S.Amdt. 4690

SA 4690. Mr. SULLIVAN submitted an amendment intended to be proposed
to amendment SA 3867 submitted by Mr. Reed and intended to be proposed
to the bill H.R. 4350, to authorize appropriations for fiscal year 2022
for military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:

At the end of subtitle E of title XII, add the following:

SEC. 1253. DISCLOSURES REQUIRED BY UNITED STATES FINANCIAL
INSTITUTIONS INVESTING IN PEOPLE'S REPUBLIC OF
CHINA.

(a) In General.--The Secretary of Defense shall--
(1) require any United States financial institution that
makes an investment described subsection (b) to disclose the
amount and purpose, and potential impacts on the national
defense, of such investments to the Secretary on an annual
basis; and
(2) make such disclosures available to the public.
(b) Investments Described.--An investment described in this
subsection is a monetary investment, in an amount that
exceeds a threshold to be determined by the Secretary,
directly or indirectly--
(1) to--
(A) the People's Republic of China;
(B) an entity owned or controlled by the Chinese Communist
Party; or
(C) the People's Liberation Army; or
(2) for the benefit of any key industrial sector sponsored
by the Chinese Communist Party.
(c) Consolidated Report.--Not less frequently than
annually, the Secretary shall compile the disclosures
submitted under subsection (a) and submit that compilation
and

[[Page S8278]]

a summary of those disclosures to the congressional defense
committees.
(d) Regulations.--The Secretary shall prescribe such
regulations as are necessary to carry out this section, which
may include--
(1) requirements for documents and information to be
submitted with disclosures required under subsection (a); and
(2) procedures for the determining the amount under
subsection (b).
(e) United States Financial Institution Defined.--In this
section, the term ``United States financial institution''
means a financial institution (as defined in section 5312 of
title 31, United States Code) organized under the laws of the
United States or of any jurisdiction within the United
States, including a foreign branch of such an institution.
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