The proposal, which was previewed in March, implements an executive order issued earlier this year by President Joe Biden which aims to keep foreign adversaries from using accessible American financial and genomic data and health data for cyber attacks, espionage, and blackmail.
In addition to China, Russia, and Iran, the rule would also apply to Venezuela, Cuba, and North Korea, according to Reuters.
Washington has been trying to stem the flow of American personal data to China, part of a years-long struggle over trade and technology.
In 2018, a US panel that reviews foreign investments for potential national security threats rejected a plan by China's Ant Financial to acquire US money transfer company MoneyGram International, because of concerns over the safety of data that can be used to identify US citizens.
Monday's proposal for the first time gave more specific details about the types and amounts of data that cannot be transferred, including human genomic data on over 100 Americans or personal health or financial data on over 10,000 people.
The proposal would also bar the transfer of precise geolocation data on over 1,000 US devices.
The rule would allow the Justice Department to enforce compliance both through criminal and civil penalties.
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