HR-7476 : Still Just a Bill

The **Countering Communist China Act (H.R. 7476)** is proposed legislation aimed at addressing the multifaceted challenges posed by the People's Republic of China (PRC) and the Chinese Communist Party (CCP).

Key provisions of the bill include:

• **Economic Measures:**
  • Preventing adversaries from acquiring critical US technologies.
  • Sanctions on PRC entities involved in military activities and surveillance.
  • Potentially withdrawing normal trade relations with China.
  • Protecting Americans' retirement savings from investments in sanctioned entities.
  • Requiring enhanced disclosures on investments in Chinese companies.
• **Countering Malign Influence:**
  • Sanctions on foreign entities spreading disinformation on behalf of foreign governments.
  • Assessment of sanctions on the United Front Work Department.
  • Authorities to regulate mobile apps that steal user data.
  • Prohibition of lobbying contacts on behalf of communist countries.
  • Disclosures of contributions from foreign governments to tax-exempt organizations.
  • Sanctions on senior CCP officials.
• **Supply Chain Security:**
  • Report on barriers to domestic manufacturing of medical products.
  • Tax incentives for relocating manufacturing to the US.
  • Actions to ensure the availability of medical materials essential to national defense.
• **Research and Development:**
  • Permanent full expensing for qualified property.
  • Repeal of required capitalization of research and experimental expenditures.
  • New restrictions on research funded by the National Science Foundation and National Institutes of Health.
• **Education:**
  • Restrictions on institutions partnering with the PRC.
  • Limiting exemptions from registration for agents representing Chinese organizations.
  • Mandating reporting for exchange visitors changing fields of study.
• **Human Rights and Taiwan:**
  • Expressing support for a free and democratic China.
  • Prohibiting actions undermining US policy on Taiwan.
  • Authorizing negotiation of a free trade agreement with Taiwan.
  • Strategies to address genocide in the Xinjiang Uyghur Autonomous Region.
• **Defense:**
  • Mandating the exercise of emergency sanctions authorities regarding communist Chinese military companies.
  • Prohibiting the use of funds to purchase goods or services from these companies.
• **Intellectual Property:**
  • Imposing sanctions related to the theft of intellectual property.
• **Financial Services:**
  • Opposing increases to the Chinese renminbi's weight in the International Monetary Fund's (IMF) Special Drawing Rights basket.
  • Strengthening congressional oversight of IMF lending and allocations.
• **Energy:**
  • Securing America's critical minerals supply.
  • Streamlining permit processes for energy projects.
  • Authorizing investments to secure energy supply chains.

The bill also addresses issues related to fentanyl, immigration, and other areas where the US faces challenges from the PRC.