(a) Short title.—This Act may be cited as the “Economic and Commercial Opportunities and Networks Act of 2022” or the “ECON Act”.

(b) Table of contents.—The table of contents for this Act is as follows:

Sec. 1. Short title; table of contents.

(a) In general.—Chapter 5 of title I of the Foreign Service Act of 1980 (22 U.S.C. 3981 et seq.) is amended by adding at the end the following:

(b) Clerical amendment.—The table of contents for the Foreign Service Act of 1980 is amended by inserting after the item relating to section 505 the following:

“Sec. 506. Duties of economic officers.”.

Chapter 6 of the Foreign Service Act of 1980 (22 U.S.C. 4001 et seq.), is amended by adding at the end the following new section:

(a) Report.—Not later than April 1, 2023, and annually thereafter for four years, the Secretary of State shall submit to the appropriate congressional committees a report that includes—

(1) the Foreign Service cone of each current chief of mission and deputy chief of mission (or whoever is acting in the capacity of chief or deputy chief of mission if none is present) for each United States embassy in which there is a Foreign Service office filling either of those positions; and

(2) the aggregated global data for chiefs of mission and deputy chiefs of mission by cone.

(b) Appropriate congressional committees defined.—In this section, the term “appropriate congressional committees” means—

(1) the Committee on Foreign Relations of the Senate; and

(2) the Committee on Foreign Affairs of the House of Representatives.

(a) In general.—Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall submit to the appropriate congressional committees a report on the recruitment, retention, and promotion of economic officers in the Foreign Service.

(b) Elements.—The report required by subsection (a) shall include the following:

(1) An overview of the key challenges the Department of State faces in recruiting individuals to serve as economic officers in the Foreign Service.

(2) An overview of the key challenges the Department faces in retaining individuals serving as economic officers in the Foreign Service, particularly at the level of GS–14 of the General Schedule and higher.

(3) An overview of the key challenges in recruiting and retaining qualified individuals to serve in economic positions in the civil service.

(4) A comparison of promotion rates for economic officers in the Foreign Service relative to other officers in the Foreign Service.

(5) An identification by region of hard-to-fill posts and proposed incentives to improve staffing of economic officers in the Foreign Service at such posts.

(6) A summary and analysis of the factors that lead to the promotion of economic officers in the Foreign Service.

(7) A summary and analysis of the factors that lead to the promotion of individuals serving in economic positions in the civil service.

(c) Appropriate congressional committees defined.—In this section, the term “appropriate congressional committees” means—

(1) the Committee on Foreign Relations and the Committee on Appropriations of the Senate; and

(2) the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives.

(a) Mandate To revise Department of State performance measures for economic and commercial diplomacy.—The Secretary of State, acting through the Under Secretary for Economic Growth, Energy, and the Environment, shall conduct a full review and revision of Department of State performance measures for economic and commercial diplomacy. The revision shall identify outcome-oriented, and not process-oriented, performance metrics, including metrics that—

(1) measure how Department of State efforts advanced specific economic and commercial objectives and led to successes for the United States or other private sector actors overseas; and

(2) that focus on customer satisfaction with Department of State services and assistance.

(b) Plan for ensuring complete data for performance measures.—As part of the review required under subsection (a), the Secretary of State shall include a plan for ensuring that the Department of State, both at main headquarters and at domestic and overseas posts, maintains and fully updates data on performance measures to ensure that Department of State leadership and the appropriate congressional committees can evaluate the extent to which the Department is advancing United States economic and commercial interests abroad through meeting performance targets.

(c) Report on private sector surveys.—The Secretary of State, acting through the Under Secretary for Economic Growth, Energy, and the Environment, shall prepare a report that lists and describes any and all methods through which the Department of State conducts surveys of the private sector to measure private sector satisfaction with assistance and services provided by the Department of State to advance private sector economic and commercial goals in foreign markets.

(d) Transmission to Congress.—

(1) REPORT.—Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall submit to the appropriate congressional committees the revised performance metrics required under subsection (b) and the report required under subsection (d).

(2) BRIEFING.—Not later than 30 days after the report submissions required under paragraph (1), the Under Secretary for Economic Growth, Energy, and the Environment shall brief the appropriate congressional committees.

(e) Appropriate congressional committees.—In this section, the term “appropriate congressional committees” means—

(1) the Committee on Foreign Relations of the Senate; and

(2) the Committee on Foreign Affairs of the House of Representatives.

Section 207 of the Foreign Service Act of 1980 (22 U.S.C. 3927) is amended by adding at the end the following new subsection:

“(e) Embassy economic team.—

“(1) COORDINATION AND SUPERVISION RESPONSIBILITY.—The Chief of Mission shall have responsibility for coordinating and supervising the implementation of all United States economic policy interests within the host country, among all United States Government departments and agencies present in that country.

“(2) ACCOUNTABILITY.—The Chief of Mission shall be held accountable for the performance of United States missions in advancing United States economic policy interests within the host country, including the activities and initiatives of all United States Government departments and agencies present in that country.

“(3) MISSION ECONOMIC TEAM.—The Chief of Mission shall form an economic team made up of appropriate embassy staff with responsibility for—

“(A) monitoring notable economic developments in the host country; and

“(B) developing plans and strategies for advancing United States economic and commercial interests in the host country including—

“(i) tracking legislative, regulatory, judicial, and policy developments that could affect United States economic interests;

“(ii) advocating for best practices with respect to policy and regulatory developments;

“(iii) conducting a regular analysis of market systems, trends, prospects, and opportunities for value-addition, including risk assessments and constraints analyses of key sectors and of United States strategic competitiveness, and other reporting on commercial opportunities and investment climate; and

“(iv) providing recommendations for responding to such developments that may adversely affect United States economic and commercial interests.”.

(a) Purposes.—The purposes of deal teams at United States embassies and consulates are—

(1) to promote a private sector-led approach to advance economic growth and job creation, tailored as appropriate to specific economic sectors and while advancing strategic partnerships;

(2) to prioritize efforts to identify commercial opportunities, advocate for improvements in the business and investment climate, engage and consult with private sector partners, and report on such activities, in compliance with the applicable requirements of the Championing American Business Through Diplomacy Act of 2019 (title VII of division J of Public Law 116–94; 22 U.S.C. 9901 et seq.);

(3) to identify trade and investment opportunities for United States companies in foreign markets, or assist with existing trade and investment opportunities already identified by United States companies, and deploy United States Government economic and other tools to help such United States companies to secure their objectives;

(4) to identify and facilitate opportunities for entities in a host country to increase exports to or investment in the United States in order to grow two-way trade and investment;

(5) to modernize, streamline, and improve access to resources and services designed to promote increased trade and investment opportunities;

(6) to identify and secure United States or allied government support, including through the Strategic Infrastructure Fund authorized under section 303(c), of strategic projects, including projects vulnerable to predatory investment by an authoritarian country or entity in such country, where support or investment serves an important United States interest;

(7) to coordinate across the United States Government to ensure the appropriate and most effective use of United States Government tools to support United States economic and commercial objectives; and

(8) to coordinate with the Central Deal Team located in the United States on all these and other relevant matters.

(b) Clarification.—A deal team may, but does not have to, consist of the same personnel as a mission economic team formed pursuant to subsection (d)(3) of section 207 of the Foreign Service Act of 1980 (22 U.S.C. 3927), as added by section 201 of this Act.

(c) Restrictions.—Deal teams may not provide support for, or assist a United States person with a transaction with, a government, or an entity owned or controlled by a government, if the Secretary of State has determined that the government—

(1) has repeatedly provided support for acts of international terrorism for purposes of—

(A) section 1754(c)(1)(A)(i) of the Export Control Reform Act of 2018 (subtitle B of title XVII of Public Law 115–232);

(B) section 620A(a) of the Foreign Assistance Act of 1961 (22 U.S.C. 2371(a));

(C) section 40(d) of the Arms Export Control Act (22 U.S.C. 2780(d)); or

(D) any other relevant provision of law; or

(2) has engaged in a consistent pattern of gross violations of internationally recognized human rights for purposes of section 116(a) or 502B(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 2151n(a) and 2304(a)(2)) or any other relevant provision of law.

(d) Further restrictions.—

(1) PROHIBITION ON SUPPORT OF SANCTIONED PERSONS.—Deal teams may not carry out activities prohibited under United States sanctions laws or regulations, including dealings with persons on the list of specially designated persons and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury, except to the extent otherwise authorized by the Secretary of the Treasury or the Secretary of State.

(2) PROHIBITION ON SUPPORT OF ACTIVITIES SUBJECT TO SANCTIONS.—Any person receiving support from a deal team must be in compliance with all United States sanctions laws and regulations as a condition for receiving such assistance.

(e) Chief of Mission authority and accountability.—The Chief of Mission is the designated leader of a deal team in a given partner country, and shall be held accountable for the performance and effectiveness of United States deal teams in that country.

(f) Annual guidance cable.—Not later than January 31 each year, the Secretary of State shall send an All Diplomatic and Consular Posts (ALDAC) guidance cable on the role of deal teams that includes relevant and up-to-date information to enhance the effectiveness of deal teams in-country.

(g) Additional guidance cables.—The requirement of an annual ALDAC shall not be construed to preclude the Secretary of State from sending other communications to overseas posts regarding deal teams.

(h) Certification.—Not later than February 10 of each year, the Secretary of State shall certify to Congress that the cable required under subsection (f) was transmitted as an All Diplomatic and Consular Posts (ALDAC) cable, and shall provide a brief summary of the cable, including any major updates or changes compared with the prior annual guidance cable.

(i) Report.—Concurrently with the certification required under subsection (h), the Secretary of State shall submit an unclassified report to the appropriate congressional committees on the activities, achievements, and failures of deal teams, which shall include—

(1) a description of the nature and extent of coordination among relevant Federal departments and agencies;

(2) the dollar value of deals successfully completed by deal teams, disaggregated by country;

(3) the number of United States companies assisted by deal teams who achieved their objectives;

(4) the percentage of United States companies assisted by deal teams who achieved their objectives;

(5) a description of any exports to or investment into the United States by partner countries facilitated by deal teams;

(6) examples of successful investments, deals, or transactions in the infrastructure, energy, and digital sectors;

(7) examples where deal team support prevented predatory financing or other involvement by an authoritarian actor; and

(8) examples of failures of deal teams to achieve stated objectives, any lessons learned, and how deal teams will improve based on those lessons learned.

(j) Confidentiality of information.—

(1) IN GENERAL.—In preparing the certification and the report required under this section, the Secretary of State shall protect from disclosure any proprietary information of a United States person marked as business confidential information, unless the person submitting the information—

(A) had notice, at the time of submission, that the information would be released by; or

(B) subsequently consents to the release of the information.

(2) TREATMENT AS TRADE SECRETS.—Proprietary information obtained by the United States Government from a United States person pursuant to the activities of deal teams shall be—

(A) considered to be trade secrets and commercial or financial information (as those terms are used for purposes of section 552b(c)(4) of title 5, United States Code); and

(B) exempt from disclosure without the express approval of the person.

(k) Sunset.—The requirements under subsections (f) through (h) shall terminate five years after the date of the enactment of this Act.

(a) Establishment.—The Secretary of State shall establish a new award to be awarded to one deal team per region at a United States mission annually to recognize outstanding achievements in supporting a United States company or companies pursuing commercial deals abroad or in identifying new deal prospects for United States companies. The award shall be known as the “Deal Team of the Year Award”.

(b) Award content.—

(1) DEPARTMENT OF STATE.—Each member of a deal team receiving an award pursuant to this section shall receive a certificate that is signed by the Secretary of State and—

(A) in the case of a member of the Foreign Service, is included in the next employee evaluation report; or

(B) in the case of a Civil Service employee, is included in the next annual performance review.

(2) OTHER FEDERAL AGENCIES.—In the case of a United States Government employee that is not employed by the Department of State, the employing agency may determine whether to provide the employee receiving an award under this section any recognition or benefits in addition to those provided by the Department of State.

(c) Eligibility.—Any interagency economics team at a United States overseas mission under Chief of Mission authority that assists United States companies with identifying, navigating, and securing trade and investment opportunities in a foreign country, or that facilitates beneficial foreign investment into the United States is eligible for an award under this section.

(d) Transmission to Congress.—Not later than the end of the relevant fiscal year, the Secretary of State shall submit the following information to the appropriate congressional committees:

(1) The mission receiving the “Deal Team of the Year Award”.

(2) The names and agencies of each awardee within the deal team.

(3) A detailed description of the reason the deal team received the award.

(a) Pilot program.—Not later than 180 days after the date of the enactment of this Act, the President, acting through the Secretary of State, who shall coordinate with other relevant Federal departments and agencies, shall develop and implement a pilot program for the creation of deployable economic defense response teams to help provide targeted assistance and support to a country subjected to an urgent or specific threat or use of coercive economic practices by an adversary of the United States. Such assistance and support may include the following activities:

(1) Reducing the partner country’s vulnerability to coercive economic measures.

(2) Minimizing the damage that such measures by an adversary could cause to that country.

(3) Identifying sectors most susceptible to coercive economic behavior and providing suggested tools and strategies for an action plan.

(4) Implementing any bilateral or multilateral contingency plans that may exist for responding to the threat or use of such measures.

(5) In coordination with the partner country, developing or improving plans and strategies by the country for reducing vulnerabilities and improving responses to such measures in the future.

(6) Assisting the partner country in addressing foreign sovereign investment in infrastructure, the defense-industrial base, digital sector, or other strategic sectors that may undermine the partner country’s sovereignty or harm United States national interests.

(7) Assisting the partner country in responding to specific efforts from an adversary attempting to employ coercive economic practices that undermine the partner country’s sovereignty, including efforts that undermine cybersecurity or digital infrastructure of the partner country or initiatives that introduce digital technologies in a manner that undermines freedom, security, and sovereignty of the partner country or its citizens.

(8) Otherwise providing direct and relevant short-to-medium term economic or other assistance from the United States and marshalling other resources in support of effective responses to coercive economic practices.

(b) Institutional support.—The pilot program required by subsection (a) should include the following elements:

(1) Identification and designation of relevant personnel or ongoing lines of effort within the United States Government with expertise relevant to the objectives specified in subsection (a), including personnel in—

(A) the Department of State, for overseeing the economic defense response team’s activities, engaging with the partner country government and other stakeholders, and other purposes relevant to advancing the success of the mission of the economic defense response team;

(B) the United States Agency for International Development, for the purposes of providing technical and other assistance, generally;

(C) the Department of the Treasury, for the purposes of providing advisory support and assistance on all financial matters and fiscal implications of the crisis at hand;

(D) the Department of Commerce, for the purposes of providing economic analysis and assistance in market development relevant to the partner country’s response to the crisis at hand, technology security as appropriate, and other matters that may be relevant;

(E) the Department of Energy, for the purposes of providing advisory services and technical assistance with respect to energy needs as affected by the crisis at hand;

(F) the Department of Homeland Security, for the purposes of providing assistance with respect to digital and cybersecurity matters, and assisting in the development of any contingency plans referred to in paragraphs (3) and (6) of subsection (a) as appropriate;

(G) the Department of Agriculture, for providing advisory and other assistance with respect to responding to coercive practices such as arbitrary market closures that affect the partner country’s agricultural sector;

(H) the Office of the United States Trade Representative with respect to providing support and guidance on trade and investment matters;

(I) the Department of Defense with respect to providing support or assistance on defense sector, transportation infrastructure, and national security-sensitive technologies; and

(J) other Federal departments and agencies as determined by the President.

(2) Negotiation of memoranda of understanding, where appropriate, with other United States Government components for the provision of any relevant participating or detailed non-Department of State personnel identified under paragraph (1).

(3) Negotiation of contracts, as appropriate, with private sector representatives or other individuals with relevant expertise to advance the objectives specified in subsection (a).

(4) Development within the United States Government of—

(A) appropriate training curricula for relevant experts identified under paragraph (1) and for United States diplomatic personnel in a country actually or potentially threatened by coercive economic practices;

(B) operational procedures and appropriate protocols for the rapid assembly of such experts into one or more teams for deployment to a country actually or potentially threatened by coercive economic measures; and

(C) procedures for ensuring appropriate support for such teams, including, as applicable, logistical assistance, office space, information support, and communications.

(5) Clear direction to United States diplomatic missions on the rapid and effective deployment of such teams, if necessary, and the establishment of appropriate liaison relationships with local public and private sector officials and entities.

(c) Reports required.—

(1) REPORT ON ESTABLISHMENT.—Upon establishment of the pilot program required by subsection (a), the Secretary of State shall provide the appropriate committees of Congress with a detailed report and briefing describing the pilot program, the major elements of the program, the personnel and institutions involved, and the degree to which the program incorporates the elements described in subsection (a).

(2) FOLLOW-UP REPORT.—Not later than one year after the report required by paragraph (1), the Secretary of State shall provide the appropriate committees of Congress with a detailed report and briefing describing the operations over the previous year of the pilot program established pursuant to subsection (a), as well as the Secretary’s assessment of its performance and suitability for becoming a permanent program.

(3) FORM.—Each report required under this subsection shall be submitted in unclassified form, but may include a classified annex.

(d) Declaration of a major economic threat required.—

(1) NOTIFICATION.—The President may activate an economic defense response team for a period of 180 days under the authorities of this section to assist a partner country in responding to an unusual and extraordinary economic coercive threat by an adversary of the United States upon the declaration of a coercive economic emergency, together with notification to the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives.

(2) EXTENSION AUTHORITY.—The President may activate the response team for an additional 180 days upon the submission of a detailed analysis to the committees described in paragraph (1) justifying why the continued deployment of the economic defense response team in response to the economic emergency is in the national interests of the United States.

(e) Sunset.—The authorities provided under this section shall expire on December 31, 2026.

(f) Authorization of appropriations.—There is authorized to be appropriated $20,000,000 for each of fiscal years 2023 through 2027.

(g) Rule of construction.—Neither the authority to declare an economic crisis provided for in subsection (d), nor the declaration of an economic crisis pursuant to subsection (d), shall confer or be construed to confer any authority, power, duty, or responsibility to the President other than the authority to activate an economic defense response team as described in this section.

(h) Appropriate committees of Congress defined.—In this section, the term “appropriate committees of Congress” means—

(1) the Committee on Foreign Relations, the Committee on Banking, Housing, and Urban Affairs, the Committee on Commerce, Science, and Transportation, the Committee on Energy and Natural Resources, the Committee on Agriculture, Nutrition, and Forestry, the Committee on Armed Services, and the Committee on Finance of the Senate; and

(2) the Committee on Foreign Affairs, the Committee on Financial Services, the Committee on Energy and Commerce, the Committee on Agriculture, the Committee on Armed Services, and the Committee on Ways and Means of the House of Representatives.

(a) Definitions.—In this section:

(1) APPROPRIATE CONGRESSIONAL COMMITTEES.—The term “appropriate congressional committees” means—

(A) the Committee on Foreign Relations and the Committee on Appropriations of the Senate; and

(B) the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives.

(2) PACIFIC ISLANDS.—The term “Pacific Islands” means the nations of Federated States of Micronesia, Fiji, Kiribati, Nauru, Palau, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.

(3) SOUTHEAST ASIA.—The term “Southeast Asia” means the nations of Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, and Timor-Leste.

(b) Establishment of center of excellence.—The Secretary, in coordination with the heads of relevant Federal departments and agencies, is authorized to enter into public-private partnerships and establish a center of excellence located in a Southeast Asian country to build and enhance the technical capacity of officials, emerging leaders, and other qualified persons from countries in Southeast Asia and the Pacific Islands.

(c) Priority areas for technical assistance and capacity building.—The center of excellence established under subsection (b) will provide technical assistance and capacity building in the following areas:

(1) Revenue, customs, and income.

(2) Regulatory management.

(3) Procurement processes, including tendering, bidding, and contract negotiation.

(4) Budget management and oversight.

(5) Management of key economic sectors, including energy, digital economy, and infrastructure.

(d) Terms and conditions.—The program authorized under this section shall—

(1) leverage existing United States foreign assistance programs and activities in Southeast Asia and the Pacific Islands, which may include assistance provided under—

(A) future leaders initiatives, such as the Young Southeast Asia Leaders Initiative and the Young Pacific Leaders Program;

(B) the American Schools and Hospitals Abroad Act (22 U.S.C. 2174);

(C) the Millennium Challenge Act of 2003 (22 U.S.C. 7701);

(D) U.S.-Support for Economic Growth in Asia (US–SEGA); and

(E) other relevant education or scholarship programs;

(2) be supported by instructors that—

(A) (i) currently serve in relevant areas of the United States Government with a rank of not less than 12 on the GS scale; or

(ii) possess at least ten years of experience relevant to the areas of instruction identified in subsection (c);

(B) meet high professional standards within their fields; and

(C) are contracted by the center of excellence established under subsection (b) or are deployed or detailed directly from a Federal Government agency;

(3) seek to attract participants who—

(A) (i) are currently senior or mid-career officials in key technical ministries of participating countries in Southeast Asia or the Pacific Islands;

(ii) have demonstrated leadership potential and direct responsibility for crafting or implementing policies relevant to the areas of instruction identified in subsection (c); and

(iii) commit to return to government service for a period of not less than five years after completing the program outlined in this section; or

(B) are currently employed in utilities, publicly or privately owned companies, or other nongovernment entities with direct responsibility for crafting or implementing policies relevant to the areas of instruction identified in subsection (c); and

(4) require financial or in-kind contributions from participating governments, commensurate with the gross domestic product of the countries.

(e) Authorization To enter into memoranda of understanding.—To fulfill the terms and conditions specified by subsection (d), the Secretary of State is authorized to enter into memoranda of understanding with participating governments to determine what financial or in-kind contributions will be made by the United States and what financial or in-kind contributions will be made by the participating government.

(f) Specification for memoranda of understanding.—The value of financial or in-kind contributions by the United States and a particular participating government shall be determined and audited by an independent entity chosen by mutual agreement of the United States and such government.

(g) Consultation and reporting requirements.—

(1) CONSULTATION.—The Secretary shall consult with the appropriate congressional committees prior to the obligation of funds authorized to be appropriated under this Act.

(2) CONSULTATION ON EXPANSION OUTSIDE SOUTHEAST ASIA AND THE PACIFIC ISLANDS.—The Secretary shall consult with the appropriate congressional committees prior to expanding the availability of this program to nations outside of Southeast Asia and the Pacific Islands.

(3) ANNUAL REPORT.—The Secretary shall submit to the appropriate congressional committees an annual report on the activities of the program authorized under this subsection through fiscal year 2025. The report shall include—

(A) a description of all major activities in the previous year;

(B) a description of the financial and other contributions of the United States Government;

(C) a description of the contributions made by governments in Southeast Asia or the Pacific Islands;

(D) an assessment of the program’s successes; and

(E) an assessment of any required authorities, funding, or other alterations to improve the program’s effectiveness.

(h) Authorization of appropriations.—There is authorized to be appropriated $15,000,000 for each of fiscal years 2023 through 2027 to carry out this section.

(a) In general.—The Secretary of State, in coordination with the heads of other participating Federal agencies, shall establish and develop a program to facilitate and encourage regular dialogues between United States Government regulatory and technical agencies and their counterpart organizations in allied and partner countries, both bilaterally and in relevant multilateral institutions and organizations—

(1) to promote best practices in regulatory formation and implementation;

(2) to collaborate to achieve optimal regulatory outcomes based on scientific, technical, and other relevant principles;

(3) to seek better harmonization and alignment of regulations and regulatory practices;

(4) to build consensus around industry and technical standards in emerging sectors that will drive future global economic growth and commerce; and

(5) to promote United States standards regarding environmental, labor, and other relevant protections in regulatory formation and implementation, in keeping with the values of free and open societies, including the rule of law.

(b) Prioritization of activities.—In facilitating expert exchanges under subsection (a), the Secretary shall prioritize—

(1) bilateral coordination and collaboration with countries where greater regulatory coherence, harmonization of standards, or communication and dialogue between technical agencies is achievable and best advances the economic and national security interests of the United States;

(2) multilateral coordination and collaboration where greater regulatory coherence, harmonization of standards, or dialogue on other relevant regulatory matters is achievable and best advances the economic and national security interests of the United States, including with—

(A) the European Union;

(B) the Asia-Pacific Economic Cooperation;

(C) the Association of Southeast Asian Nations (ASEAN);

(D) the Organization for Economic Cooperation and Development (OECD); and

(E) multilateral development banks; and

(3) regulatory practices and standards-setting bodies focused on key economic sectors and emerging technologies.

(c) Participation by nongovernmental entities.—With regard to the program described in subsection (a), the Secretary of State may facilitate, including through the use of amounts appropriated pursuant to subsection (e), the participation of private sector representatives, and other relevant organizations and individuals with relevant expertise, as appropriate and to the extent that such participation advances the goals of such program.

(d) Delegation of authority by the Secretary.—The Secretary of State is authorized to delegate the responsibilities described in this section to the Under Secretary of State for Economic Growth, Energy, and the Environment.

(e) Authorization of appropriations.—

(1) IN GENERAL.—There is authorized to be appropriated $2,500,000 for each of fiscal years 2022 through 2026 to carry out this section.

(2) USE OF FUNDS.—The Secretary may make available amounts appropriated pursuant to paragraph (1) in a manner that—

(A) facilitates participation by representatives from technical agencies within the United States Government and their counterparts; and

(B) complies with applicable procedural requirements under the State Department Basic Authorities Act of 1956 (22 U.S.C. 2651a et seq.) and the Foreign Assistance Act of 1961 (22 U.S.C. 2151 et seq.).

(a) Authority.—The Secretary of State is authorized to establish an initiative, to be known as the “Infrastructure Transaction and Assistance Network”, under which the Secretary of State, in consultation with other relevant Federal agencies, may carry out various programs to advance the development of sustainable, transparent, and high-quality infrastructure in the Indo-Pacific region by—

(1) strengthening capacity-building programs to improve project evaluation processes, regulatory and procurement environments, and project preparation capacity of countries that are partners of the United States in such development;

(2) providing transaction advisory services and project preparation assistance to support sustainable infrastructure; and

(3) coordinating the provision of United States assistance for the development of infrastructure, including infrastructure that utilizes United States-manufactured goods and services, and catalyzing investment led by the private sector.

(b) Transaction Advisory Fund.—As part of the “Infrastructure Transaction and Assistance Network” described under subsection (a), the Secretary of State is authorized to provide support, including through the Transaction Advisory Fund, for advisory services to help boost the capacity of partner countries to evaluate contracts and assess financial, environmental, or other relevant impacts of potential infrastructure projects, including through providing services such as—

(1) legal services;

(2) project preparation and feasibility studies;

(3) debt sustainability analyses;

(4) bid or proposal evaluation; and

(5) other services relevant to advancing the development of sustainable, transparent, and high-quality infrastructure.

(c) Strategic Infrastructure Fund.—

(1) IN GENERAL.—As part of the “Infrastructure Transaction and Assistance Network” described under subsection (a), the Secretary of State is authorized to provide support, including through the Strategic Infrastructure Fund, for technical assistance, project preparation, pipeline development, and other infrastructure project support.

(2) JOINT INFRASTRUCTURE PROJECTS.—Funds authorized for the Strategic Infrastructure Fund should be used in coordination with the Department of Defense, the International Development Finance Corporation, like-minded donor partners, and multilateral banks, as appropriate, to support joint infrastructure projects in the Indo-Pacific region.

(3) STRATEGIC INFRASTRUCTURE PROJECTS.—Funds authorized for the Strategic Infrastructure Fund should be used to support strategic infrastructure projects that are in the national security interest of the United States and vulnerable to strategic competitors.

(d) Authorization of appropriations.—There is authorized to be appropriated, for each of fiscal years 2022 to 2026, $75,000,000 to the Infrastructure Transaction and Assistance Network, of which $20,000,000 is to be provided for the Transaction Advisory Fund.

(a) Digital Connectivity and Cybersecurity Partnership.—The Secretary of State is authorized to establish a program, to be known as the “Digital Connectivity and Cybersecurity Partnership” to help foreign countries—

(1) expand and increase secure internet access and digital infrastructure in emerging markets;

(2) protect technological assets, including data;

(3) adopt policies and regulatory positions that foster and encourage open, interoperable, reliable, and secure internet, the free flow of data, multi-stakeholder models of internet governance, and pro-competitive and secure information and communications technology (ICT) policies and regulations;

(4) promote exports of United States ICT goods and services and increase United States company market share in target markets;

(5) promote the diversification of ICT goods and supply chain services to be less reliant on imports from the People's Republic of China; and

(6) build cybersecurity capacity, expand interoperability, and promote best practices for a national approach to cybersecurity.

(b) Implementation plan.—Not later than 180 days after the date of the enactment of this Act, the Secretary of State shall submit to the appropriate committees of Congress an implementation plan for the coming year to advance the goals identified in subsection (a).

(c) Consultation.—In developing the action plan required by subsection (b), the Secretary of State shall consult with—

(1) the appropriate congressional committees;

(2) leaders of the United States industry;

(3) other relevant technology experts, including the Open Technology Fund;

(4) representatives from relevant United States Government agencies; and

(5) representatives from like-minded allies and partners.

(d) Briefing requirement.—Not later than 180 days after the date of the enactment of this Act, and annually thereafter for five years, the Secretary of State shall provide the appropriate congressional committees a briefing on the implementation of the plan required by subsection (b).

(e) Authorization of appropriations.—There is authorized to be appropriated $100,000,000 for each of fiscal years 2022 through 2026 to carry out this section.

(a) Establishment.—The Secretary of State shall establish a pilot program—

(1) to identify and evaluate barriers to trade and investment in developing countries that are partners of the United States; and

(2) to provide assistance relating to trade capacity building and trade facilitation to those countries.

(b) Purposes.—Under the pilot program established under subsection (a), the Secretary shall, in partnership with the countries selected under subsection (c)(1) to participate in the pilot program—

(1) identify barriers in those countries to enhancing international trade and investment with the goal of setting priorities for the efficient use of United States trade-related assistance;

(2) focus United States trade-related assistance on building self-sustaining institutional capacity for expanding international trade in those countries, consistent with international obligations and commitments; and

(3) further the national interests of the United States by—

(A) expanding prosperity through the elimination of foreign barriers to trade and investment;

(B) assisting the countries selected under subsection (c)(1) to identify and reduce barriers to—

(i) the movement of goods in international commerce; and

(ii) foreign investment;

(C) assisting those countries in undertaking reforms that will encourage economic engagement and sustainable development; and

(D) assisting private sector entities in those countries to engage in reform efforts and enhance productive global supply chain partnerships with the United States and allies and partners of the United States.

(c) Selection of countries.—

(1) IN GENERAL.—The Secretary shall select countries for participation in the pilot program under subsection (a) from among countries—

(A) that are developing countries and partners of the United States;

(B) the governments of which have clearly demonstrated a willingness to make appropriate legal, policy, and regulatory reforms by adopting internationally recognized best practices that are proven to stimulate economic growth and job creation, consistent with international trade rules and practices; and

(C) that meet such additional criteria as may be established jointly by the Secretary and the Administrator of the United States Agency for International Development.

(2) CONSIDERATIONS FOR ADDITIONAL CRITERIA.—In establishing additional criteria under paragraph (1)(C), the Secretary and the Administrator shall—

(A) identify and address structural weaknesses, systemic flaws, or other impediments within countries that may be considered for participation in the pilot program under subsection (a) that impact the effectiveness of United States trade-related assistance and make recommendations for addressing those weaknesses, flaws, and impediments;

(B) set priorities for trade capacity building to focus resources on countries where the provision of trade-related assistance can deliver the best value in identifying and eliminating barriers to trade and investment, including by fostering adherence to international trade obligations; and

(C) developing appropriate performance measures and establishing annual targets to monitor and assess progress toward those targets, including measures to be used to terminate the provision of assistance determined to be ineffective.

(3) NUMBER AND DEADLINE FOR SELECTIONS.—

(A) IN GENERAL.—Not later than 270 days after the date of the enactment of this Act, and annually thereafter, the Secretary, with the concurrence of the United States Trade Representative and the Administrator, shall select countries under paragraph (1) for participation in the pilot program under subsection (a).

(B) NUMBER.—The Secretary shall select for participation in the pilot program under subsection (a)—

(i) not fewer than 5 countries during the one-year period beginning on the date of the enactment of this Act; and

(ii) not fewer than 15 countries during the 5-year period beginning on such date of enactment.

(4) PRIORITIZATION BASED ON RECOMMENDATIONS FROM CHIEFS OF MISSION.—In selecting countries under paragraph (1) for participation in the pilot program under subsection (a), the Secretary, with the concurrence of the Trade Representative and the Administrator, shall prioritize countries recommended by chiefs of mission that—

(A) will be able to substantially benefit from expanded United States trade-related assistance; and

(B) the governments of which have demonstrated the political will to effectively and sustainably implement such assistance.

(d) Evaluation of areas of cooperation.—In carrying out the pilot program established under subsection (a), the Secretary of State shall use the principal trade negotiating objectives set forth in section 102(b) of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (19 U.S.C. 4201(b)) to determine areas of cooperation with a country selected under subsection (c)(1) to participate in the pilot program.

(e) Plans of action.—

(1) IN GENERAL.—The Administrator, in coordination with the Secretary, shall lead efforts to engage relevant officials of each country selected under subsection (c)(1) to participate in the pilot program under subsection (a) with respect to the development of a plan of action to promote conditions favorable for business and commercial development and economic and job growth in the country.

(2) ANALYSIS REQUIRED.—The development of a plan of action under paragraph (1) shall include a comprehensive analysis of relevant legal, policy, and regulatory constraints to economic and job growth in that country.

(3) ELEMENTS.—A plan of action developed under paragraph (1) for a country shall include the following:

(A) Priorities for reform agreed to by the government of that country and the United States.

(B) Clearly defined policy responses, including regulatory and legal reforms, as necessary, to achieve improvement in the business and commercial environment in the country.

(C) Identification of the anticipated costs to establish and implement the plan.

(D) Identification of appropriate sequencing and phasing of implementation of the plan to create cumulative benefits, as appropriate.

(E) Identification of best practices and standards.

(F) Considerations with respect to how to make the policy reform investments under the plan long-lasting.

(G) Appropriate consultation with affected stakeholders in that country and in the United States.

(f) Termination.—The pilot program established under subsection (a) shall terminate on the date that is 5 years after the date of the enactment of this Act.

(a) Findings.—Congress makes the following findings:

(1) The United Nations Convention on the Assignment of Receivables in International Trade, done at New York December 12, 2001, and signed by the United States on December 30, 2003 (in this section referred to as the “Convention”), establishes uniform international rules governing a form of financing widely used in the United States involving the assignment of receivables.

(2) Receivables financing is an important tool in helping United States businesses secure working capital financing. Within the United States, lenders and buyers of receivables provide financing based on the use of receivables from debtors located within the United States as working capital collateral.

(3) Receivables financing occurs in transactions in which businesses either sell their rights to payments from their customers (known as “receivables”) to a bank or other financial institution, or use their rights to those payments as collateral for a loan from a lender. The businesses selling or using their receivables as collateral are referred to as “assignors” and buyers and lenders are referred to as “assignees”.

(4) Many countries, however, do not have the kinds of modern commercial finance laws on the assignment of receivables required to implement the Convention.

(5) United States-based lenders are less willing to make loans secured by receivables owed by debtors located outside the United States, as such cross-border transactions may involve countries the laws of which are inconsistent with modern financial practices.

(6) Because of the risk, cost, and uncertainty created by receivables financing laws in other countries, which vary greatly or can be vague or unpredictable, the ability of small and medium-sized United States businesses to access financing from lenders using international accounts receivables derived from exports or other cross-border transactions is severely limited.

(7) Expanded access to receivables financing in international trade, which the Convention would promote, will provide United States businesses with an additional source of capital at no cost to the United States taxpayer, benefitting small and medium-sized businesses that use receivables financing.

(8) The Convention is consistent with article 9 of the United States Uniform Commercial Code, as adopted by all 50 States, the District of Columbia, and the territories of Puerto Rico and the Virgin Islands.

(9) The Convention includes extensive rules on the use of receivables to finance operations, using receivables as collateral, and how to resolve potential conflicts of law arising from the use of receivables.

(10) Adoption of the Convention would establish more predictability and uniformity with respect to receivables financing in cross-border transactions, thereby opening up new opportunities for trade and economic growth between the United States and its partners in the developing world.

(11) The Senate consented to ratification of the Convention in January 2019.

(12) The President ratified the Convention in October 2019.

(b) Sense of the Senate.—It is the sense of the Senate that the Secretary of State should, in the regular course of economic dialogues with developing countries that are partners of the United States, promote the adoption and implementation of the Convention as an important tool—

(1) to help attract foreign investment to and trade with such countries; and

(2) to establish a predictable, rules-based framework that can help such countries create additional sources of capital at no cost, benefitting small and medium-sized businesses that use receivables financing.

(a) Prohibited acts.—

(1) IN GENERAL.—No entity owned, controlled, or directed by a foreign state or an agent or instrumentality of a foreign state (as defined in section 1603 of title 28, United States Code) and participating in international commerce may establish or set prices below the average variable cost in a manner that may foreseeably harm competition.

(2) ECONOMIC SUPPORT.—In determining the average variable cost under paragraph (1), the court may take into account the effects of economic support provided by the owning or controlling foreign state to the entity on a discriminatory basis that may allow the entity to unfairly price at or below marginal cost.

(3) GOVERNMENT SUBSIDIES.—In determining the foreseeability of the elimination of market competitors under paragraph (1), the court may take into account the aggravating factor of the actions of the foreign state owning or controlling the entity referred to in such paragraph to use government resources to subsidize or underwrite the losses of the entity in a manner that allows the entity to sustain the predatory period and recoup its losses.

(4) MARKET POWER NOT REQUIRED.—For the purpose of establishing the elements of (a)(1), the plaintiff shall not be required to demonstrate that the defendant has monopoly or market power.

(b) Recovery of damages.—Any person (as defined in section 1(a) of the Clayton Act (15 U.S.C. 12(a)) whose business or property is injured as a result of the actions of an entity described in subsection (a) shall be entitled to recovery from the defendant for damages and other related costs under section 4 of such Act (15 U.S.C. 15).

(c) Elements of prima facie case.—A plaintiff may initiate a claim against a defendant in an appropriate Federal court for a violation of subsection (a) in order to recover damages under subsection (b) by—

(1) establishing, by a preponderance of the evidence, that the defendant—

(A) is a foreign state or an agency or instrumentality of a foreign state (as defined in section 1603 of title 28, United States Code); and

(B) is not immune from the jurisdiction of the Federal court pursuant to section 1605(a)(2) of title 28, United States Code; and

(2) setting forth sufficient evidence to establish a reasonable inference that the defendant has violated subsection (a).

(d) Court determination leading to evidentiary burden shifting to defendant.—If a Federal court finds that a plaintiff has met its burden of proof under subsection (c), the court may determine that—

(1) the plaintiff has established a prima facie case that the conduct of the defendant is in violation of subsection (a); and

(2) the defendant has the burden of rebutting such case by establishing that the defendant is not in violation of subsection (a).

(e) Filing of amicus briefs by the Department of State and Department of Justice regarding international comity and harm to competition.—

(1) IN GENERAL.—For the purposes of considering questions of international comity with respect to making decisions regarding commercial activity and the scope of applicable sovereign immunity, the Federal court may receive and consider relevant amicus briefs filed by the Secretary of State.

(2) ATTORNEY GENERAL.—For the purposes of considering questions regarding assessing potential harm to competition, the Federal court may receive and consider relevant amicus briefs filed by the Attorney General.

(3) SAVINGS PROVISION.—Nothing in paragraph (1) may be construed to limit the ability of the Federal court to receive and consider any other amicus briefs.

(a) In general.—Section 1832(a) of title 18, United States Code, is amended—

(1) by redesignating paragraphs (4) and (5) as paragraphs (5) and (6), respectively;

(2) by inserting after paragraph (3) the following:

“(4) without authorization modifies or develops a product or digital article that could not have been modified or developed in the same way without access to such information;”; and

(3) in paragraphs (5) and (6), as redesignated by paragraph (1), by striking “through (3)” and inserting “through (4)”.

(b) Applicability to conduct outside the United States.—Section 1837 of title 18, United States Code, is amended—

(1) in paragraph (1), by striking “; or” and inserting a semicolon;

(2) in paragraph (2), by striking the period at the end and inserting “; or”; and

(3) by adding at the end the following:

“(3) in the case of a violation of section 1832(a)(4), the offender attempts to import a product or digital article described in that section into the United States.”.

(c) Definitions.—Section 1839 of title 18, United States Code, is amended—

(1) in paragraph (3), in the matter preceding subparagraph (A), by inserting “data,” after “programs,”;

(2) in paragraph (6)(B), by striking “; and” and inserting a semicolon;

(3) in paragraph (7), by striking the period at the end and inserting “; and”; and

(4) by adding at the end the following:

“(8) the term ‘digital article’ means an algorithm, digitized process, or database, or any other electronic technology that generates, stores, or processes data.”.

(a) Definitions.—In this section:

(1) APPROPRIATE CONGRESSIONAL COMMITTEES.—The term “appropriate congressional committees” means—

(A) the Committee on Foreign Relations, the Committee on Banking, Housing, and Urban Affairs, the Committee on Commerce, Science, and Transportation, and the Committee on the Judiciary of the Senate; and

(B) the Committee on Foreign Affairs, the Committee on Financial Services, the Committee on Energy and Commerce, and the Committee on the Judiciary of the House of Representatives.

(2) COMMITTEE.—The term “Committee” means the committee established or designated under subsection (b).

(3) FOREIGN PERSON.—The term “foreign person” means a person that is not a United States person.

(4) INTELLECTUAL PROPERTY.—The term “intellectual property” means—

(A) any work protected by a copyright under title 17, United States Code;

(B) any property protected by a patent granted by the United States Patent and Trademark Office under title 35, United States Code;

(C) any word, name, symbol, or device, or any combination thereof, that is registered as a trademark with the United States Patent and Trademark Office under the Act entitled “An Act to provide for the registration and protection of trademarks used in commerce, to carry out the provisions of certain international conventions, and for other purposes”, approved July 5, 1946 (commonly known as the “Lanham Act” or the “Trademark Act of 1946”) (15 U.S.C. 1051 et seq.);

(D) a trade secret (as defined in section 1839 of title 18, United States Code); or

(E) any other form of intellectual property.

(5) UNITED STATES PERSON.—The term “United States person” means—

(A) a United States citizen or an alien lawfully admitted for permanent residence to the United States; or

(B) an entity organized under the laws of the United States or any jurisdiction within the United States, including a foreign branch of such an entity.

(b) Establishment of a committee.—

(1) IN GENERAL.—The President shall—

(A) establish a multi-agency committee to carry out this section; or

(B) designate an existing multi-agency committee within the executive branch to carry out this section if the President determines that the existing committee has the relevant expertise and personnel to carry out this section.

(2) MEMBERSHIP.—The Committee shall be comprised of the following officials (or, subject to paragraph (3), a designee of any such official):

(A) The Secretary of the Treasury.

(B) The Secretary of Commerce.

(C) The Secretary of State.

(D) The Attorney General.

(E) The Director of National Intelligence.

(F) The heads of such other agencies as the President determines appropriate, generally or on a case-by-case basis.

(3) DESIGNEE.—An official specified in paragraph (2) may select a designee to serve on the Committee from among individuals serving in positions appointed by the President by and with the advice and consent of the Senate.

(4) CHAIR AND VICE CHAIR.—The President shall appoint a chairperson and a vice chairperson of the Committee from among the members of the Committee.

(c) Submission of petitions.—

(1) IN GENERAL.—A United States person described in paragraph (3) may submit a petition to the Committee requesting that the Committee—

(A) review, under subsection (d), a significant act or series of acts described in paragraph (2) committed by a foreign person; and

(B) refer the matter to the President with a recommendation to impose sanctions under subsection (e) to address any threat to the national security of the United States posed by the significant act or series of acts.

(2) SIGNIFICANT ACT OR SERIES OF ACTS DESCRIBED.—A significant act or series of acts described in this paragraph is a significant act or series of acts of—

(A) theft of intellectual property of a United States person; or

(B) forced transfer of technology that is the intellectual property of a United States person.

(3) UNITED STATES PERSON DESCRIBED.—A United States person is described in this paragraph if—

(A) a court of competent jurisdiction in the United States has rendered a final judgment in favor of the United States person that—

(i) the foreign person identified in the petition submitted under paragraph (1) committed the significant act or series of acts identified in the petition;

(ii) the United States person is the owner of the intellectual property identified in the petition; and

(iii) the foreign person is using that intellectual property without the permission of the United States person; and

(B) the United States person can provide clear and convincing evidence to the Committee that the value of the economic loss to the United States person resulting from the significant act or series of acts exceeds $10,000,000.

(d) Review and action by the committee.—

(1) REVIEW.—Upon receiving a petition under subsection (c), the Committee shall conduct a review of the petition in order to determine whether the imposition of sanctions under subsection (e) is necessary and appropriate to address any threat to the national security of the United States posed by the significant act or series of acts identified in the petition.

(2) ACTION.—After conducting a review under paragraph (1) of a petition submitted under subsection (c), the Committee may take no action, dismiss the petition, or refer the petition to the President with a recommendation with respect to whether to impose sanctions under subsection (e).

(e) Imposition of sanctions.—

(1) IN GENERAL.—The President may impose the sanctions described in paragraph (3) with respect to a foreign person identified in a petition submitted under subsection (c) if the President determines that imposing such sanctions is necessary and appropriate to address any threat to the national security of the United States posed by the significant act or series of acts identified in the petition.

(2) NOTICE TO CONGRESS.—Not later than 30 days after the Committee refers a petition to the President with a recommendation under subsection (d)(2), the President shall submit to the appropriate congressional committees a notice of the determination of the President under paragraph (1) with respect to whether or not to impose sanctions described in paragraph (3) with respect to each foreign person identified in the petition. Each notice required under this paragraph shall be submitted in unclassified form, but may include a classified annex.

(3) SANCTIONS DESCRIBED.—The sanctions that may be imposed under paragraph (1) with respect to a foreign person identified in a petition submitted under subsection (c) are the following:

(A) EXPORT SANCTION.—The President may order the United States Government not to issue any specific license and not to grant any other specific permission or authority to export any goods or technology to the person under—

(i) the Export Control Reform Act of 2018 (50 U.S.C. 4801 et seq.);

(ii) the Arms Export Control Act (22 U.S.C. 2751 et seq.);

(iii) the Atomic Energy Act of 1954 (42 U.S.C. 2011 et seq.); or

(iv) any other statute that requires the prior review and approval of the United States Government as a condition for the export or reexport of goods or services.

(B) LOANS FROM UNITED STATES FINANCIAL INSTITUTIONS.—The President may prohibit any United States financial institution from making loans or providing credits to the person totaling more than $10,000,000 in any 12-month period unless the person is engaged in activities to relieve human suffering and the loans or credits are provided for such activities.

(C) LOANS FROM INTERNATIONAL FINANCIAL INSTITUTIONS.—The President may direct the United States executive director to each international financial institution to use the voice and vote of the United States to oppose any loan from the international financial institution that would benefit the person.

(D) PROHIBITIONS ON FINANCIAL INSTITUTIONS.—The following prohibitions may be imposed against the person if the person is a financial institution:

(i) PROHIBITION ON DESIGNATION AS PRIMARY DEALER.—Neither the Board of Governors of the Federal Reserve System nor the Federal Reserve Bank of New York may designate, or permit the continuation of any prior designation of, the financial institution as a primary dealer in United States Government debt instruments.

(ii) PROHIBITION ON SERVICE AS A REPOSITORY OF GOVERNMENT FUNDS.—The financial institution may not serve as agent of the United States Government or serve as repository for United States Government funds.

(E) PROCUREMENT SANCTION.—The President may prohibit the United States Government from procuring, or entering into any contract for the procurement of, any goods or services from the person.

(F) FOREIGN EXCHANGE.—The President may, pursuant to such regulations as the President may prescribe, prohibit any transactions in foreign exchange that are subject to the jurisdiction of the United States and in which the person has any interest.

(G) BANKING TRANSACTIONS.—The President may, pursuant to such regulations as the President may prescribe, prohibit any transfers of credit or payments between financial institutions or by, through, or to any financial institution, to the extent that such transfers or payments are subject to the jurisdiction of the United States and involve any interest of the person.

(H) PROPERTY TRANSACTIONS.—The President may, pursuant to such regulations as the President may prescribe, prohibit any person from—

(i) acquiring, holding, withholding, using, transferring, withdrawing, transporting, importing, or exporting any property that is subject to the jurisdiction of the United States and with respect to which the person identified in the petition has any interest;

(ii) dealing in or exercising any right, power, or privilege with respect to such property; or

(iii) conducting any transaction involving such property.

(I) BAN ON INVESTMENT IN EQUITY OR DEBT OF SANCTIONED PERSON.—The President may, pursuant to such regulations or guidelines as the President may prescribe, prohibit any United States person from investing in or purchasing significant amounts of equity or debt instruments of the person.

(J) EXCLUSION OF CORPORATE OFFICERS.—The President may direct the Secretary of State to deny a visa to, and the Secretary of Homeland Security to exclude from the United States, any alien that the President determines is a corporate officer or principal of, or a shareholder with a controlling interest in, the person identified in the petition.

(K) SANCTIONS ON PRINCIPAL EXECUTIVE OFFICERS.—The President may impose on the principal executive officer or officers of the person, or on individuals performing similar functions and with similar authorities as such officer or officers, any of the sanctions described in this paragraph.

(f) Implementation; penalties.—

(1) IMPLEMENTATION.—The President may exercise all authorities provided to the President under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section.

(2) PENALTIES.—A person that violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.

(g) Confidentiality of information.—

(1) IN GENERAL.—The Committee shall protect from disclosure any proprietary information submitted by a United States person and marked as business confidential information, unless the person submitting the information—

(A) had notice, at the time of submission, that the information would be released by the Committee; or

(B) subsequently consents to the release of the information.

(2) TREATMENT AS TRADE SECRETS.—Proprietary information submitted by a United States person under this section shall be—

(A) considered to be trade secrets and commercial or financial information (as those terms are used for purposes of section 552b(c)(4) of title 5, United States Code); and

(B) exempt from disclosure without the express approval of the person.

(h) Rulemaking.—The President may prescribe such licenses, orders, and regulations as are necessary to carry out this section, including with respect to the process by which United States persons may submit petitions under subsection (c).