What This Bill Does
This bill directs the Secretary of Commerce to create a new China Economic Data Coordination Center inside the Bureau of Economic Analysis. The Center will collect and analyze economic information about China's financial markets and how U.S. investments and retirement accounts are exposed to risks in China's financial system. The bill also requires the Treasury Secretary to use this data to develop strategies for responding to potential financial risks.
Who It Affects
The Secretary of Commerce and the Secretary of the Treasury. Other federal agencies involved in collecting economic data. Congress and its committees. The private sector. U.S. multinational enterprises (companies that do business in multiple countries) with operations in China. Americans with retirement accounts tied to Chinese investments.
Key Provisions
* The Secretary of Commerce must establish the China Economic Data Coordination Center within the Bureau of Economic Analysis and work with the Treasury Secretary to do so (Sec. 2(a))
* The Center must collect and analyze economic data about China's financial markets, including information about government debt, loans that are not being paid back, shadow banking (informal financial activities), China's foreign exchange reserves (money held in foreign currency), bank loan interest rates, and U.S. retirement accounts invested in China (Sec. 2(b))
* The Center must provide written quarterly reports to Congress that include key findings, descriptions of U.S. companies' research activities in China, and information about how U.S. industries interact with Chinese government-controlled entities (Sec. 2(d)(1))
* The Center must give the public monthly updates on its work (Sec. 2(d)(2))
* The Treasury Secretary must use the Center's data to develop recommendations and strategies for how the U.S. can respond to financial risks in China's system and report these to Congress (Sec. 2(e))
What Changes
A new federal center will be created to gather and analyze economic data specifically about China. Congress will receive quarterly written reports about this data and China's financial health. The public will receive monthly updates about the Center's work. The Treasury Secretary will develop official strategies for responding to potential financial risks related to China's economy based on the Center's research.
Important Definitions
The bill refers to "appropriate congressional committees" meaning the Senate Committees on Foreign Relations, Banking/Housing/Urban Affairs, and Commerce/Science/Transportation, plus the House Committees on Foreign Affairs, Financial Services, and Energy and Commerce (Sec. 2(f))
II
118TH CONGRESS
1ST SESSION
S. 970
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 SENATE OF THE UNITED STATES
MARCH 23, 2023
Mr. WICKER (for himself and Ms. CORTEZ MASTO) introduced the following
bill; which was read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
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-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Documenting Adver-
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sarial Trade Aggression Act’’ or the ‘‘DATA Act’’.
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SEC. 2. CHINA ECONOMIC DATA COORDINATION CENTER.
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(a) IN GENERAL.—The Secretary of Commerce, in
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coordination with the Secretary of the Treasury, shall es-
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•S 970 IS
tablish within the Bureau of Economic Analysis of the De-
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partment of Commerce a China Economic Data Coordina-
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tion Center (in this section referred to as the ‘‘Center’’).
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(b) DUTIES.—The Center, in coordination with the
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heads of other relevant Federal agencies and the private
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sector, shall collect and synthesize official and unofficial
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economic data on developments in the financial markets
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of the People’s Republic of China and the United States
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exposure to risks and vulnerabilities in the financial sys-
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tem of the People’s Republic of China, including data on—
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(1) baseline economic statistics such as gross
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domestic product and other indicators of economic
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health;
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(2) national and local government debt;
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(3) nonperforming loan amounts;
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(4) the composition of shadow banking assets;
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(5) the composition of the foreign exchange re-
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serves of the People’s Republic of China;
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(6) bank loan interest rates;
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(7) United States retirement accounts tied to
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Chinese investments;
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(8) the exposure of the People’s Republic of
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China to foreign borrowers and flows of official fi-
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nancing for the Belt and Road Initiative and other
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trade-related initiatives of the Government of the
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•S 970 IS
People’s Republic of China, including data from the
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Export-Import Bank of China, the China Export
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and Credit Insurance Corporation (Sinosure), and
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the China Development Bank;
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(9) sovereign or near-sovereign loans made by
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the People’s Republic of China to other countries or
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guaranteed by sovereign entities; and
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(10) retirement accounts and investments in the
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People’s Republic of China.
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(c) BRIEFINGS.—The Center shall provide to the ap-
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propriate congressional committees and the private sector
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on a biannual basis briefings on implementation of the du-
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ties of the Center.
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(d) REPORTS AND PUBLIC UPDATES.—
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(1) REPORTS.—
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(A) IN GENERAL.—The Center shall sub-
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mit to the appropriate congressional committees
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on a quarterly basis a report in writing on im-
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plementation of the duties of the Center.
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(B) MATTERS TO BE INCLUDED.—The re-
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port required by this subsection shall include—
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(i) key findings and data;
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(ii) a description of the research and
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development activities of the affiliates of
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United States multinational enterprises op-
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erating in the People’s Republic of China,
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and an assessment of the implications of
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such activities for production and employ-
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ment in the United States and the econ-
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omy of the United States; and
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(iii) a description of interactions of
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United States industry with—
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(I) entities owned or controlled
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by, or affiliated with, the Government
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of the People’s Republic of China; and
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(II) investments by entities of the
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People’s Republic of China in the
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United States.
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(2) PUBLIC UPDATES.—The Center shall pro-
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vide to the public on a monthly basis updates on im-
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plementation of the duties of the Center.
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(e) RECOMMENDATIONS
AND
STRATEGIES.—The
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Secretary of the Treasury, using data collected and syn-
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thesized by the Center under subsection (b) and in con-
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sultation with the Center, shall—
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(1) develop recommendations and strategies for
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ways in which the United States can respond to po-
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tential risks and exposures within the financial sys-
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tem of the People’s Republic of China; and
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(2) submit to the appropriate congressional
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committees a report that contains such recommenda-
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tions and strategies.
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(f) APPROPRIATE CONGRESSIONAL COMMITTEES DE-
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FINED.—In this section, the term ‘‘appropriate congres-
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sional committees’’ means—
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(1) the Committee on Foreign Relations, the
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Committee on Banking, Housing, and Urban Af-
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fairs, and the Committee on Commerce, Science, and
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Transportation of the Senate; and
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(2) the Committee on Foreign Affairs, the
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Committee on Financial Services, and the Com-
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mittee on Energy and Commerce of the House of
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Representatives.
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Æ
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