DATA Act

I 117TH CONGRESS 1ST SESSION H. R. 3498 To direct the Secretary of Commerce to establish within the Bureau of Economic Analysis of the Department of Commerce a China Economic Data Coordination Center. IN THE HOUSE OF REPRESENTATIVES MAY 25, 2021 Mr. GONZALEZ of Ohio (for himself, Ms. STEVENS, Mr. ALLRED, Mr. PHIL- LIPS, Mr. HILL, Mr. WALTZ, and Mr. BARR) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subse- quently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To direct the Secretary of Commerce to establish within the Bureau of Economic Analysis of the Department of Commerce a China Economic Data Coordination Cen- ter. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Documenting Adver- 4 sarial Trade Aggression Act’’ or ‘‘DATA Act’’. 5 VerDate Sep 11 2014 23:21 Jul 07, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3498.IH H3498 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 3498 IH SEC. 2. CHINA ECONOMIC DATA COORDINATION CENTER. 1 (a) IN GENERAL.—The Secretary of Commerce, in 2 coordination with the Secretary of the Treasury, shall es- 3 tablish within the Bureau of Economic Analysis of the De- 4 partment of Commerce a China Economic Data Coordina- 5 tion Center (in this section referred to as the ‘‘Center’’). 6 (b) DUTIES.—The Center, in coordination with the 7 heads of other relevant Federal agencies and the private 8 sector, shall collect and synthesize official and unofficial 9 Chinese economic data on developments in China’s finan- 10 cial markets and United States exposure to risks and 11 vulnerabilities in China’s financial system, including— 12 (1) data on baseline economic statistics such as 13 gross domestic product (GDP) and other indicators 14 of economic health; 15 (2) data on national and local government debt; 16 (3) data on nonperforming loan amounts; 17 (4) data on the composition of shadow banking 18 assets; 19 (5) data on the composition of China’s foreign 20 exchange reserves; 21 (6) data on bank loan interest rates; 22 (7) data on United States retirement accounts 23 tied to Chinese investments; 24 (8) data on China’s exposure to foreign bor- 25 rowers and flows of official financing for China’s 26 VerDate Sep 11 2014 23:21 Jul 07, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3498.IH H3498 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 3498 IH Belt and Road Initiative and other trade-related ini- 1 tiatives, including data from the Export-Import 2 Bank of China, the China Export and Credit Insur- 3 ance Corporation (Sinosure), and the China Devel- 4 opment Bank; 5 (9) data on sovereign or near-sovereign loans 6 made by China to other countries or guaranteed by 7 sovereign entities; and 8 (10) data on Chinese domestic retirement ac- 9 counts and investments. 10 (c) BRIEFINGS.—The Center shall provide to the ap- 11 propriate congressional committees and the private sector 12 on a biannual basis briefings on implementation of the du- 13 ties of the Center. 14 (d) REPORTS AND PUBLIC UPDATES.— 15 (1) REPORTS.— 16 (A) IN GENERAL.—The Center shall sub- 17 mit to the appropriate congressional committees 18 on a quarterly basis a report in writing on im- 19 plementation of the duties of the Center. 20 (B) MATTERS TO BE INCLUDED.—The re- 21 port required by this subsection shall include— 22 (i) key findings, data, the research 23 and development activities of the affiliates 24 of United States multinational enterprises 25 VerDate Sep 11 2014 23:21 Jul 07, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3498.IH H3498 pbinns on DSKJLVW7X2PROD with BILLS 4 •HR 3498 IH operating in China, and a description of 1 the implications of such activities for 2 United States production, employment, 3 and the economy; and 4 (ii) a description of United States in- 5 dustry interactions with Chinese state- 6 owned enterprises and other state-affiliated 7 entities and inbound Chinese investments. 8 (2) PUBLIC UPDATES.—The Center shall pro- 9 vide to the public on a monthly basis updates on im- 10 plementation of the duties of the Center. 11 (e) RECOMMENDATIONS AND STRATEGIES.—The 12 Secretary of the Treasury, using data collected and syn- 13 thesized by the Center under subsection (b) and in con- 14 sultation with the Center, shall— 15 (1) develop recommendations and strategies for 16 ways in which the United States can respond to po- 17 tential risks and exposures within China’s financial 18 system; and 19 (2) submit to the appropriate congressional 20 committees a report that contains such recommenda- 21 tions and strategies. 22 (f) APPROPRIATE CONGRESSIONAL COMMITTEES DE- 23 FINED.—In this section, the term ‘‘appropriate congres- 24 sional committees’’ means— 25 VerDate Sep 11 2014 23:21 Jul 07, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H3498.IH H3498 pbinns on DSKJLVW7X2PROD with BILLS 5 •HR 3498 IH (1) the Committee on Foreign Affairs, the 1 Committee on Financial Services, and the Com- 2 mittee on Energy and Commerce of the House of 3 Representatives; and 4 (2) Committee on Foreign Relations, the Com- 5 mittee on Banking, Housing, and Urban Affairs, 6 and the Committee on Commerce, Science, and 7 Transportation of the Senate. 8 Æ VerDate Sep 11 2014 23:21 Jul 07, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H3498.IH H3498 pbinns on DSKJLVW7X2PROD with BILLS