,i #aafth ,,congress #b;d ,session ,h4 ,r4 #gjfd ,,in ,,the ,,house ,,of ,,representatives ,june #a1 #bjbj,mr4 ,banks 7for himself1 ,mr4 ,gallagher1 and ,mr4 ,la,malfa7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,foreign ,affairs1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to prohibit financial investment by a ,united ,states person in foreign industrial defense corporations with substantial contracts with1 ties to1 or support from1 the ,chinese military and affiliated entities1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,stop ,funding the ,,pla ,act4 #b4 ,specification of prohibited foreign industrial defense corporations 7a7 ,specification required ,not later than #ij days after the date of the enactment of this section1 and annually thereafter1 the ,secretary1 in consultation with the ,secretary of ,state1 the ,secretary of ,defense1 and the domestic intelligence community1 shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that specifies each foreign industrial defense corporation with substantial contracts with1 ties to1 or support from1 a ,,pla entity4 7b7 ,effect of specification 7#a7 ,purchase of securities prohibited ,beginning on the date that is #ahj days after a report is submitted under subsection 7a71 a ,united ,states person may not purchase securities of a foreign industrial defense corporation specified in such report4 7#b7 ,divestment required 7,a7 ,in general ,except as provided in subparagraph 7,b71 not later than #ahj days after a report is submitted under subsection 7a71 a ,united ,states person that owns a security of a foreign industrial defense corporation specified in such report shall divest themselves of such security4 7,b7 ,extended wind-down in case of financial hardship ,the ,secretary may allow a ,united ,states person a #bgj-;day extension to the #ahj-;day period for compliance under subparagraph 7,a7 if the ,secretary determines that such entity-- 7i7 owns a security of a foreign industrial defense corporation specified in a report submitted under subsection 7a72 and 7ii7 would experience extreme financial hardship to comply within the #ahj-;day period under subparagraph 7,a74 7c7 ,assignment of authority 7#a7 ,enforcement ,the ,secretary shall enforce the provisions of this section4 7#b7 ,regulations ,not later than #ij days after the date of the enactment of this section1 the ,secretary shall issue such regulations and guidance as necessary to implement and enforce this section4 7d7 ,report ,not later than #cfj days after the date of the enactment of this section1 the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on the progress of the divestments required under subsection 7b77#b74 7e7 ,petition for removal from designation 7#a7 ,in general ,a foreign industrial defense corporation may petition the ,secretary to not be included or removed from a report under subsection 7a74 7#b7 ,requirements ,a petition under paragraph 7#a7 shall include such documentation of the assets and liabilities1 company financial records1 ownership and investor records1 and past and current business contracts of the foreign industrial defense corporation submitting such petition that the ,secretary determines necessary4 7f7 ,final report ,not later than #h years after the date of the enactment of this section1 the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a final report on the implementation of this section1 including-- 7#a7 an analysis of the effectiveness of this section2 7#b7 the development and maintenance of the reports required under subsection 7a72 and 7#c7 a description of completed and ongoing civil and criminal cases related to securities of foreign industrial defense corporations4 7g7 ,sunset ,this section and the authority under this section shall expire on the date that is #aj years after the date of the enactment of this section4 7h7 ,definitions ,in this section3 7#a7 ,,pla entity ,the term ,,pla entity means any entity of the ,chinese military1 including the ,people's ,liberation ,army1 ,navy1 ,air ,force1 ,rocket ,force1 ,strategic ,support ,force1 and ,joint ,logistics ,force1 and the ,chinese intelligence community4 7#b7 ,foreign industrial defense corporation ,the term foreign industrial defense corporation means any corporation based-- 7,a7 outside of the ,united ,states2 and 7,b7 in a country that the ,secretary1 in consultation with the ,secretary of ,defense1 the ,secretary of ,state1 and the domestic intelligence community1 determines does not possess positive economic and military relations with the ,united ,states4 7#c7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#d7 ,substantial ,the term substantial shall1 with respect to contracts with1 ties to1 or support from1 a ,,pla entity1 have the meaning determined by the ,secretary1 in consultation with the ,secretary of ,state1 the ,secretary of ,defense1 and the domestic intelligence community4