[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 970 Introduced in Senate (IS)]
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118th CONGRESS
1st Session
S. 970
To direct the Secretary of Commerce to establish within the Bureau of
Economic Analysis of the Department of Commerce a China Economic Data
Coordination Center.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 23, 2023
Mr. Wicker (for himself and Ms. Cortez Masto) introduced the following
bill; which was read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To direct the Secretary of Commerce to establish within the Bureau of
Economic Analysis of the Department of Commerce a China Economic Data
Coordination Center.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Documenting Adversarial Trade
Aggression Act'' or the ``DATA Act''.
SEC. 2. CHINA ECONOMIC DATA COORDINATION CENTER.
(a) In General.--The Secretary of Commerce, in coordination with
the Secretary of the Treasury, shall establish within the Bureau of
Economic Analysis of the Department of Commerce a China Economic Data
Coordination Center (in this section referred to as the ``Center'').
(b) Duties.--The Center, in coordination with the heads of other
relevant Federal agencies and the private sector, shall collect and
synthesize official and unofficial economic data on developments in the
financial markets of the People's Republic of China and the United
States exposure to risks and vulnerabilities in the financial system of
the People's Republic of China, including data on--
(1) baseline economic statistics such as gross domestic
product and other indicators of economic health;
(2) national and local government debt;
(3) nonperforming loan amounts;
(4) the composition of shadow banking assets;
(5) the composition of the foreign exchange reserves of the
People's Republic of China;
(6) bank loan interest rates;
(7) United States retirement accounts tied to Chinese
investments;
(8) the exposure of the People's Republic of China to
foreign borrowers and flows of official financing for the Belt
and Road Initiative and other trade-related initiatives of the
Government of the People's Republic of China, including data
from the Export-Import Bank of China, the China Export and
Credit Insurance Corporation (Sinosure), and the China
Development Bank;
(9) sovereign or near-sovereign loans made by the People's
Republic of China to other countries or guaranteed by sovereign
entities; and
(10) retirement accounts and investments in the People's
Republic of China.
(c) Briefings.--The Center shall provide to the appropriate
congressional committees and the private sector on a biannual basis
briefings on implementation of the duties of the Center.
(d) Reports and Public Updates.--
(1) Reports.--
(A) In general.--The Center shall submit to the
appropriate congressional committees on a quarterly
basis a report in writing on implementation of the
duties of the Center.
(B) Matters to be included.--The report required by
this subsection shall include--
(i) key findings and data;
(ii) a description of the research and
development activities of the affiliates of
United States multinational enterprises
operating in the People's Republic of China,
and an assessment of the implications of such
activities for production and employment in the
United States and the economy of the United
States; and
(iii) a description of interactions of
United States industry with--
(I) entities owned or controlled
by, or affiliated with, the Government
of the People's Republic of China; and
(II) investments by entities of the
People's Republic of China in the
United States.
(2) Public updates.--The Center shall provide to the public
on a monthly basis updates on implementation of the duties of
the Center.
(e) Recommendations and Strategies.--The Secretary of the Treasury,
using data collected and synthesized by the Center under subsection (b)
and in consultation with the Center, shall--
(1) develop recommendations and strategies for ways in
which the United States can respond to potential risks and
exposures within the financial system of the People's Republic
of China; and
(2) submit to the appropriate congressional committees a
report that contains such recommendations and strategies.
(f) Appropriate Congressional Committees Defined.--In this section,
the term ``appropriate congressional committees'' means--
(1) the Committee on Foreign Relations, the Committee on
Banking, Housing, and Urban Affairs, and the Committee on
Commerce, Science, and Transportation of the Senate; and
(2) the Committee on Foreign Affairs, the Committee on
Financial Services, and the Committee on Energy and Commerce of
the House of Representatives.
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