Imposition of sanctions with respect to financial institutions affiliated with the Government of the People's Republic of China

(a) In general Not later than 3 days after a covered determination is made, the Secretary of the Treasury shall— (1) impose the sanctions described in subsection (b) with respect to— (A) the People's Bank of China; (B) any state-owned bank; (C) any other financial institution organized under the laws of the People’s Republic of China and owned in whole or part by the Government of the People’s Republic of China; (D) any subsidiary of, or successor entity to, any of the financial institutions described in subparagraphs (A) through (F); and (E) any financial institution that engages in transactions with any of the financial institutions described in subparagraphs (A) through (G); (2) impose the sanctions described in section 201 with respect to any directors of, officers of, officials of, and shareholders with an interest in, a financial institution described in paragraph (1); and (3) prohibit any United States person from engaging in any transaction with a financial institution described in paragraph (1). (b) Sanctions described The sanctions described in this subsection are the following: (1) Blocking of property (A) In general The President shall exercise all of the powers granted to the President under the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to the extent necessary to block and prohibit all transactions in property and interests in property of a financial institution subject to subsection (a)(1) if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (B) Inapplicability of national emergency requirement The requirements of section 202 of the International Emergency Economic Powers Act (50 U.S.C. 1701) shall not apply for purposes of this section. (2) Restrictions on correspondent and payable-through accounts The President shall prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or payable-through account by a financial institution subject to subsection (a)(1). (c) State-Owned bank defined In this section, the term state-owned bank — (1) means a bank that— (A) is incorporated in the People’s Republic of China; or (B) is owned in whole or part by the Government of the People’s Republic of China; and (2) includes— (A) the Export-Import Bank of China; (B) the China Development Bank; (C) the Agricultural Development Bank of China; (D) the Industrial and Commercial Bank of China; (E) the China Construction Bank; (F) the Bank of Communications; (G) the Agricultural Bank of China; and (H) the Bank of China.