The bill aims to protect United States persons' sensitive data from being unlawfully held and decrypted by foreign entities. It defines covered data and outlines the responsibilities of the President, Secretary of Defense, and Director of National Intelligence in developing strategies to identify and address such data and classified information. The bill also emphasizes the importance of safeguarding economic and national security interests, allowing the destruction, manipulation, or recovery of stolen data when deemed necessary. Additionally, it requires a report to be submitted to Congress within a year, including recommendations for legislative or administrative action.