1. Short title This Act may be cited as the Neutralizing Emerging Threats from Wireless OEMs Receiving direction from Kleptocracies and Surveillance states Act or the NETWORKS Act . 2. Imposition of sanctions with respect to economic or industrial espionage by foreign telecommunications companies (a) In general On and after the date that is 30 days after the date of the enactment of this Act, the President shall exercise all of the powers granted to the President under the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.) to the extent necessary to block and prohibit all significant transactions in property and interests in property of a foreign person described in subsection (b) if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (b) Foreign persons described A foreign person is described in this subsection if the President determines that the person, on or after the date of the enactment of this Act— (1) produces fifth or future generation telecommunications technology; and (2) engages in— (A) economic or industrial espionage with respect to trade secrets or proprietary information owned by United States persons