; (2) are not likely to be repeated in the future; and (3) have been reversed or otherwise mitigated through positive countermeasures taken by that foreign person or foreign financial institution. (c) Termination of Act (1) Report (A) In general Not later than July 1, 2046, the President, in consultation with the Secretary of State, the Secretary of the Treasury, and the heads of such other Federal agencies as the President considers appropriate, shall submit to Congress a report evaluating the implementation of this Act and sanctions imposed pursuant to this Act. (B) Elements The President shall include in the report submitted under paragraph (1) an assessment of whether this Act and the sanctions imposed pursuant to this Act should be terminated. (2) Termination This Act and the sanctions imposed pursuant to this Act shall remain in effect unless a termination resolution is enacted under subsection (d) after July 1, 2047. (d) Congressional review (1) Resolutions (A) Disapproval resolution In this section, the term disapproval resolution means only a joint resolution of either House of Congress— (i) the title of which is as follows: A joint resolution disapproving the waiver or termination of sanctions with respect to a foreign person that contravenes the obligations of China with respect to Hong Kong or a foreign financial institution that provides services to that person.