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US HR7440

US HR7440
Hong Kong Autonomy Act


summary

Introduced
07/01/2020
In Committee
07/14/2020
Crossed Over
07/01/2020
Passed
07/02/2020
Dead
Signed/Enacted/Adopted
07/14/2020

Introduced Session

116th Congress

Bill Summary

Hong Kong Autonomy Act Hong Kong Autonomy Act This bill imposes sanctions on foreign individuals and entities that materially contribute to China's failure to preserve Hong Kong's autonomy. Hong Kong is part of China but has a largely separate legal and economic system with protections for civil rights such as freedom of speech. This arrangement is enshrined in (1) the Joint Declaration, a 1984 treaty pertaining to the United Kingdom's transfer of Hong Kong's sovereignty to China; and (2) the Basic Law, Hong Kong's constitutional document. The Department of State shall report annually to Congress information about (1) foreign individuals and entities that materially contributed to China's failure to comply with the Joint Declaration or the Basic Law; and (2) foreign financial institutions that knowingly conducted a significant transaction with such identified individuals and entities. An individual, entity, or financial institution may be excluded from this report for various reasons, such as to protect an intelligence source. The President shall impose property-blocking sanctions on an individual or entity named in a report, and visa-blocking sanctions on a named individual. The President shall impose various sanctions on a financial institution named in a report, such as prohibiting the institution from receiving loans from a U.S. financial institution. The President may waive or terminate the imposition of sanctions under this bill. Congress may override such a waiver or termination by passing a joint resolution of disapproval.

AI Summary

This bill imposes sanctions on foreign individuals and entities that materially contribute to China's failure to preserve Hong Kong's autonomy. The bill requires the Secretary of State to report annually to Congress on foreign persons and financial institutions involved in undermining China's obligations under the Joint Declaration and Basic Law, which govern Hong Kong's relationship with China. The President can then impose property-blocking and visa-blocking sanctions on the identified individuals and entities, as well as various financial sanctions on the identified financial institutions. The President can waive or terminate the sanctions, but Congress can override such actions. The bill is intended to support Hong Kong's autonomy under the "one country, two systems" framework established by the Joint Declaration and Basic Law.

Committee Categories

Business and Industry, Military Affairs and Security

Sponsors (12)

Last Action

Became Public Law No: 116-149. (TXT | PDF) (on 07/14/2020)

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