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ACES Act of 2021
12/6/2023, 4:01 PM
Summary of Bill HR 3057
One key aspect of the ACES Act is the establishment of a national carbon pricing system. This system would put a price on carbon emissions, incentivizing businesses and individuals to reduce their carbon footprint. The revenue generated from this carbon pricing would be used to fund clean energy projects and other environmental initiatives.
Additionally, the ACES Act includes provisions to support renewable energy development and energy efficiency programs. This includes tax incentives for renewable energy projects, grants for research and development of clean energy technologies, and funding for energy efficiency upgrades in buildings and infrastructure. The bill also aims to protect vulnerable communities from the impacts of climate change. It includes provisions to address environmental justice issues, such as ensuring that low-income and minority communities have access to clean air and water, and are not disproportionately affected by pollution and climate-related disasters. Overall, the ACES Act of 2021 is a comprehensive piece of legislation that seeks to address climate change and promote environmental sustainability through a variety of measures, including carbon pricing, support for renewable energy, and protection of vulnerable communities.
Congressional Summary of HR 3057
Anti-CCP Espionage via Social Media Act of 2021 or the ACES Act of 2021
This bill requires certain actions related to ByteDance Ltd., the Chinese parent company of TikTok (a video-sharing mobile application).
Specifically, the bill grants Executive Order 13942 the force and effect of law. That order prohibits certain transactions by any person subject to the jurisdiction of the United States with ByteDance. The bill provides statutory authority for that prohibition and specifies exceptions. Further, the bill establishes enforcement procedures and penalties for related violations.
The bill requires ByteDance, within 90 days of this bill's enactment, to divest itself of (1) any assets or property used to enable or support ByteDance's operation of the TikTok application in the United States, and (2) any data obtained or derived from TikTok application or Musical.ly application users in the United States. The bill outlines further requirements and procedures for such divestment.
The Committee on Foreign Investment in the United States (CFIUS) must review proposed sales or transfers by ByteDance to a third party. CFIUS may implement measures as necessary to verify compliance with the required divestment.
CFIUS must review and issue a report to the President on the relationship of each covered U.S. business with ByteDance to determine the effects of such relationship on U.S. national security. The President may take actions to suspend or prohibit the relationship.
