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Sanctions on Foreign Flash Memory Companies Threatening US Interests

This act aims to impose financial sanctions on foreign flash memory integrated circuit companies linked to countries deemed a threat to US interests, including China. US citizens and companies will be prohibited from engaging in significant transactions with these entities, intending to protect American supply chains and national security.
Key points
Asset Blocking: US persons and entities will be prohibited from conducting significant financial transactions with designated foreign flash memory producers.
Purpose: To safeguard American supply chains and national security from companies affiliated with countries like China, Russia, Iran, North Korea, Cuba, and Venezuela.
Exceptions: Sanctions do not apply to the importation of goods or US intelligence activities. The President can temporarily waive sanctions if vital to national security.
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Additional Information
Print number: 117_S_5050
Sponsor: Sen. Cotton, Tom [R-AR]
Process start date: 2022-09-29
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Defending Memory Chip Supply Chains from the Chinese Communist Party Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5050.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-09-29.

What are the main provisions?

Key points include:

  • Asset Blocking: US persons and entities will be prohibited from conducting significant financial transactions with designated foreign flash memory producers.
  • Purpose: To safeguard American supply chains and national security from companies affiliated with countries like China, Russia, Iran, North Korea, Cuba, and Venezuela.
  • Exceptions: Sanctions do not apply to the importation of goods or US intelligence activities. The President can temporarily waive sanctions if vital to national security.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cotton, Tom [R-AR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Security