1. Short title This Act may be cited as the Preventing Adversaries from Developing Critical Capabilities Act . 2. Exercise of authorities under the International Emergency Economic Powers Act (a) In general The President may exercise all authorities provided under the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ) necessary to carry out the provisions of this Act, including authorities to impose penalties under section 206 of such Act. (b) Delegation The President may delegate the authorities described in subsection (a) to the head of any Federal agency the President determines appropriate in order to carry out the provisions of this Act. 3. Prohibition on covered activities in covered sectors that pose particularly acute threats to United States national security (a) Identification of categories of technologies and products (1) In general Not later than one year after the date of the enactment of this Act, and annually thereafter as described in paragraph (2), the President— (A) shall identify categories of technologies and products in covered sectors that may pose a particularly acute threat to the national security of the United States if developed or acquired by a country of concern