S. 860Senate118th Congress (2023-2025)In Committee

Protecting American Capital Act of 2023

Sponsored by Rick ScottSen. Rick Scott (R-FL)
Introduced March 16, 2023

AI-Generated Summary

Updated January 20, 2026 at 4:53 AM UTC

The Protecting American Capital Act of 2023 requires the Treasury Department to produce an annual report on U.S. portfolio investments in the People’s Republic of China. The report is aimed at giving Congress a clear picture of who is investing, how much is invested, and which Chinese entities are receiving the funds. It applies to all U.S. persons—including individuals, citizens, permanent residents, and U.S.-organized entities—and to Chinese entities that receive those investments.

Key Provisions

  • The Secretary of the Treasury must submit a report to Congress within one year of the law’s enactment and each year thereafter, covering U.S. portfolio investments in China, including those routed through foreign jurisdictions.
  • Each report must assess the types of U.S. investors, highlight any investor holding more than 2% of total annual investments, and identify Chinese entities receiving the funds, with details on sector exposure, sanctions status, and any entity receiving over $100 million.
  • The first report must cover the period from January 1, 2008 to the report date; subsequent reports cover the preceding year.
  • The bill defines “Chinese entity” as any organization under Chinese law or jurisdiction, and “United States person” as U.S. citizens, permanent residents, or entities organized under U.S. law, including foreign branches.

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

March 16, 2023

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SenateIntro Referral

Introduced in Senate

March 16, 2023

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

March 16, 2023

Floor Debate

7 members

What members said about S. 860 on the floor

3 Republicans4 Democrats
Zoe Lofgren
Rep. Zoe LofgrenD-CA-18 · May 7, 2024

Mr. Speaker, I yield myself such time as I may consume. I rise in support of the Fire Grants and Safety Act of 2023. This amended version inserts into the Senate bill the text we passed out of the…

Thomas H. Kean, Jr.
Rep. Thomas H. Kean, Jr.R-NJ-7 · May 7, 2024

Mr. Speaker, I move to suspend the rules and pass the bill (S. 870) to amend the Federal Fire Prevention and Control Act of 1974 to authorize appropriations for the United States Fire Administration…

Bill Pascrell, Jr.
Rep. Bill Pascrell, Jr.D-NJ-9 · May 7, 2024

Mr. Speaker, I thank the gentlewoman for yielding time. Mr. Speaker, I rise today in strong support of this legislation to reauthorize the Assistance to Firefighters Grants, the Staffing for Adequate…

Jeff Duncan
Rep. Jeff DuncanR-SC-3 · May 7, 2024

Mr. Speaker, I thank the gentleman for the time, and I rise in support of S. 870, which includes a bipartisan and bicameral nuclear energy package. I first thank my colleague, friend, and ranking…

Diana DeGette
Rep. Diana DeGetteD-CO-1 · May 7, 2024

Mr. Speaker, thanks to all of the Members here today who have worked on this legislation. I rise in strong support of S. 870, legislation that includes the ADVANCE Act, which I co-lead with Energy…

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Rick W. Allen
Rep. Rick W. AllenR-GA-12 · May 7, 2024

Mr. Speaker, I thank the gentleman from New Jersey for yielding time. Mr. Speaker, I rise in support of S. 870, the Fire Grants and Safety Act. Included in this legislation is a bipartisan nuclear…

Haley M. Stevens
Rep. Haley M. StevensD-MI-11 · May 7, 2024

Mr. Speaker, I thank Ranking Member Lofgren for yielding time. I am standing before you here today in support of this incredible bicameral, bipartisan bill, the Fire Grant and Safety Act, which I am…

Bill Text

Latest available legislative text

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Introduced in SenateIssued March 16, 2023

II

118th CONGRESS

1st Session

S. 860

IN THE SENATE OF THE UNITED STATES

March 16, 2023

Mr. Scott of Florida (for himself and Mrs. Shaheen) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To require an annual report on United States portfolio investments in the People's Republic of China, and for other purposes.

1.

Short title

This Act may be cited as the Protecting American Capital Act of 2023.

2.

Annual report on United States portfolio investments in the People's Republic of China

(a)

In general

Not later than one year after the date of the enactment of this Act, and annually thereafter, the Secretary of the Treasury shall submit to Congress a report on portfolio investments by United States persons in the People's Republic of China, including such investments routed through a jurisdiction outside the United States.

(b)

Elements

Each report required by subsection (a) shall include an assessment of the involvement of the following in portfolio investments in the People's Republic of China:

(1)

United States persons making such investments, including an assessment of—

(A)

the types of United States persons making such investments, including State pension funds; and

(B)

United States persons making more than 2 percent of the total of such investments in a year.

(2)

Chinese entities receiving such investments, including an assessment of—

(A)

such entities in individual sectors of the economic of the People's Republic of China, including the housing sector;

(B)

any Chinese entities subject to sanctions imposed by the United States receiving such investments; and

(C)

Chinese entities that receive more than $100,000,000 from such investments.

(c)

Period covered

The period covered by a report required by subsection (a) shall be—

(1)

in the case of the first such report, the period beginning on January 1, 2008, and ending on the date of the report; and

(2)

in the case of each subsequent such report, the one-year period preceding submission of the report.

(d)

Definitions

In this section:

(1)

Chinese entity

The term Chinese entity means an entity organized under the laws of the People's Republic of China or otherwise subject to the jurisdiction of the Government of the People's Republic of China.

(2)

United states person

The term United States person means—

(A)

a United States citizen or an alien lawfully admitted for permanent residence to the United States; or

(B)

an entity organized under the laws of the United States or any jurisdiction within the United States, including a foreign branch of such an entity.