Economic Espionage Prevention Act

This bill targets foreign companies that steal U.S. trade secrets or help hostile governments. It lets the President freeze their U.S. assets and deny or revoke their visas if they knowingly engage in economic or industrial spying, support a foreign military or intelligence service, or break U.S. export rules. These sanctions can start 30 days after the law takes effect, with exceptions for U.S. intelligence work, treaty obligations (like hosting U.N. meetings), and specific law‑enforcement needs. It also orders a report within 90 days on how Chinese companies and individuals may be supplying key parts to Russia’s defense sector, followed by yearly updates for five years (unless sanctions were used that year) . The bill says it does not require sanctions on the import of goods.

The measure tightens some existing emergency economic rules. In serious cases, it limits certain exceptions for information and travel‑related transactions, and it makes clear that big sets of sensitive personal data and the source code of connected apps are not covered by the usual exceptions. It treats China, Russia, Iran, North Korea, Cuba, and the Maduro regime in Venezuela as “foreign adversaries” for these purposes.

• Who is affected: Foreign companies and individuals tied to China, Russia, Iran, North Korea, Cuba, or Venezuela (Maduro) that steal U.S. secrets, aid those governments’ security services, or violate U.S. export rules; their U.S. assets; and their ability to travel to the U.S.
• What changes: Asset freezes and visa bans; a 90‑day report on Chinese support to Russia; yearly updates; clear carve‑outs for intelligence, treaties, and law enforcement; no sanctions on imports of goods; tighter rules around sensitive personal data and app source code
• When: Sanctions authority begins 30 days after the law takes effect; the first report is due in 90 days; annual updates for five years unless sanctions were imposed in the prior year