NETWORKS Act

This bill authorizes the President to impose sanctions on foreign telecommunications companies deemed to be acting against U.S. national security interests. Specifically, it targets entities that produce fifth or future generation telecommunications technology and conduct business relating to such technology in a manner contrary to the United States' national security. The President would exercise powers under the International Emergency Economic Powers Act to implement these sanctions. Sanctions would involve blocking and prohibiting all significant transactions in property and interests of these foreign persons if they are within U.S. jurisdiction. The bill includes exceptions for authorized intelligence activities and the provision of humanitarian assistance, such as the sale of agricultural commodities or medical devices. Additionally, the President may waive sanctions for renewable 90-day periods if deemed vital to U.S. national security, requiring a report to Congress. Violations of these sanctions would be subject to penalties outlined in the International Emergency Economic Powers Act.