S.Amdt. 5141

SA 5141. Mr. SCOTT of Florida submitted an amendment intended to be
proposed to amendment SA 5135 proposed by Mr. Schumer to the bill H.R.
4346, making appropriations for Legislative Branch for the fiscal year
ending September 30, 2022, and for other purposes; which was ordered to
lie on the table; as follows:

Beginning on page 41, strike line 19 and all that follows
through line 7 on page 47, and insert the following:
``(C) Required agreement.--
``(i) In general.--On or before the date on which the
Secretary awards Federal financial assistance to a covered
entity under this section, the covered entity shall enter
into an agreement with the Secretary specifying that,
beginning on the date of the award and continuing in
perpetuity, the covered entity--

``(I) may not engage in any transaction involving any
expansion of semiconductor manufacturing capacity in the
People's Republic of China or any other foreign country of
concern;
``(II) may not cooperate with the government of the
People's Republic of China; and
``(III) will immediately withdraw all operations in the
People's Republic of China in the event of an invasion of
Taiwan by the People's Republic of China.

``(ii) Study.--Before the date on which the Secretary
awards Federal financial assistance to a covered entity under
this section, the Secretary shall--

``(I) conduct an ROI analysis of the proposed assistance
that shows that the assistance will result in a net positive
financial return for taxpayers, such that the forecasted
revenue collections by the Treasury generated as a direct
result of the assistance exceed the amount of the proposed
assistance by the date that is 10 years after the date of the
award of the assistance;
``(II) certify to Congress that the analysis required under
subclause (I) has been conducted;
``(III) certify to Congress that the Secretary has
determined that the covered entity will be able to repay any
Federal financial assistance in the event that the covered
entity breaches the required agreement with the Secretary
under clause (i) and the Secretary recovers the Federal
financial assistance under subparagraph (E)(iii); and
``(IV) make the analysis required under subclause (I)
publicly available.

``(iii) Affiliated group.--For the purpose of applying the
requirements in an agreement required under clause (i), a
covered entity shall include the covered entity receiving
financial assistance under this section, as well as any
member of the covered entity's affiliated group under section
1504(a) of the Internal Revenue Code of 1986, without regard
to section 1504(b)(3) of such Code.
``(iv) Analysis.--

``(I) In general.--On the date that is 10 years after the
date on which the Secretary awards Federal financial
assistance under this section to a covered entity, the
Secretary shall conduct an analysis to determine whether the
revenue collections by the Treasury generated as a direct
result of the Federal financial assistance exceeded the
amount of the Federal financial assistance.
``(II) Recovery.--If the Secretary makes a negative
determination under subclause (I), the Secretary shall
recover from the covered entity the difference between the
amount of the Federal financial assistance granted to the
covered entity under this section and the revenue collections
by the Treasury generated as a direct result of the Federal
financial assistance.

``(D) Notification requirements.--During the applicable
term of the agreement of a covered entity required under
subparagraph (C)(i), the covered entity shall notify the
Secretary of any planned transaction of the covered entity
involving any expansion of semiconductor manufacturing
capacity in the People's Republic of China or any other
foreign country of concern.
``(E) Violation of agreement.--
``(i) Notification to covered entities.--Not later than 90
days after the date of receipt of a notification described in
subparagraph (D) from a covered entity, the Secretary, in
consultation with the Secretary of Defense and the Director
of National Intelligence, shall--

``(I) determine whether the transaction described in the
notification would be a violation of the agreement of the
covered entity required under subparagraph (C)(i); and
``(II) notify the covered entity of the Secretary's
decision under subclause (I).

``(ii) Opportunity to remedy.--Upon a notification under
clause (i)(II) that a planned transaction of a covered entity
is a violation of the agreement of the covered entity
required under subparagraph (C)(i), the Secretary shall--

``(I) immediately request from the covered entity tangible
proof that the planned transaction has ceased or been
abandoned; and
``(II) provide the covered entity 45 days to produce and
provide to the Secretary the tangible proof described in
subclause (I).

``(iii) Failure by the covered entity to cease or remedy
the activity.--Subject to clause (iv), if a covered entity
fails to remedy a violation as set forth under clause (ii),
the Secretary shall recover the full amount of the Federal
financial assistance provided to the covered entity under
this section.
``(F) Submission of records.--
``(i) In general.--The Secretary may request from a covered
entity records and other necessary information to review the
compliance of the covered entity with the agreement required
under subparagraph (C)(i).
``(ii) Eligibility.--In order to be eligible for Federal
financial assistance under this

[[Page S3579]]

section, a covered entity shall agree to provide records and
other necessary information requested by the Secretary under
clause (i).
``(G) Public availability of agreements.--The Secretary
shall make publicly available any agreement entered into
between a covered entity and the Secretary under subparagraph
(C)(i).
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