1. Short title This Act may be cited as the Stop Funding the PLA Act . 2. Specification of prohibited foreign industrial defense corporations (a) Specification required Not later than 90 days after the date of the enactment of this section, and annually thereafter, the Secretary, in consultation with the Secretary of State, the Secretary of Defense, and the domestic intelligence community, shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that specifies each foreign industrial defense corporation with substantial contracts with, ties to, or support from, a PLA entity. (b) Effect of specification (1) Purchase of securities prohibited Beginning on the date that is 180 days after a report is submitted under subsection (a), a United States person may not purchase securities of a foreign industrial defense corporation specified in such report. (2) Divestment required (A) In general Except as provided in subparagraph (B), not later than 180 days after a report is submitted under subsection (a), a United States person that owns a security of a foreign industrial defense corporation specified in such report shall divest themselves of such security. (B) Extended wind-down in case of financial hardship The Secretary may allow a United States person a 270-day extension to the 180-day period for compliance under subparagraph (A) if the Secretary determines that such entity— (i) owns a security of a foreign industrial defense corporation specified in a report submitted under subsection (a)