The Biden administration should close a sanctions “loophole” that allows Russian nationals to continue making “significant” deposits at U.S. banks and purchases of U.S. securities, Senate Foreign Relations Committee Chair Sen. Bob Menendez, D-N.J., said. He said the move would more closely align U.S. financial restrictions with those imposed by European allies and help cut off all access to the U.S. financial system for Russian elites who are “currently still able to keep sizable assets safe in the U.S. market.”

China Tech Threat, a consultant-owned organization that advocates for stronger export controls, urged the Senate to speed up the confirmation process for Alan Estevez to lead the Bureau of Industry and Security. The group said Estevez will bring “extensive national security background to the role at a critical time as China’s ambitions to dominate emerging technology markets pose a serious threat to U.S. economic and national security interests.” The vacancy for BIS undersecretary leaves a “glaring hole in our export control regime,” the organization said, noting that it has been more than five years since the agency last had a confirmed undersecretary.

The U.S. should begin seizing the financial and physical assets of sanctioned Russian people and entities instead of just freezing them, said Sen. Rob Portman, R-Ohio. He said other countries have started seizing Russian vessels, such as France, which recently seized a car cargo ship in the English Channel with ties to the son of a former Russian spy chief, according to a Reuters report.

The Congressional Research Service recently issued two new reports detailing the U.S.’s and its allies’ response to Russia’s invasion of Ukraine and an overview of recent sanctions and export controls. The CRS said Western economies, including companies, are “likely” to be affected by the new trade measures and “many transactions will likely be disrupted,” especially in the energy sector.

Congress should make sure the Treasury Department has enough funding to fully target Russian oligarchs and sanctioned Russian companies Sen. Ron Wyden, D-Ore., said March 1. Wyden, chair of the Senate Finance Committee, applauded Treasury’s Russia sanctions work so far but said Congress may need to provide the agency with more resources.

The Ocean Shipping Reform Act, which has both passed the House and was included in the House version of a China package, is scheduled for a hearing in the Senate Commerce Committee next month. The hearing will be March 3.

House Republicans on the Ways and Means Committee told U.S. Trade Representative Katherine Tai that she needs to provide "a detailed analysis" of how China did or did not live up to the phase one trade deal. "We have great confidence in your abilities to address the many challenges China presents to the United States and other market economies, and we hope you will expand detailed communication on these matters so that Congress and the Administration can be partners in developing effective U.S. responses," they wrote Feb. 24.

The American Association of Port Authorities announced Feb. 23 that its legislative policy council endorsed the Senate version of the Ocean Shipping Reform Act, sponsored by Sens. Amy Klobuchar, D-Minn., and John Thune, R-S.D. (see 2202040009). AAPA CEO Chris Connor earlier this month said, "U.S. ports are moving more goods than ever -- to foreign markets, to American homes, to American businesses. As shovels start hitting the ground for port capacity expansion, thanks to the Bipartisan Infrastructure Law, the Klobuchar-Thune bill will further help the system by prioritizing cargo fluidity and increasing access for American businesses and consumers."

Sen. Todd Young, R-Ind., co-sponsor of the Endless Frontiers Act that was rolled up into a larger China competition package, said during a Bipartisan Policy Center program broadcast Feb. 18, "I think we’re poised to … have a genuine sit-down conference." There has been talk in the Capitol that there would be a negotiating process led by the leaders of the Republican and Democratic caucuses in the House and Senate, and that while committee chairs would have a say on the sections of the bills under their jurisdiction, there would not be a formal conference committee, whose discussions would be open to the public (see 2202020055). "That is the most methodical, I think, responsible process, and collaborative process," he added.

The Biden administration hasn’t “sufficiently” reported to Congress on China’s failure to meet agricultural purchase commitments under the phase one trade deal and should look for ways to better enforce the agreement, more than 50 Republican lawmakers said in a Feb. 15 letter to the White House. The lawmakers, including House Minority Leader Kevin McCarthy, R-Calif., asked Biden to explain what actions his administration is taking to hold China “accountable” for its purchase failures, whether it’s considering negotiating a new deal and when it intends to nominate a USDA undersecretary for Trade and Foreign Agricultural Affairs.