and recommendations for future policy.
S. 5598 was introduced in the Senate on December 18, 2024, and has been referred to the Committee on Banking, Housing, and Urban Affairs. As it has only been introduced, it has not yet been voted on by either chamber of Congress. For the bill to become law, it would need to pass both the Senate and the House of Representatives and be signed by the President.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
18 Dec 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Common questions
- What does S. 5598 do?
- This bill, S. 5598, would authorize the Secretary to prohibit U.S. persons from engaging in specific investments related to certain technologies deemed critical for national security in China. It also requires U.S. persons to notify the Secretary about certain investments in China related to these technologies. The bill outlines penalties for violations, including civil fines and divestment orders, and allows for presidential waivers if an investment is deemed in the U.S. national interest, with congressional notification required for such waivers. The bill would affect U.S. persons involved in investments within China related to technologies identified as posing a national security risk. The Secretary would be responsible for issuing regulations, providing processes for confidential feedback on transactions, and handling self-disclosures. The bill also mandates the creation of reports to Congress detailing enforcement actions, investment trends, and recommendations for future policy. S. 5598 was introduced in the Senate on December 18, 2024, and has been referred to the Committee on Banking, Housing, and Urban Affairs. As it has only been introduced, it has not yet been voted on by either chamber of Congress. For the bill to become law, it would need to pass both the Senate and the House of Representatives and be signed by the President.
- Has S. 5598 become law?
- The source does not supply a confirmed lifecycle stage for S. 5598. Check the latest action and official source below.
- Who sponsored S. 5598?
- S. 5598 was sponsored by Sen. Cornyn, John [R-TX] (R-TX), with 2 cosponsors.
- What's the latest action on S. 5598?
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (18 Dec 2024).
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