Closing sanctions loopholes

(a) In general If sanctions are imposed with respect to a Chinese entity under any statute or executive order described in subsection (b), sanctions shall be imposed with respect to the Chinese entity under each other applicable statute and executive order described in subsection (b) unless— (1) the President waives the imposition of such sanctions; or (2) a waiver provided for under such other statute or executive order applies. (b) Statutes and executive orders described A statute or executive order described in this subsection is a statute or executive order that provides for the imposition of sanctions. (c) National security waiver (1) In general The President may waive the application of any sanction imposed with respect to any person under subsection (a) if the President determines and certifies to Congress that such a waiver is important to the national security interests of the United States. (2) Notification of and report to Congress If the President decides to exercise the waiver authority provided under paragraph (1), the President shall, not less than 20 days before the waiver takes effect, submit to Congress a report— (A) notifying Congress of the decision to exercise the waiver authority; and (B) fully articulating the rationale and circumstances that led to the decision. (d) Termination of sanctions To be reported to Congress Not later than 20 days after the termination of any sanction under subsection (a), the President shall promptly submit to Congress a report on that termination and the reasons for the termination.