H.R. 1093 · 117th Congress
Stop Funding the PLA Act
- Stage
- In committee
- Sponsor
- Jim Banks
- Introduced
- 2021-02-18
- Latest action
- 2021-02-18 · 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 a U.S. person from purchasing a security of a foreign industrial defense corporation specified in the report, and it requires a U.S. person who owns any such security to divest themselves of it.