H.R. 7064 · 116th Congress
Stop Funding the PLA Act
- Stage
- In committee
- Sponsor
- Jim Banks
- Introduced
- 2020-06-01
- Latest action
- 2020-06-01 · Introduced in House
Summary
Stop Funding the PLA Act
This bill requires the Department of the Treasury to establish a list of entities the securities of which a U.S. person shall be prohibited from purchasing or holding.
Specifically, the Treasury must submit a report specifying each foreign industrial defense corporation with substantial contacts with, ties to, or support from any PLA entity (any entity of the Chinese military). The bill prohibits U.S. persons from purchasing a security of a foreign industrial defense corporation specified in the report, and it requires U.S. persons who own any such security to divest themselves of it.