Foreign Investment Guardrails to Help Thwart (FIGHT) China Act
Sponsored By: Representative Barr
Introduced
Summary
This bill would block and regulate U.S. investments and transactions tied to Chinese military‑industrial and sensitive technologies. It pairs IEEPA sanctions with a new Defense Production Act Title that bans certain deals, creates a notification regime, and sets reporting, enforcement, and multilateral coordination requirements.
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- U.S. companies and investors would face new rules to notify the government about "covered national security transactions" in prohibited or notifiable technologies. Failure to notify or violating bans can mean civil penalties up to the greater of $250,000 or twice the transaction value and possible divestment relief.
- Firms and entities meeting the "covered foreign person" tests could be targeted for sanctions and listed in a public database. The bill draws on OFAC's Non‑SDN Chinese Military‑Industrial Complex Companies List and focuses on firms linked to defense or surveillance sectors.
- Federal agencies and Congress would get regular oversight and public reports, including annual enforcement reports for up to 7 years and a multilateral strategy within 180 days. The Secretary would issue APA rulemaking, update prohibited-technology lists, and consult allies and congressional committees.
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Bill Overview
Analyzed Economic Effects
8 provisions identified: 5 benefits, 2 costs, 1 mixed.
New China tech investment bans and filings
If enacted, the Treasury Secretary could ban U.S. persons from certain deals involving prohibited China‑related technologies. You would have to file a notice within 30 days after closing covered deals in prohibited or notifiable tech. The rules would be issued within 450 days and carry penalties up to the greater of $250,000 or twice the deal size. Limited partners would be excepted if total committed capital is $2,000,000 or less, or if a binding contract blocks covered uses. The bill defines who counts as a covered foreign person and which AI and advanced chip activities are “notifiable.”
Sell listed Chinese military-linked stocks
If enacted, U.S. persons would have 365 days to exit securities on the Non‑SDN Chinese Military‑Industrial Complex Companies List. After that, you could not knowingly hold those securities. Trades made on or before the 365‑day mark to sell would be allowed. The President could grant case‑by‑case waivers for national security or foreign policy with notice to Congress.
Annual reports on enforcement and risks
If enacted, Treasury would report to Congress one year after the rules take effect and then yearly for seven years. The report would list enforcement actions and notifications, by tech and country, and recommend updates. Treasury and Commerce would also testify within one year and yearly for five years.
Sanctions on covered Chinese companies
If enacted, the President could use IEEPA to sanction covered foreign persons tied to China’s defense or surveillance sectors. This would allow blocking their property and stopping transactions in the U.S. or by U.S. persons. IEEPA penalties would apply.
Work with allies on investment controls
If enacted, Treasury would work with State, Commerce, and allies to align rules and share information. A strategy would be due within 180 days. Reports to Congress would be due within one year and then yearly for four years, covering partners, progress, and roadblocks.
Funding and fast hiring to enforce rules
If enacted, the bill would authorize $150 million per year for two years for Treasury, with funds transferable to Commerce. The money would support outreach and implementation. The President could directly hire up to 15 people, and Treasury and Commerce could also make direct hires, to speed staffing.
Public list of covered foreign firms
If enacted, Treasury could create a public, non‑exhaustive database of covered foreign persons tied to prohibited technologies. Anyone could submit evidence confidentially about who should be on the list. Certain submitted information would stay confidential for national security and related reasons.
Act ends if China leaves adversary list
If enacted, this Act would end on the date Commerce removes China from its foreign adversaries list at 15 C.F.R. § 791.4. All authorities and limits in the Act would stop at that time.
Sponsors & CoSponsors
Sponsor
Barr
KY • R
Cosponsors
Moolenaar
MI • R
Sponsored 3/21/2025
McCaul
TX • R
Sponsored 3/21/2025
Golden (ME)
ME • D
Sponsored 3/21/2025
Suozzi
NY • D
Sponsored 3/21/2025
Wagner
MO • R
Sponsored 3/24/2025
LaHood
IL • R
Sponsored 3/24/2025
Roll Call Votes
No roll call votes available for this bill.
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