Pete Ricketts
Senator for Nebraska · Republican · United States
“This is supposed to be a public service, and we need to take steps to restore the credibility with the American people. The Stop Insider Trading Act is the solution to be able to help restore that credibility, to let the American people know that we are not financially benefiting from inside information.”
“Those in the room described him as dismissive. They said that speaking with Mr. Blanche was like ``beating your head against the wall.'' The impression that the victims had upon leaving the meeting was that Mr. Blanche was only there to check the box for his promotion; nothing was going to change.”
“But if you wanted to sell those, you would have to give 7 to 14 days' notice so that the public would be able to see what you intended to do and be able to take [[Page S4170]] appropriate action well ahead of what you would be able to do. So you would not be able to take advantage of any inside information ahead of what the public had.”
“So, for example, if you went and sold a stock after getting elected, without giving the proper notice, and say it was a million-dollar transaction, you would have to pay a $100,000 fine. In addition, you would have to forfeit all of the profits. The Stop Insider Trading Act has real teeth in it to back up the policy.”
“A group of about a dozen Epstein survivors and their loved ones sat behind Dani when she testified. They were urging that the predators responsible for these horrific crimes be held accountable. Their stories are heartbreaking.”
“Congressional Record, Volume 172 Issue 119 (Tuesday, July 21, 2026) [Congressional Record Volume 172, Number 119 (Tuesday, July 21, 2026)] [Senate] [Pages S4169-S4170] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] Stop Insider Trading Act Mr. RICKETTS. Mr.”
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“I suggest the absence of a quorum. The PRESIDING OFFICER. The clerk will call the roll. The bill clerk proceeded to call the roll.”
“This is supposed to be a public service, and we need to take steps to restore the credibility with the American people. The Stop Insider Trading Act is the solution to be able to help restore that credibility, to let the American people know that we are not financially benefiting from inside information. It would apply to not only Members of the House and Senate but their spouses and their dependent children as well. The President has called on us to pass the Stop Insider Trading Act. The Vice President just last week, in addressing House Republicans, said we need to pass the Stop Insider Trading Act. It is time for Congress to act on this important piece of legislation that will help restore people's faith in their institutions. I call on my colleagues to support this bill and send it to the President's desk. I yield the floor.”
“So, for example, if you went and sold a stock after getting elected, without giving the proper notice, and say it was a million-dollar transaction, you would have to pay a $100,000 fine. In addition, you would have to forfeit all of the profits. The Stop Insider Trading Act has real teeth in it to back up the policy. By making sure that Members of Congress cannot buy stock on inside information and would have to notify the public if they wish to sell any stock well in advance of their actually being able to do that, we can help restore the faith of the American people that we are keeping separate the inside information that we get for very good reasons from our finances. Let's be clear, no Member of the House or Senate should benefit from inside information. They should not be allowed to profit from it.”
“What it would say is that if you become elected to the Congress--either the House or the Senate--that you would not be allowed to buy any more stocks. Now, if you owned it already, you would be allowed to keep those. But if you wanted to sell those, you would have to give 7 to 14 days' notice so that the public would be able to see what you intended to do and be able to take [[Page S4170]] appropriate action well ahead of what you would be able to do. So you would not be able to take advantage of any inside information ahead of what the public had. You would not be able to sell until the public knew well in advance, and, of course, you would be prohibited from buying stocks as well. My bill also has real teeth in it, a minimum of a $2,000 fine or 10 percent of the cost of the proceeds.”
“And as crazy as it sounds, that became a legitimate investment strategy because it was making people money. We also had a former member of the Senate Intelligence Committee who sold about $1.5 million in stock in 2020 that occurred right before the market tanked because of the COVID pandemic. Even the appearance of impropriety undermines the credibility of the House and the Senate, that it gives the--even if we give the perception that we are using inside information to benefit financially, it undermines the public's trust in our democracy and may depress people from wanting to vote, keep them home, and it certainly undermines the faith they have in our institutions. I have a solution. My Stop Insider Trading Act. My Stop Insider Trading Act would go beyond our current disclosure laws.”
“Mr. President, people generally in this country--and Nebraskans in particular--expect when they send their elected officials to Washington, DC, that they are going to serve the communities. Sadly, that belief that we are coming here is undermined by some of our policies that we have. For example, 80 percent of Americans believe that Congress does not do a good job of keeping the inside information that we have separate from our finances. Consequently, the approval rating of Congress is about 17 percent. And it is not just the polling that shows that we have got a problem; so does history. We can look on social media and see that regularly, publishing the trades of Members of this body is something people try to profit off of. In fact, the former Speaker's trades were published quite regularly.”
“Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. The PRESIDING OFFICER. Without objection, it is so ordered.”
“The bill clerk proceeded to call the roll. Ms. LUMMIS. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. The PRESIDING OFFICER (Mr. Armstrong). Without objection, it is so ordered.”
“The Stop Insider Trading Act is the solution to be able to help restore that credibility, to let the American people know that we are not financially benefiting from inside information. It would apply to not only Members of the House and Senate but their spouses and their dependent children as well. The President has called on us to pass the Stop Insider Trading Act. The Vice President just last week, in addressing House Republicans, said we need to pass the Stop Insider Trading Act. It is time for Congress to act on this important piece of legislation that will help restore people's faith in their institutions. I call on my colleagues to support this bill and send it to the President's desk. I yield the floor. I suggest the absence of a quorum. The PRESIDING OFFICER. The clerk will call the roll.”
“The Stop Insider Trading Act has real teeth in it to back up the policy. By making sure that Members of Congress cannot buy stock on inside information and would have to notify the public if they wish to sell any stock well in advance of their actually being able to do that, we can help restore the faith of the American people that we are keeping separate the inside information that we get for very good reasons from our finances. Let's be clear, no Member of the House or Senate should benefit from inside information. They should not be allowed to profit from it. This is supposed to be a public service, and we need to take steps to restore the credibility with the American people.”
“But if you wanted to sell those, you would have to give 7 to 14 days' notice so that the public would be able to see what you intended to do and be able to take [[Page S4170]] appropriate action well ahead of what you would be able to do. So you would not be able to take advantage of any inside information ahead of what the public had. You would not be able to sell until the public knew well in advance, and, of course, you would be prohibited from buying stocks as well. My bill also has real teeth in it, a minimum of a $2,000 fine or 10 percent of the cost of the proceeds. So, for example, if you went and sold a stock after getting elected, without giving the proper notice, and say it was a million-dollar transaction, you would have to pay a $100,000 fine. In addition, you would have to forfeit all of the profits.”
“Even the appearance of impropriety undermines the credibility of the House and the Senate, that it gives the--even if we give the perception that we are using inside information to benefit financially, it undermines the public's trust in our democracy and may depress people from wanting to vote, keep them home, and it certainly undermines the faith they have in our institutions. I have a solution. My Stop Insider Trading Act. My Stop Insider Trading Act would go beyond our current disclosure laws. What it would say is that if you become elected to the Congress--either the House or the Senate--that you would not be allowed to buy any more stocks. Now, if you owned it already, you would be allowed to keep those.”
“And it is not just the polling that shows that we have got a problem; so does history. We can look on social media and see that regularly, publishing the trades of Members of this body is something people try to profit off of. In fact, the former Speaker's trades were published quite regularly. And as crazy as it sounds, that became a legitimate investment strategy because it was making people money. We also had a former member of the Senate Intelligence Committee who sold about $1.5 million in stock in 2020 that occurred right before the market tanked because of the COVID pandemic.”
“Congressional Record, Volume 172 Issue 119 (Tuesday, July 21, 2026) [Congressional Record Volume 172, Number 119 (Tuesday, July 21, 2026)] [Senate] [Pages S4169-S4170] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] Stop Insider Trading Act Mr. RICKETTS. Mr. President, people generally in this country--and Nebraskans in particular--expect when they send their elected officials to Washington, DC, that they are going to serve the communities. Sadly, that belief that we are coming here is undermined by some of our policies that we have. For example, 80 percent of Americans believe that Congress does not do a good job of keeping the inside information that we have separate from our finances. Consequently, the approval rating of Congress is about 17 percent.”
“Epstein.'' Survivors deserve more than that type of flip comment. They deserve a DOJ committed to ensuring that it will never happen again. They deserve an Attorney General who treats them with respect and compassion. Mr. Blanche's behavior surrounding the Epstein investigation is just one of the many reasons he should not lead the Department of Justice. I urge my colleagues to oppose his nomination. I yield the floor. I suggest the absence of a quorum. The PRESIDING OFFICER. The clerk will call the roll. The bill clerk proceeded to call the roll. Mr. RICKETTS. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. The PRESIDING OFFICER. Without objection, it is so ordered.”
“Those in the room described him as dismissive. They said that speaking with Mr. Blanche was like ``beating your head against the wall.'' The impression that the victims had upon leaving the meeting was that Mr. Blanche was only there to check the box for his promotion; nothing was going to change. Is this the man we want to confirm to be head of the premium law enforcement Agency in America? With Mr. Blanche, it is clear that justice is secondary to loyalty to the President. Under Blanche, hundreds of FBI personnel were directed to troll through those Epstein files to find any mention of the President but could not exercise the same level of care to ensure victims' information remain protected. When pressed in an interview why more Epstein accomplices had not been charged, Blanche insisted ``it isn't a crime to party with Mr.”
“Blanche on Wednesday if he would meet with these brave individuals, he responded with babble about lawyers and regulations. He wouldn't just say: I will meet with the victims. It was fortunate that he did do the right thing. It took the threat of one Republican Senator who said he would not support Blanche's nomination for Attorney General unless he met with the survivors. Then, reluctantly, he did. You would think Mr. Blanche would go out of his way to meet with them to apologize for the harm he caused victims, for the information that they disclosed, and to present them with a plan for changes going forward to protect victims while pursuing perpetrators. Instead, he arrived at the meeting ready to deny any blame for himself, with little or no concern for the survivors according to their reports.”
“There was a time when the Department of Justice turned 1,000 attorneys loose on the Epstein files to find any references to the President. They were so careful, they went through it page by page for millions of pages. And yet, when it came time to finally release the files, they were so slipshod and haphazard that they released the identities, the addresses, the telephone numbers, and even photographs of the Epstein victims. The victims of Epstein's abuse attended both days of the hearing to demand accountability from the man who oversaw that botched release of files that put private information online--Todd Blanche. They wanted the opportunity to speak with him to tell him their stories and to push him to hold the predators responsible for their abuse accountable. When I asked Mr.”
“A group of about a dozen Epstein survivors and their loved ones sat behind Dani when she testified. They were urging that the predators responsible for these horrific crimes be held accountable. Their stories are heartbreaking. Instead of helping them, the Trump Justice Department has retraumatized these survivors with its careless and cavalier attitude. When this administration finally released information pertaining to Epstein's trafficking ring after missing the Epstein Files Transparency Act deadline, many of the survivors' personal identifying information became publicly available. These survivors already suffering unspeakable abuse were forced to relive their trauma as one of the most painful moments of their lives became public for anyone, including their friends, family, and coworkers to see.”
“Congressional Record, Volume 172 Issue 119 (Tuesday, July 21, 2026) [Congressional Record Volume 172, Number 119 (Tuesday, July 21, 2026)] [Senate] [Page S4169] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] Nomination of Todd Blanche Mr. President, on a separate topic, last week the Senate Judiciary Committee held a hearing that I will never forget. On the second day of Todd Blanche's nomination hearing to be Attorney General of the United States, the committee convened an outside panel of witnesses to discuss his fitness to serve in that office. I invited one of the witnesses. Her name was Dani Bensky, a young woman who is a dance teacher and a mother. She was a victim of Jeffrey Epstein. She was sexually abused by him when she was 17 years old.”
“I suggest the absence of a quorum. The ACTING PRESIDENT pro tempore. The clerk will call the roll. The bill clerk proceeded to call the roll.”
“He was charming, funny, intelligent, dedicated to this country. Our body and this country is losing a lot with Lindsey Graham. We are losing some of the humor we had. We are losing some the glue that holds us together. We are losing a fierce patriot, and our country is worse off for it. Susanne and I are praying for Darline and the rest of her family and Lindsey's staff at this tragic time and, indeed, for our entire country as we have experienced the loss of this larger than life patriot, Lindsey Olin Graham. Lindsey, I know you are looking down on us from upstairs, and you are going to do your best to guide us from up there. We really, really miss you. I yield the floor. The ACTING PRESIDENT pro tempore. The Senator from Nebraska.”
“He was appalled by the invasion of Russia into Ukraine--that unprovoked, aggressive attack--and was a fierce advocate for supporting Ukraine, not only because of the injustice of what Russia is doing to Ukraine but because Lindsey understood what the threat to the United States and the people of America would be if Putin is successful; that if they are successful in Ukraine, they are going to go after a NATO member, and then we will have boots on the ground in Europe. Lindsey was trying to keep us safe by advocating for the Ukrainians. When Lindsey would see an issue, he would hop on a plane and go fix it, whether it was overseas or to my home State of Nebraska. He came to Nebraska several times. I loved the man. I had the privilege of spending time with him here over the last 3\1/2\ years. He liked Coke Zero and Riesling wines.”
“When he would go talk to foreign leaders, he would be able to get across those simple ideas the way he did with audiences back at home and be able to express directly through humor, through charming them, to help them understand where their interests were aligned with our interests, how we needed to work together to be able to keep the people of their country safe and the people of our country safe. Lindsey was very clear-eyed about the dangers of dictators like Vladimir Putin. He understood, when Putin is losing, we are winning, we are safer.”
“How many people think we should stop them from getting a nuclear weapon? They would raise their hand. That is the simple way that Lindsey would make his point. He was supersmart and had an incredible sense of humor. It was not often fun if you were on the other side of that sense of humor sometimes. In one of our Budget Committee hearings, Lindsey Graham was presiding, and we had one of our members who was going through all sorts of points and charts and so forth. And when the presentation came to an end, Lindsey Graham said something to the effect: Well, next time we are going to record that, and we are taking it down to Gitmo because it would be more effective down there. So you wanted to make sure that you were talking to the right audience and making your points quickly with Lindsey. He was also very charming and was very direct.”
“Just a few days ago, my colleague from Delaware was talking about how he [[Page S4122]] worked with Lindsey Graham on a number of different items; one is a conservation fund that also fights terrorism. He remarked that Lindsey, in his way, was able to boil down why this was so important and had hats created that said: ``Good for animals, bad for terrorists.'' And that was very typical of Lindsey because he could boil things down very simply to be able to make a point, almost like a country lawyer. He would say: How many people think that, for example, if Iran had a nuclear weapon, they would use it on us? Raise your hand. They would raise their hand. And he would say: So how many people think it would be bad if they got a nuclear weapon? All of those people would raise their hand.”
“He served our country in the Air Force and in the National Guard and the Air Force Reserve, a total of 33 years, retiring at the rank of colonel and a Bronze Star. He began his career in politics in 1992 in the South Carolina Legislature and got elected to the U.S. Congress, the House of Representatives, in 1994. He was the first Republican to be elected from his district since 1877. He served in the House for 8 years and then came to the Senate, 2002, taking over for Strom Thurmond. And he has been a dynamic personality in this body, and I have had the privilege to get to know him and call him my friend. Lindsey Graham was part of the glue for the Senate, and not just for Republicans but for Republicans and Democrats. He worked across the aisle.”
“Mr. President, I rise today to talk about our colleague Lindsey Graham, who tragically passed away last weekend. Lindsey Graham was the definition of the word ``patriot.'' He loved this country and dedicated his life to serving this country. He was from humble backgrounds. His parents ran a bar. And, again, tragically, he lost his parents at a young age. His mom died when Lindsey was 20, and his dad died when he was 22. And so, as a young man, he took over the care of his sister Darline, who was only 13 years old. He was the first in his family to go to college and then got a law degree, joined the Air Force. And to help take care of his sister, he adopted her so she could get his Air Force benefits.”
“Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. The ACTING PRESIDENT pro tempore. Without objection, it is so ordered.”
“The clerk will call the roll. The bill clerk proceeded to call the roll. Mr. TILLIS. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. The ACTING PRESIDENT pro tempore. Without objection, it is so ordered. Mr. TILLIS. Mr. President, I also ask unanimous consent to use a prop during my remarks. The ACTING PRESIDENT pro tempore. Without objection, it is so ordered. Mr. TILLIS. Mr. President, it is actually fitting. I just had somebody in the cloakroom tell me the last person that came to the floor and used the chart to draw on was none other than Lindsey Graham, so I will dedicate these comments to Lindsey.”
“He was charming, funny, intelligent, dedicated to this country. Our body and this country is losing a lot with Lindsey Graham. We are losing some of the humor we had. We are losing some the glue that holds us together. We are losing a fierce patriot, and our country is worse off for it. Susanne and I are praying for Darline and the rest of her family and Lindsey's staff at this tragic time and, indeed, for our entire country as we have experienced the loss of this larger than life patriot, Lindsey Olin Graham. Lindsey, I know you are looking down on us from upstairs, and you are going to do your best to guide us from up there. We really, really miss you. I yield the floor. The ACTING PRESIDENT pro tempore. The Senator from Nebraska. Mr. RICKETTS. I suggest the absence of a quorum. The ACTING PRESIDENT pro tempore.”
“He was appalled by the invasion of Russia into Ukraine--that unprovoked, aggressive attack--and was a fierce advocate for supporting Ukraine, not only because of the injustice of what Russia is doing to Ukraine but because Lindsey understood what the threat to the United States and the people of America would be if Putin is successful; that if they are successful in Ukraine, they are going to go after a NATO member, and then we will have boots on the ground in Europe. Lindsey was trying to keep us safe by advocating for the Ukrainians. When Lindsey would see an issue, he would hop on a plane and go fix it, whether it was overseas or to my home State of Nebraska. He came to Nebraska several times. I loved the man. I had the privilege of spending time with him here over the last 3\1/2\ years. He liked Coke Zero and Riesling wines.”
“So you wanted to make sure that you were talking to the right audience and making your points quickly with Lindsey. He was also very charming and was very direct. When he would go talk to foreign leaders, he would be able to get across those simple ideas the way he did with audiences back at home and be able to express directly through humor, through charming them, to help them understand where their interests were aligned with our interests, how we needed to work together to be able to keep the people of their country safe and the people of our country safe. Lindsey was very clear-eyed about the dangers of dictators like Vladimir Putin. He understood, when Putin is losing, we are winning, we are safer.”
“And he would say: So how many people think it would be bad if they got a nuclear weapon? All of those people would raise their hand. How many people think we should stop them from getting a nuclear weapon? They would raise their hand. That is the simple way that Lindsey would make his point. He was supersmart and had an incredible sense of humor. It was not often fun if you were on the other side of that sense of humor sometimes. In one of our Budget Committee hearings, Lindsey Graham was presiding, and we had one of our members who was going through all sorts of points and charts and so forth. And when the presentation came to an end, Lindsey Graham said something to the effect: Well, next time we are going to record that, and we are taking it down to Gitmo because it would be more effective down there.”
“Lindsey Graham was part of the glue for the Senate, and not just for Republicans but for Republicans and Democrats. He worked across the aisle. Just a few days ago, my colleague from Delaware was talking about how he [[Page S4122]] worked with Lindsey Graham on a number of different items; one is a conservation fund that also fights terrorism. He remarked that Lindsey, in his way, was able to boil down why this was so important and had hats created that said: ``Good for animals, bad for terrorists.'' And that was very typical of Lindsey because he could boil things down very simply to be able to make a point, almost like a country lawyer. He would say: How many people think that, for example, if Iran had a nuclear weapon, they would use it on us? Raise your hand. They would raise their hand.”
“He was the first in his family to go to college and then got a law degree, joined the Air Force. And to help take care of his sister, he adopted her so she could get his Air Force benefits. He served our country in the Air Force and in the National Guard and the Air Force Reserve, a total of 33 years, retiring at the rank of colonel and a Bronze Star. He began his career in politics in 1992 in the South Carolina Legislature and got elected to the U.S. Congress, the House of Representatives, in 1994. He was the first Republican to be elected from his district since 1877. He served in the House for 8 years and then came to the Senate, 2002, taking over for Strom Thurmond. And he has been a dynamic personality in this body, and I have had the privilege to get to know him and call him my friend.”
“Congressional Record, Volume 172 Issue 116 (Thursday, July 16, 2026) [Congressional Record Volume 172, Number 116 (Thursday, July 16, 2026)] [Senate] [Pages S4121-S4122] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] Remembering Lindsey Graham Mr. RICKETTS. Mr. President, I rise today to talk about our colleague Lindsey Graham, who tragically passed away last weekend. Lindsey Graham was the definition of the word ``patriot.'' He loved this country and dedicated his life to serving this country. He was from humble backgrounds. His parents ran a bar. And, again, tragically, he lost his parents at a young age. His mom died when Lindsey was 20, and his dad died when he was 22. And so, as a young man, he took over the care of his sister Darline, who was only 13 years old.”
“(10) The terms ``export'', ``in-country transfer'', ``reexport'', and ``Export Administration Regulations'' have the meanings given such terms in section 1742 of the Export Control Reform Act of 2018 (50 U.S.C. 4801). (11) The term ``in sufficient volumes'' means in volumes sufficient to meet 75 percent of current demand from all countries of concern. (12) The term ``servicing'' means any servicing of equipment or components, whether in-person or remote, including installation, calibration, repair, overhauling, refurbishing, testing, diagnosing, updating software or firmware, training, field services, application support engineering, customization, technical assistance, process adjustments, troubleshooting, and transfer of industry best practices for maintenance. ______”
“(9) The term ``covered semiconductor manufacturing equipment''-- (A) means semiconductor manufacturing equipment or a component therefor that-- (i) is an applicable item; and (ii) the Under Secretary of Commerce for Industry and Security and the Secretary of State jointly determine that no country of concern produces in sufficient volumes and with capabilities comparable to those of the product sold by the global market leader, as of the date of the enactment of this Act; and (B) includes, at a minimum-- (i) all deep ultraviolet immersion photolithography machines, through silicon via deposition and etch tools, cryogenic etch equipment, and cobalt deposition equipment; and (ii) all semiconductor manufacturing equipment or components specified in Export Control Classification Number 3B001 or 3B002, or equipment meeting the parameters of Export Control Classification Number 3B993.f.1 (excluding the parameters described in 3B993.F.1.b2), as in effect on January 1, 2026, except any item the Under Secretary of Commerce for Industry and Security and the Secretary of State jointly determine does not meet the requirements of subparagraph (A).”
“(8) The term ``covered facility'' means-- (A) a facility engaged in the production of advanced-node integrated circuits which is owned or operated by an entity headquartered in, or whose ultimate parent company is headquartered in, a country of concern; or (B) any facility owned or operated by, or in common ownership or control with-- (i) Semiconductor Manufacturing International Corporation; (ii) Hua Hong Semiconductor Limited; (iii) Huawei Technologies Company; (iv) ChangXin Memory Technologies; (v) Yangtze Memory Technologies Corporation; (vi) any producer, manufacturer, or developer of semiconductor manufacturing equipment that is headquartered in, or the ultimate parent company of which is headquartered in, a country of concern; or (vii) any entity that is a subsidiary or affiliate of or a successor to any entity described in clauses (i) through (vi).”
“(6) The term ``country of concern'' has the meaning given the term ``covered nation'' in section 4872(f) of title 10, United States Code. (7) The term ``countrywide controls'' means, with respect to semiconductor manufacturing equipment, a licensing requirements, with a policy of presumption of denial, for the export, reexport, or in-country transfer of the item to or in a country of concern, and a licensing requirement, with a policy of presumption of denial, for the servicing of the item located in a country of concern, excluding exports, reexports, in-country transfers or servicing where the destination is a fabrication facility that existed as of the date of the enactment of this Act and remains owned and operated by a company headquartered, and the ultimate parent company of which is headquartered, outside of any country of concern.”
“(4) The term ``appropriate congressional committees'' means-- (A) the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate; and (B) the Committee on Foreign Affairs of the House of Representatives. (5) The term ``capabilities comparable to those of the product sold by the global market leader'' means, considering cost, throughput, reliability, precision, and any other relevant factors, advanced-node integrated circuit makers headquartered outside of countries of concern, when selecting a tool for use in high-volume manufacturing, would be indifferent about using, or would prefer to use, the tool produced by the country of concern, rather than a tool sold by the company with the greatest share of the global market for tools used to accomplish the same function.”
“(3) The term ``applicable item'' means any item that is or can be made subject to the Export Administration Regulations, including-- (A) a United States-origin item; (B) a foreign-produced item that is the direct product of, or produced by plants or major components that are the direct product of, United States-origin software or technology subject to the Export Administration Regulations; (C) a foreign-produced item with more than zero percent de minimis United States-origin content; and (D) a foreign-produced item that contains United States- origin or foreign-produced integrated circuits that are presumptively designed or produced, directly or indirectly, with technology, software, or equipment that is subject to the Export Administration Regulations.”
“4801 et seq.). (i) Definitions.--In this section: (1) The term ``advanced-node integrated circuits'' has the meaning given that term in section 772.1 of the Export Administration Regulations as in effect on January 1, 2026. (2) The term ``allied supplier country'' means any country that-- (A) is not a country of concern; and (B) is engaged in the production of covered semiconductor manufacturing equipment.”
“(2) Reimposition.--If, after terminating or modifying a control under paragraph (1), the Under Secretary of Commerce for Industry and Security determines that the allied supplier country has materially weakened, suspended, or revoked the control that justified the termination or modification under paragraph (1), the Under Secretary shall, not later than 60 days after making such determination-- (A) notify the appropriate congressional committees of such determination; and (B) reimpose the control under subsection (c)(2) that was terminated or modified under paragraph (1). (h) Administrative Procedures.--The provisions of section 1762 of the Export Control Reform Act of 2018 (50 U.S.C. 4821) shall apply to this section in the same manner and to the same extent as such provisions apply to the Export Control Reform Act of 2018 (50 U.S.C.”
“(g) Termination and Reimposition of Controls Upon Allied Action.-- (1) Termination or modification.--The Under Secretary of Commerce for Industry and Security may terminate or modify any regulation issued under subsection (c)(2), if the country has established controls, including licensing policies, that have the same practical effect as the regulation to be terminated or modified.”
“(f) Compliance Assistance With Extension of Controls.-- Simultaneously with the issuing regulations under subsection (c)(2), the Under Secretary of Commerce for Industry and Security may provide to the principal executive officers of any company that produces covered semiconductor manufacturing equipment in the allied supplier country targeted in such regulations a letter describing the regulations and the legal obligations imposed by the regulations, including [[Page S3783]] any penalty that may be imposed under section 1760 of the Export Control Reform Act of 2018 ( 50 U.S.C. 4819) for a violation of such regulations.”
“(2) Form.--Each report submitted under paragraph (1) shall be submitted in unclassified form but may include a classified annex. (e) Nonpublication of Confidential Certifications and Reports.-- (1) In general.--The Under Secretary of Commerce for Industry and Security and the Secretary of State, as applicable, may elect to submit to the appropriate congressional committees any certification and report described in subsection (a), (c), or (d) in a confidential manner. (2) Committee safeguards.--The appropriate congressional committees shall take such steps as may be necessary to ensure that any certification or report submitted in a confidential manner is not made publicly available.”
“(d) Report.-- (1) In general.--Not later than 180 days after the date of the enactment of this Act, and annually thereafter, the Under Secretary of Commerce for Industry and Security and the Secretary of State shall jointly submit to the appropriate congressional committees a report that includes-- (A) the scope of the export controls imposed by the United States and allied supplier countries on any covered semiconductor manufacturing equipment identified in the most recent list submitted under subsection (a); (B) a summary of diplomatic engagements and unilateral actions undertaken by the Secretaries in the one-year period prior to the submission of the report to close any gap in countrywide controls imposed by allied supplier countries for covered semiconductor manufacturing equipment; and (C) a certification that the export, reexport, or in- country transfer of any covered semiconductor manufacturing equipment to a country of concern, the export of any applicable items to any covered facility, and the servicing of any such item located in a country of concern is prohibited or requires a license issued by the United States or an allied supplier country, subject to a presumption of denial.”
“(3) National security waiver.--The Under Secretary of Commerce for Industry and Security and the Secretary of State may jointly grant a one-time waiver to extend the 150-day deadline for the issuing of controls pursuant to paragraph (1) or paragraph (2) by not more than 90 days, if the Under Secretary of Commerce for Industry and Security and the Secretary of State jointly-- (A) submit a report to the appropriate congressional committees describing-- (i) the justification for why the deadline could not be met; and (ii) the interim steps taken to prevent stockpiling; and (B) determine and certify to the appropriate congressional committees that-- (i) the extension is in the national security interest of the United States; and (ii) if applicable, the government of the allied supplier country is taking concrete, verifiable steps, pursuant to their domestic laws and regulations and as expeditiously as possible, to adopt controls that have the same practical effect as, or are more stringent than, the controls that would otherwise be imposed under paragraph (2).”