STAND with Taiwan Act of 2024, Section 11 ("Prohibition on investments by United States financial institutions that benefit the Government of the People's Republic of China or the Chinese Communist Party")

Proposed 2024-07-25 | Official source

Summary

Prohibits U.S. financial institutions from investing in entities tied to China's government or military and sectors like AI, robotics, and quantum computing, as identified in strategic plans like "Made in China 2025" and the "14th Five Year Smart Manufacturing Development Plan."

This machine-generated summary is awaiting review by an AGORA editor. Use with caution.

Key facts

🏛️ This document was proposed and/or enacted by the United States Congress but is now defunct. For authoritative text and metadata, visit the official source.

📜 This document's name is STAND with Taiwan Act of 2024, Section 11 ("Prohibition on investments by United States financial institutions that benefit the Government of the People's Republic of China or the Chinese Communist Party"). It is part of STAND with Taiwan Act of 2024.

↳ This document is part of a longer one: STAND with Taiwan Act of 2024. Some AGORA documents are "split off" from longer documents that mix AI and non-AI content, such as omnibus authorization or appropriations laws in the United States Congress. Read more >>

Themes AI risks, applications, governance strategies, and other themes addressed in AGORA documents.

Thematic tags are in progress.

Full text

This is an unofficial copy. The document has been archived and reformatted in plaintext for AGORA. Footnotes, tables, and similar material may be omitted. For the official text, visit the original source.

SEC. 11. Prohibition on investments by United States financial institutions that benefit the Government of the People's Republic of China or the Chinese Communist Party. (a) In general.—Not later than 3 days after a covered determination is made, the Secretary of the Treasury shall prohibit any United States financial institution from making any investments described in subsection (b). (b) Investments described.—An investment described in this subsection is a monetary investment— (1) to— (A) an entity owned or controlled by the Government of the People's Republic of China or the Chinese Communist Party; or (B) the People’s Liberation Army; or (2) for the benefit of any priority industrial sector identified in the “Made in China 2025” plan or the “14th Five Year Smart Manufacturing Development Plan”, including— (A) agriculture machinery; (B) information technology; (C) artificial intelligence, machine learning, and robotics; (D) green energy and green vehicles; (E) aerospace equipment; (F) ocean engineering and high tech ships; (G) railway equipment; (H) power equipment; (I) new materials; (J) medicine and medical devices; (K) fifth generation and future generation telecommunications and other advanced wireless networking technologies; (L) semiconductor manufacturing; (M) biotechnology; (N) quantum computing; (O) surveillance technologies, including facial recognition technologies and censorship software; (P) fiber optic cables; and (Q) mining and resource development. (c) United States financial institution defined.—In this section, the term “United States financial institution”— (1) means any financial institution that is a United States person; and (2) includes an investment company, private equity company, venture capital company, or hedge fund that is a United States person.