,i #aafth ,,congress #b;d ,session ,h4 ,r4 #gjhc ,,in ,,the ,,house ,,of ,,representatives ,june #a1 #bjbj,mr4 ,sherman 7for himself1 ,mr4 ,yoho1 ,mrs4 ,carolyn ,b4 ,maloney of ,new ,york1 ,mr4 ,curtis1 ,mr4 ,connolly1 ,mr4 ,barr1 ,mr4 ,suozzi1 ,mr4 ,reschenthaler1 and ,ms4 ,spanberger7 introduced the following bill2 which was referred to the ,committee on ,foreign ,affairs1 and in addition to the ,committees on the ,judiciary1 ,financial ,services1 ,ways and ,means1 and ,rules1 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 impose sanctions with respect to foreign persons involved in the erosion of certain obligations of ,china with respect to ,hong ,kong1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,hong ,kong ,autonomy ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,definitions4,sec4 #c4 ,findings4,sec4 #d4 ,sense of ,congress regarding ,hong ,kong4,sec4 #e4 ,identification of foreign persons involved in the erosion of the obligations of ,china under the ,joint ,declaration or the ,basic ,law and foreign financial institutions that conduct significant transactions with those persons4,sec4 #f4 ,sanctions with respect to foreign persons that contravene the obligations of ,china under the ,joint ,declaration or the ,basic ,law4,sec4 #g4 ,sanctions with respect to foreign financial institutions that do business with foreign persons that contravene the obligations of ,china under the ,joint ,declaration or the ,basic ,law4,sec4 #h4 ,waiver1 termination1 and congressional review process4,sec4 #i4 ,rule of construction4 #b4 ,definitions ,in this ,act3 7#a7 ,alien2 national2 national of the ,united ,states ,the terms alien1 national1 and national of the ,united ,states have the meanings given those terms in section #aja of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaja74 7#b7 ,appropriate congressional committees and leadership ,the term appropriate congressional committees and leadership means-- 7,a7 the ,committee on ,armed ,services1 the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 the ,committee on ,foreign ,relations1 the ,committee on ,homeland ,security and ,governmental ,affairs1 the ,committee on the ,judiciary1 the ,select ,committee on ,intelligence1 and the majority leader and the minority leader of the ,senate2 and 7,b7 the ,committee on ,armed ,services1 the ,committee on ,financial ,services1 the ,committee on ,foreign ,affairs1 the ,committee on ,homeland ,security1 the ,committee on the ,judiciary1 the ,permanent ,select ,committee on ,intelligence1 and the ,speaker and the minority leader of the ,house of ,representatives4 7#c7 ,basic ,law ,the term ,basic ,law means the ,basic ,law of the ,hong ,kong ,special ,administrative ,region of the ,people's ,republic of ,china4 7#d7 ,china ,the term ,china means the ,people's ,republic of ,china4 7#e7 ,entity ,the term entity means a partnership1 joint venture1 association1 corporation1 organization1 network1 group1 or subgroup1 or any other form of business collaboration4 7#f7 ,financial institution ,the term financial institution means a financial institution specified in section #ecab7;a77#b7 of title #ca1 ,united ,states ,code4 7#g7 ,foreign financial institution 7,a7 ,in general ,except as provided in subparagraph 7,b71 the term foreign financial institution means any foreign entity that is engaged in the business of accepting deposits1 making1 granting1 transferring1 holding1 or brokering loans or credits1 or purchasing or selling foreign exchange1 securities1 commodity futures or options1 or procuring purchasers and sellers thereof1 as principal or agent1 including-- 7i7 a depository institution2 7ii7 a bank2 7iii7 a savings bank2 7iv7 a money service business2 7v7 a trust company2 7vi7 a securities broker or dealer2 7vii7 a commodity futures and options broker or dealer2 7viii7 a forward contract or foreign exchange merchant2 7ix7 a securities or commodities exchange2 7x7 a clearing corporation2 7xi7 an investment company2 7xii7 an employee benefit plan2 7xiii7 a dealer in precious metals1 stones1 or jewels2 and 7xiv7 any holding company1 affiliate1 or subsidiary of an entity specified in any of clauses 7i7 through 7xiii74 7,b7 ,exceptions ,the term foreign financial institution does not include-- 7i7 an international financial institution1 as defined in section #agja7;c7 of the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfbr7c772 7ii7 the ,international ,fund for ,agricultural ,development2 7iii7 the ,north ,american ,development ,bank2 or 7iv7 any other international financial institution specified by the ,office of ,foreign ,assets ,control of the ,department of the ,treasury4 7#h7 ,foreign person ,the term foreign person-- 7,a7 means-- 7i7 any citizen or national of a foreign country2 or 7ii7 any entity not organized under the laws of the ,united ,states or a jurisdiction within the ,united ,states2 and 7,b7 does not include the government of a foreign country4 7#i7 ,hong ,kong ,the term ,hong ,kong means the ,hong ,kong ,special ,administrative ,region of the ,people's ,republic of ,china4 7#aj7 ,joint ,declaration ,the term ,joint ,declaration means the ,joint ,declaration of the ,government of the ,united ,kingdom of ,great ,britain and ,northern ,ireland and the ,government of the ,people's ,republic of ,china on the ,question of ,hong ,kong1 done at ,beijing on ,december #ai1 #aihd4 7#aa7 ,knowingly ,the term knowingly1 with respect to conduct1 a circumstance1 or a result1 means that a person has actual knowledge1 or should have known1 of the conduct1 the circumstance1 or the result4 7#ab7 ,person ,the term person means an individual or entity4 7#ac7 ,significant transaction ,the term significant transaction means a transaction determined by the ,secretary of the ,treasury to be significant on the basis of the following factors-- 7,a7 the size1 number1 and frequency of the transaction2 7,b7 the nature of the transaction2 7,c7 whether the transaction is part of a pattern of conduct2 7,d7 the nexus between the transaction and a person subject to sanctions under this ,act2 and 7,e7 the impact of the transaction on the objectives of this ,act4 7#ad7 ,united ,states person ,the term ,united ,states person means-- 7,a7 any citizen or national of the ,united ,states2 7,b7 any alien lawfully admitted for permanent residence in the ,united ,states2 7,c7 any entity organized under the laws of the ,united ,states or any jurisdiction within the ,united ,states 7including a foreign branch of such an entity72 or 7,d7 any person located in the ,united ,states4 #c4 ,findings ,congress makes the following findings3 7#a7 ,the ,joint ,declaration and the ,basic ,law clarify certain obligations and promises that the ,government of ,china has made with respect to the future of ,hong ,kong4 7#b7 ,the obligations of the ,government of ,china under the ,joint ,declaration were codified in a legally binding treaty1 signed by the ,government of the ,united ,kingdom of ,great ,britain and ,northern ,ireland and registered with the ,united ,nations4 7#c7 ,the obligations of the ,government of ,china under the ,basic ,law originate from the ,joint ,declaration1 were passed into the domestic law of ,china by the ,national ,people's ,congress1 and are widely considered by citizens of ,hong ,kong as part of the de facto legal constitution of ,hong ,kong4 7#d7 ,foremost among the obligations of the ,government of ,china to ,hong ,kong is the promise that1 pursuant to ,paragraph #c;b of the ,joint ,declaration1 the ,hong ,kong ,special ,administrative ,region will enjoy a high degree of autonomy1 except in foreign and defence affairs which are the responsibilities of the ,central ,people's ,government4 7#e7 ,the obligation specified in ,paragraph #c;b of the ,joint ,declaration is referenced1 reinforced1 and extrapolated on in several portions of the ,basic ,law1 including ,articles #b1 #ab1 #ac1 #ad1 and #bb4 7#f7 ,article #bb of the ,basic ,law establishes that ,no department of the ,central ,people's ,government and no province1 autonomous region1 or municipality directly under the ,central ,government may interfere in the affairs which the ,hong ,kong ,special ,administrative ,region administers on its own in accordance with this ,law44 7#g7 ,the ,joint ,declaration and the ,basic ,law make clear that additional obligations shall be undertaken by ,china to ensure the high degree of autonomy of ,hong ,kong4 7#h7 ,paragraph #c;c of the ,joint ,declaration states1 as reinforced by ,articles #b1 #af1 #ag1 #ah1 #ai1 and #bb of the ,basic ,law1 that ,hong ,kong will be vested with executive1 legislative and independent judicial power1 including that of final adjudication4 7#i7 ,on multiple occasions1 the ,government of ,china has undertaken actions that have contravened the letter or intent of the obligation described in paragraph 7#h7 of this section1 including the following3 7,a7 ,in #aiii1 the ,standing ,committee of the ,national ,people's ,congress overruled a decision by the ,hong ,kong ,court of ,final ,appeal on the right of abode4 7,b7 ,on multiple occasions1 the ,government of ,hong ,kong1 at the advice of the ,government of ,china1 is suspected to have not allowed persons entry into ,hong ,kong allegedly because of their support for democracy and human rights in ,hong ,kong and ,china4 7,c7 ,the ,liaison ,office of ,china in ,hong ,kong has1 despite restrictions on interference in the affairs of ,hong ,kong as detailed in ,article #bb of the ,basic ,law-- 7i7 openly expressed support for candidates in ,hong ,kong for ,chief ,executive and ,legislative ,council2 7ii7 expressed views on various policies for the ,government of ,hong ,kong and other internal matters relating to ,hong ,kong2 and 7iii7 on ,april #ag1 #bjbj1 asserted that both the ,liaison ,office of ,china in ,hong ,kong and the ,hong ,kong and ,macau ,affairs ,office of the ,state ,council have the right to exercise supervision ''' on affairs regarding ,hong ,kong and the mainland1 in order to ensure correct implementation of the ,basic ,law4 7,d7 ,the ,national ,people's ,congress has passed laws requiring ,hong ,kong to pass laws banning disrespectful treatment of the national flag and national anthem of ,china4 7,e7 ,the ,state ,council of ,china released a white paper on ,june #aj1 #bjad1 that stressed the comprehensive jurisdiction of the ,government of ,china over ,hong ,kong and indicated that ,hong ,kong must be governed by patriots4 7,f7 ,the ,government of ,china has directed operatives to kidnap and bring to the mainland1 or is otherwise responsible for the kidnapping of1 residents of ,hong ,kong1 including businessman ,xiao ,jianhua and bookseller ,gui ,minhai4 7,g7 ,the ,government of ,hong ,kong1 acting with the support of the ,government of ,china1 introduced an extradition bill that would have permitted the ,government of ,china to request and enforce extradition requests for any individual present in ,hong ,kong1 regardless of the legality of the request or the degree to which it compromised the judicial independence of ,hong ,kong4 7,h7 ,the spokesman for the ,standing ,committee of the ,national ,people's ,congress said1 ,whether ,hong ,kong's laws are consistent with the ,basic ,law can only be judged and decided by the ,national ,people's ,congress ,standing ,committee4 ,no other authority has the right to make judgments and decisions44 7#aj7 ,paragraph #c;e of the ,joint ,declaration states1 as reinforced by ,article #e of the ,basic ,law1 that the current social and economic systems in ,hong ,kong will remain unchanged1 as so will the life-style44 7#aa7 ,on multiple occasions1 the ,government of ,china has undertaken actions that have contravened the letter or intent of the obligation described in paragraph 7#aj7 of this section1 including the following3 7,a7 ,in #bjjb1 the ,government of ,china pressured the ,government of ,hong ,kong to introduce patriotic curriculum in primary and secondary schools4 7,b7 ,the governments of ,china and ,hong ,kong proposed the prohibition of discussion of ,hong ,kong independence and self-determination in primary and secondary schools1 which infringes on freedom of speech4 7,c7 ,the ,government of ,hong ,kong mandated that ,mandarin1 and not the native language of ,cantonese1 be the language of instruction in ,hong ,kong schools4 7,d7 ,the governments of ,china and ,hong ,kong agreed to a daily quota of mainland immigrants to ,hong ,kong1 which is widely believed by citizens of ,hong ,kong to be part of an effort to mainlandize ,hong ,kong4 7#ab7 ,paragraph #c;e of the ,joint ,declaration states1 as reinforced by ,articles #d1 #bf1 #bg1 #bh1 #bi1 #cj1 #ca1 #cb #cc1 #cd1 and #ci of the ,basic ,law1 that the rights and freedoms1 including those of person1 of speech1 of the press1 of assembly1 of association1 of travel1 of movement1 of correspondence1 of strike1 of choice of occupation1 of academic research and of religious belief will be ensured by law in ,hong ,kong4 7#ac7 ,on multiple occasions1 the ,government of ,china has undertaken actions that have contravened the letter or intent of the obligation described in paragraph 7#ab7 of this section1 including the following3 7,a7 ,on ,february #bf1 #bjjc1 the ,government of ,hong ,kong introduced a national security bill that would have placed restrictions on freedom of speech and other protected rights4 7,b7 ,the ,liaison ,office of ,china in ,hong ,kong has pressured businesses in ,hong ,kong not to advertise in newspapers and magazines critical of the governments of ,china and ,hong ,kong4 7,c7 ,the ,hong ,kong ,police ,force selectively blocked demonstrations and protests expressing opposition to the governments of ,china and ,hong ,kong or the policies of those governments4 7,d7 ,the ,government of ,hong ,kong refused to renew work visa for a foreign journalist1 allegedly for hosting a speaker from the banned ,hong ,kong ,national ,party4 7,e7 ,the ,justice ,department of ,hong ,kong selectively prosecuted cases against leaders of the ,umbrella ,movement1 while failing to prosecute police officers accused of using excessive force during the protests in #bjad4 7,f7 ,on ,april #ah1 #bjbj1 the ,hong ,kong ,police ,force arrested #ad high-profile democracy activists and campaigners for their role in organizing a protest march that took place on ,august #ah1 #bjai1 in which almost #b1jjj1jjj people rallied against a proposed extradition bill4 7#ad7 ,articles #de and #fh of the ,basic ,law assert that the selection of ,chief ,executive and all members of the ,legislative ,council of ,hong ,kong should be by universal suffrage44 7#ae7 ,on multiple occasions1 the ,government of ,china has undertaken actions that have contravened the letter or intent of the obligation described in paragraph 7#ad7 of this section1 including the following3 7,a7 ,in #bjjd1 the ,national ,people's ,congress created new1 antidemocratic procedures restricting the adoption of universal suffrage for the election of the ,chief ,executive of ,hong ,kong4 7,b7 ,the decision by the ,national ,people's ,congress on ,december #bi1 #bjjg1 which ruled out universal suffrage in #bjab elections and set restrictions on when and if universal suffrage will be implemented4 7,c7 ,the decision by the ,national ,people's ,congress on ,august #ca1 #bjad1 which placed limits on the nomination process for the ,chief ,executive of ,hong ,kong as a condition for adoption of universal suffrage4 7,d7 ,on ,november #g1 #bjaf1 the ,national ,people's ,congress interpreted ,article #ajd of the ,basic ,law in such a way to disqualify #f elected members of the ,legislative ,council4 7,e7 ,in #bjah1 the ,government of ,hong ,kong banned the ,hong ,kong ,national ,party and blocked the candidacy of pro-democracy candidates4 7#af7 ,the ways in which the ,government of ,china1 at times with the support of a subservient ,government of ,hong ,kong1 has acted in contravention of its obligations under the ,joint ,declaration and the ,basic ,law1 as set forth in this section1 are deeply concerning to the people of ,hong ,kong1 the ,united ,states1 and members of the international community who support the autonomy of ,hong ,kong4 #d4 ,sense of ,congress regarding ,hong ,kong ,it is the sense of ,congress that-- 7#a7 the ,united ,states continues to uphold the principles and policy established in the ,united ,states-,hong ,kong ,policy ,act of #aiib 7#bb ,u4,s4,c4 #egja et seq47 and the ,hong ,kong ,human ,rights and ,democracy ,act of #bjai 7,public ,law #aaf-gf2 #bb ,u4,s4,c4 #egja note71 which remain consistent with ,china's obligations under the ,joint ,declaration and certain promulgated objectives under the ,basic ,law1 including that-- 7,a7 as set forth in section #aja7a7 of the ,united ,states-,hong ,kong ,policy ,act of #aiib 7#bb ,u4,s4,c4 #egaa7a771 ,the ,united ,states should play an active role1 before1 on1 and after ,july #a1 #aiig1 in maintaining ,hong ,kong's confidence and prosperity1 ,hong ,kong's role as an international financial center1 and the mutually beneficial ties between the people of the ,united ,states and the people of ,hong ,kong42 and 7,b7 as set forth in section #b7e7 of the ,united ,states-,hong ,kong ,policy ,act of #aiib 7#bb ,u4,s4,c4 #egja7e771 ,support for democratization is a fundamental principle of ,united ,states foreign policy4 ,as such1 it naturally applies to ,united ,states policy toward ,hong ,kong4 ,this will remain equally true after ,june #cj1 #aiig42 7#b7 although the ,united ,states recognizes that1 under the ,joint ,declaration1 the ,government of ,china resumed the exercise of sovereignty over ,hong ,kong with effect on #a ,july #aiig1 the ,united ,states supports the autonomy of ,hong ,kong in furtherance of the ,united ,states-,hong ,kong ,policy ,act of #aiib and the ,hong ,kong ,human ,rights and ,democracy ,act of #bjai and advances the desire of the people of ,hong ,kong to continue the one country1 two systems regime1 in addition to other obligations promulgated by ,china under the ,joint ,declaration and the ,basic ,law2 7#c7 in order to support the benefits and protections that ,hong ,kong has been afforded by the ,government of ,china under the ,joint ,declaration and the ,basic ,law1 the ,united ,states should establish a clear and unambiguous set of penalties with respect to foreign persons determined by the ,secretary of ,state to be involved in the contravention of the obligations of ,china under the ,joint ,declaration and the ,basic ,law and the financial institutions transacting with those foreign persons2 7#d7 the ,secretary of ,state should provide an unclassified assessment of the reason for imposition of certain economic penalties on entities1 so as to permit a clear path for the removal of economic penalties if the sanctioned behavior is reversed and verified by the ,secretary of ,state2 7#e7 relevant ,federal agencies should establish a multilateral sanctions regime with respect to foreign persons involved in the contravention of the obligations of ,china under the ,joint ,declaration and the ,basic ,law2 and 7#f7 in addition to the penalties on foreign persons1 and financial institutions transacting with those foreign persons1 for the contravention of the obligations of ,china under the ,joint ,declaration and the ,basic ,law1 the ,united ,states should take steps1 in a time of crisis1 to assist permanent residents of ,hong ,kong who are persecuted or fear persecution as a result of the contravention by ,china of its obligations under the ,joint ,declaration and the ,basic ,law to become eligible to obtain lawful entry into the ,united ,states4 #e4 ,identification of foreign persons involved in the erosion of the obligations of ,china under the ,joint ,declaration or the ,basic ,law and foreign financial institutions that conduct significant transactions with those persons 7a7 ,in general ,not later than #ij days after the date of the enactment of this ,act1 and annually thereafter1 if the ,secretary of ,state determines that a foreign person is materially contributing to1 has materially contributed to1 or attempts to materially contribute to the failure of the ,government of ,china to meet its obligations under the ,joint ,declaration or the ,basic ,law1 the ,secretary of ,state shall submit to the appropriate congressional committees and leadership a report that includes-- 7#a7 an identification of the foreign person2 7#b7 a clear explanation for why the foreign person was identified and a description of the activity that resulted in the identification2 and 7#c7 an identification of any foreign financial institution that knowingly conducts a significant transactions with the foreign person4 7b7 ,exclusion of certain information 7#a7 ,intelligence ,the ,secretary of ,state shall not disclose the identity of a person in a report submitted under subsection 7a7 if the ,director of ,national ,intelligence determines that such disclosure could compromise an intelligence operation1 activity1 source1 or method of the ,united ,states4 7#b7 ,law enforcement ,the ,secretary of ,state shall not disclose the identity of a person in a report submitted under subsection 7a7 if the ,attorney ,general1 in coordination1 as appropriate1 with the ,director of the ,federal ,bureau of ,investigation1 the head of any other appropriate ,federal law enforcement agency1 and the ,secretary of the ,treasury1 determines that such disclosure could reasonably be expected-- 7,a7 to compromise the identity of a confidential source1 including a ,state1 local1 or foreign agency or authority or any private institution that furnished information on a confidential basis2 7,b7 to jeopardize the integrity or success of an ongoing criminal investigation or prosecution2 7,c7 to endanger the life or physical safety of any person2 or 7,d7 to cause substantial harm to physical property4 7#c7 ,notification required ,if the ,director of ,national ,intelligence makes a determination under paragraph 7#a7 or the ,attorney ,general makes a determination under paragraph 7#b71 the ,director or the ,attorney ,general1 as the case may be1 shall notify the appropriate congressional committees and leadership of the determination and the reasons for the determination4 7c7 ,exclusion of foreign persons and foreign financial institutions 7#a7 ,foreign persons ,the ,president may exclude a foreign person from the report under subsection 7a7 if the material contribution 7as described in subsection 7d77 that merited inclusion in that report-- 7,a7 does not have a significant and lasting negative effect that contravenes the obligations of ,china under the ,joint ,declaration and the ,basic ,law2 7,b7 is not likely to be repeated in the future2 and 7,c7 has been reversed or otherwise mitigated through positive countermeasures taken by that foreign person4 7#b7 ,foreign financial institutions ,the ,president may exclude a foreign financial institution from the report under subsection 7a7 if the significant transaction or significant transactions of the foreign financial institution that merited inclusion in that report-- 7,a7 does not have a significant and lasting negative effect that contravenes the obligations of ,china under the ,joint ,declaration and the ,basic ,law2 7,b7 is not likely to be repeated in the future2 and 7,c7 has been reversed or otherwise mitigated through positive countermeasures taken by that foreign financial institution4 7d7 ,form of report ,each report under subsection 7a7 shall be submitted in unclassified form but may include a classified annex4 7e7 ,timing of report 7#a7 ,in general ,each report under subsection 7a71 to the extent practicable1 shall be submitted with the annual report under section #cja of the ,united ,states-,hong ,kong ,policy ,act of #aiib 7#bb ,u4,s4,c4 #egca74 7#b7 ,rule of construction ,nothing in this subsection shall be construed to terminate the requirement to submit the report under subsection 7a7 upon the termination of the requirement to submit the annual report under section #cja of the ,united ,states-,hong ,kong ,policy ,act of #aiib 7#bb ,u4,s4,c4 #egca74 7f7 ,material contributions related to obligations of ,china described ,for purposes of this section1 a foreign person materially contributes to the failure of the ,government of ,china to meet its obligations under the ,joint ,declaration or the ,basic ,law if the person-- 7#a7 took action that resulted in the inability of the people of ,hong ,kong-- 7,a7 to enjoy freedom of assembly1 speech1 press1 or independent rule of law2 or 7,b7 to participate in democratic outcomes2 or 7#b7 otherwise took action that reduces the high degree of autonomy of ,hong ,kong4 #f4 ,sanctions with respect to foreign persons that contravene the obligations of ,china under the ,joint ,declaration or the ,basic ,law 7a7 ,imposition of sanctions 7#a7 ,in general ,on and after the date on which a foreign person is included in a report under section #e7;a77#a71 the ,president may impose sanctions described in subsection 7b7 with respect to that foreign person4 7#b7 ,mandatory sanctions ,on and after the date on which a foreign person is included in #b reports submitted under section #e7;a77#a71 the ,president shall impose sanctions described in subsection 7b7 with respect to that foreign person4 7b7 ,sanctions described ,the sanctions described in this subsection with respect to a foreign person are the following3 7#a7 ,property transactions ,the ,president may1 pursuant to such regulations as the ,president may prescribe1 prohibit any person from-- 7,a7 acquiring1 holding1 withholding1 using1 transferring1 withdrawing1 transporting1 or exporting any property that is subject to the jurisdiction of the ,united ,states and with respect to which the foreign person has any interest2 7,b7 dealing in or exercising any right1 power1 or privilege with respect to such property2 or 7,c7 conducting any transaction involving such property4 7#b7 ,exclusion from the ,united ,states and revocation of visa or other documentation ,in the case of a foreign person who is an individual1 the ,president may direct the ,secretary of ,state to deny a visa to1 and the ,secretary of ,homeland ,security to exclude from the ,united ,states1 the foreign person1 subject to regulatory exceptions to permit the ,united ,states to comply with the ,agreement regarding the ,headquarters of the ,united ,nations1 signed at ,lake ,success ,june #bf1 #aidg1 and entered into force ,november #ba1 #aidg1 between the ,united ,nations and the ,united ,states1 or other applicable international obligations4 #g4 ,sanctions with respect to foreign financial institutions that do business with foreign persons that contravene the obligations of ,china under the ,joint ,declaration or the ,basic ,law 7a7 ,imposition of sanctions ,with respect to any financial institution included in a report under section #e7;a77#c7-- 7#a7 not later than one year after the submittal of the report1 the ,president shall impose not fewer than five of the sanctions described in subsection 7b72 and 7#b7 not later than #b years after the submittal of the report1 the ,president shall impose each of the sanctions described in subsection 7b74 7b7 ,sanctions described ,the sanctions that may imposed with respect to a foreign financial institution included in the report under section #e7;a77#c7 are the following3 7#a7 ,loans from ,united ,states financial institutions ,the ,united ,states ,government may prohibit any ,united ,states financial institution from making loans or providing credits to the foreign financial institution4 7#b7 ,prohibition on designation as primary dealer ,neither the ,board of ,governors of the ,federal ,reserve ,system nor the ,federal ,reserve ,bank of ,new ,york may designate1 or permit the continuation of any prior designation of1 the foreign financial institution as a primary dealer in ,united ,states ,government debt instruments4 7#c7 ,prohibition on service as a repository of government funds ,the foreign financial institution may not serve as agent of the ,united ,states ,government or serve as repository for ,united ,states ,government funds4 7#d7 ,foreign exchange ,the ,president may1 pursuant to such regulations as the ,president may prescribe1 prohibit any transactions in foreign exchange that are subject to the jurisdiction of the ,united ,states and in which the foreign financial institution has any interest4 7#e7 ,banking transactions ,the ,president may1 pursuant to such regulations as the ,president may prescribe1 prohibit any transfers of credit or payments between financial institutions or by1 through1 or to any financial institution1 to the extent that such transfers or payments are subject to the jurisdiction of the ,united ,states and involve any interest of the foreign financial institution4 7#f7 ,property transactions ,the ,president may1 pursuant to such regulations as the ,president may prescribe1 prohibit any person from-- 7,a7 acquiring1 holding1 withholding1 using1 transferring1 withdrawing1 transporting1 importing1 or exporting any property that is subject to the jurisdiction of the ,united ,states and with respect to which the foreign financial institution has any interest2 7,b7 dealing in or exercising any right1 power1 or privilege with respect to such property2 or 7,c7 conducting any transaction involving such property4 7#g7 ,restriction on exports ,the ,president may restrict or prohibit exports of goods1 technology1 or services1 directly or indirectly1 from the ,united ,states to the foreign financial institution4 7#h7 ,ban on investment in equity or debt ,the ,president may1 pursuant to such regulations or guidelines as the ,president may prescribe1 prohibit any ,united ,states person from investing in or purchasing significant amounts of equity or debt instruments of the foreign financial institution4 7#i7 ,exclusion of corporate officers ,the ,president may direct the ,secretary of ,state to deny a visa to1 and the ,secretary of ,homeland ,security to exclude from the ,united ,states1 any alien that the ,president determines is a corporate officer or principal of1 or a shareholder with a controlling interest in1 the foreign financial institution4 7#aj7 ,sanctions on principal executive officers ,the ,president may impose on the principal executive officer or officers of the foreign financial institution1 or on individuals performing similar functions and with similar authorities as such officer or officers1 any of the sanctions described in paragraphs 7#a7 through 7#h7 that are applicable4 7c7 ,timing of sanctions ,the ,president may impose sanctions required under subsection 7a7 with respect to a financial institution included in a report under section #e7;a77#c7 beginning on the day on which the financial institution is included in that report4 #h4 ,waiver1 termination1 and congressional review process 7a7 ,national security waiver ,unless a disapproval resolution is enacted under subsection 7d71 the ,president may waive the application of sanctions under section #f or #g with respect to a foreign person or foreign financial institution if the ,president-- 7#a7 determines that the waiver is in the national security interest of the ,united ,states2 and 7#b7 submits to the appropriate congressional committees and leadership a report on the determination and the reasons for the determination4 7b7 ,termination of sanctions and removal from report ,unless a disapproval resolution is enacted under subsection 7d71 the ,president may terminate the application of sanctions under section #f or #g with respect to a foreign person or foreign financial institution and remove that foreign person or foreign financial institution from the report required under section #e7;a7 if the ,secretary of ,state determines that the actions taken by the foreign person or foreign financial institution that led to the imposition of sanctions-- 7#a7 do not have a significant and lasting negative effect that contravenes the obligations of ,china under the ,joint ,declaration and the ,basic ,law2 7#b7 are not likely to be repeated in the future2 and 7#c7 have been reversed or otherwise mitigated through positive countermeasures taken by that foreign person or foreign financial institution4 7c7 ,termination of ,act 7#a7 ,report 7,a7 ,in general ,not later than ,july #a1 #bjdf1 the ,president1 in consultation with the ,secretary of ,state1 the ,secretary of the ,treasury1 and the heads of such other ,federal agencies as the ,president considers appropriate1 shall submit to ,congress a report evaluating the implementation of this ,act and sanctions imposed pursuant to this ,act4 7,b7 ,elements ,the ,president shall include in the report submitted under paragraph 7#a7 an assessment of whether this ,act and the sanctions imposed pursuant to this ,act should be terminated4 7#b7 ,termination ,this ,act and the sanctions imposed pursuant to this ,act shall remain in effect unless a termination resolution is enacted under subsection 7d7 after ,july #a1 #bjdg4 7d7 ,congressional review 7#a7 ,resolutions 7,a7 ,disapproval resolution ,in this section1 the term disapproval resolution means only a joint resolution of either ,house of ,congress-- 7i7 the title of which is as follows3 ,a joint resolution disapproving the waiver or termination of sanctions with respect to a foreign person that contravenes the obligations of ,china with respect to ,hong ,kong or a foreign financial institution that provides services to that person42 and 7ii7 the sole matter after the resolving clause of which is the following3 ,congress disapproves of the action under section #h of the ,hong ,kong ,autonomy ,act relating to the application of sanctions imposed with respect to a foreign person that contravenes the obligations of ,china with respect to ,hong ,kong1 or a foreign financial institution that provides services to that person1 on relating to 41 with the first blank space being filled with the appropriate date and the second blank space being filled with a short description of the proposed action4 7,b7 ,termination resolution ,in this section1 the term termination resolution means only a joint resolution of either ,house of ,congress-- 7i7 the title of which is as follows3 ,a joint resolution terminating sanctions with respect to foreign persons that contravene the obligations of ,china with respect to ,hong ,kong and foreign financial institutions that provide services to those persons42 and 7ii7 the sole matter after the resolving clause of which is the following3 ,the ,hong ,kong ,autonomy ,act and any sanctions imposed pursuant to that ,act shall terminate on 41 with the blank space being filled with the termination date4 7,c7 ,covered resolution ,in this subsection1 the term covered resolution means a disapproval resolution or a termination resolution4 7#b7 ,introduction ,a covered resolution may be introduced-- 7,a7 in the ,house of ,representatives1 by the majority leader or the minority leader2 and 7,b7 in the ,senate1 by the majority leader 7or the majority leader's designee7 or the minority leader 7or the minority leader's designee74 7#c7 ,floor consideration in ,house of ,representatives ,if a committee of the ,house of ,representatives to which a covered resolution has been referred has not reported the resolution within #aj calendar days after the date of referral1 that committee shall be discharged from further consideration of the resolution4 7#d7 ,consideration in the ,senate 7,a7 ,committee referral 7i7 ,disapproval resolution ,a disapproval resolution introduced in the ,senate shall be-- 7,i7 referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs if the resolution relates to an action that is not intended to significantly alter ,united ,states foreign policy with regard to ,china2 and 7,,ii7 referred to the ,committee on ,foreign ,relations if the resolution relates to an action that is intended to significantly alter ,united ,states foreign policy with regard to ,china4 7ii7 ,termination resolution ,a termination resolution introduced in the ,senate shall be referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs and the ,committee on ,foreign ,relations4 7,b7 ,reporting and discharge ,if a committee to which a covered resolution was referred has not reported the resolution within #aj calendar days after the date of referral of the resolution1 that committee shall be discharged from further consideration of the resolution and the resolution shall be placed on the appropriate calendar4 7,c7 ,proceeding to consideration ,notwithstanding ,rule ,,xxii of the ,standing ,rules of the ,senate1 it is in order at any time after the ,committee on ,banking1 ,housing1 and ,urban ,affairs or the ,committee on ,foreign ,relations1 as the case may be1 reports a covered resolution to the ,senate or has been discharged from consideration of such a resolution 7even though a previous motion to the same effect has been disagreed to7 to move to proceed to the consideration of the resolution1 and all points of order against the resolution 7and against consideration of the resolution7 are waived4 ,the motion to proceed is not debatable4 ,the motion is not subject to a motion to postpone4 ,a motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order4 7,d7 ,rulings of the ,chair on procedure ,appeals from the decisions of the ,chair relating to the application of the rules of the ,senate1 as the case may be1 to the procedure relating to a covered resolution shall be decided without debate4 7,e7 ,consideration of veto messages ,debate in the ,senate of any veto message with respect to a covered resolution1 including all debatable motions and appeals in connection with the resolution1 shall be limited to #aj hours1 to be equally divided between1 and controlled by1 the majority leader and the minority leader or their designees4 7#e7 ,rules relating to ,senate and ,house of ,representatives 7,a7 ,treatment of ,senate resolution in ,house ,in the ,house of ,representatives1 the following procedures shall apply to a covered resolution received from the ,senate 7unless the ,house has already passed a resolution relating to the same proposed action73 7i7 ,the resolution shall be referred to the appropriate committees4 7ii7 ,if a committee to which a resolution has been referred has not reported the resolution within #b calendar days after the date of referral1 that committee shall be discharged from further consideration of the resolution4 7iii7 ,beginning on the third legislative day after each committee to which a resolution has been referred reports the resolution to the ,house or has been discharged from further consideration thereof1 it shall be in order to move to proceed to consider the resolution in the ,house4 ,all points of order against the motion are waived4 ,such a motion shall not be in order after the ,house has disposed of a motion to proceed on the resolution4 ,the previous question shall be considered as ordered on the motion to its adoption without intervening motion4 ,the motion shall not be debatable4 ,a motion to reconsider the vote by which the motion is disposed of shall not be in order4 7iv7 ,the resolution shall be considered as read4 ,all points of order against the resolution and against its consideration are waived4 ,the previous question shall be considered as ordered on the resolution to final passage without intervening motion except #b hours of debate equally divided and controlled by the sponsor of the resolution 7or a designee7 and an opponent4 ,a motion to reconsider the vote on passage of the resolution shall not be in order4 7,b7 ,treatment of ,house resolution in ,senate 7i7 ,received before passage of ,senate resolution ,if1 before the passage by the ,senate of a covered resolution1 the ,senate receives an identical resolution from the ,house of ,representatives1 the following procedures shall apply3 7,i7 ,that resolution shall not be referred to a committee4 7,,ii7 ,with respect to that resolution-- 7aa7 the procedure in the ,senate shall be the same as if no resolution had been received from the ,house of ,representatives2 but 7bb7 the vote on passage shall be on the resolution from the ,house of ,representatives4 7ii7 ,received after passage of ,senate resolution ,if1 following passage of a covered resolution in the ,senate1 the ,senate receives an identical resolution from the ,house of ,representatives1 that resolution shall be placed on the appropriate ,senate calendar4 7iii7 ,no ,senate companion ,if a covered resolution is received from the ,house of ,representatives1 and no companion resolution has been introduced in the ,senate1 the ,senate procedures under this subsection shall apply to the resolution from the ,house of ,representatives4 7,c7 ,application to revenue measures ,the provisions of this paragraph shall not apply in the ,house of ,representatives to a covered resolution that is a revenue measure4 7#f7 ,rules of ,house of ,representatives and ,senate ,this subsection is enacted by ,congress-- 7,a7 as an exercise of the rulemaking power of the ,senate and the ,house of ,representatives1 respectively1 and as such is deemed a part of the rules of each ,house1 respectively1 and supersedes other rules only to the extent that it is inconsistent with such rules2 and 7,b7 with full recognition of the constitutional right of either ,house to change the rules 7so far as relating to the procedure of that ,house7 at any time1 in the same manner1 and to the same extent as in the case of any other rule of that ,house4 #i4 ,rule of construction ,nothing in this ,act shall be construed as an authorization of military force against ,china4