Senate Bill Would Trigger More Penalties Against Sanctioned Chinese Firms
Sen. Rick Scott, R-Fla., introduced a bill April 8 that would establish that Chinese companies sanctioned under one U.S. authority be automatically sanctioned under all other authorities.
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The Sanction Transactions Originating from Pernicious Chinese Companies and Policies Act, or Stop CCP Act, also would direct the Treasury Department to expand the Non-Specially Designated Nationals Chinese Military-Industrial Complex Companies List, or NS-CMIC list, to include any entity engaged in supporting the Chinese military-industrial complex. Certain affiliates of those firms also would be listed, including entities they own, control or sold.
The bill would also bar U.S. persons from buying or selling the publicly traded securities of Chinese firms involved in the defense and related materiel sector or the surveillance technology sector. The legislation, which has two Republican co-sponsors, was referred to the Senate Banking Committee, where Scott is a member.