II 

118TH CONGRESS 

2D SESSION S. 5347 

To require the Secretary of the Treasury to conduct a study and prepare 

a report on the exposure of the United States to the financial sector 

of the People’s Republic of China, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 19, 2024 

Mr. WARNER (for himself, Mr. ROUNDS, and Ms. LUMMIS) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To require the Secretary of the Treasury to conduct a study 

and prepare a report on the exposure of the United 

States to the financial sector of the People’s Republic 

of China, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘China Financial 

5 Threat Mitigation Act of 2024’’. 


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1 SEC. 2. STUDY AND REPORT ON FINANCIAL THREAT MITI2 GATION WITH RESPECT TO PEOPLE’S REPUB3 LIC OF CHINA. 

4 (a) IN GENERAL.—Not later than one year after the 

5 date of the enactment of this Act, the Secretary of the 

6 Treasury, in consultation with the Chairman of the Board 

7 of Governors of the Federal Reserve System, the Chair8 man of the Securities and Exchange Commission, the 

9 Chairman of the Commodity Futures Trading Commis10 sion, and the Secretary of State, shall conduct a study 

11 and prepare a report on the exposure of the United States 

12 to the financial sector of the People’s Republic of China 

13 that includes— 

14 (1) an assessment of the effects of reforms to 

15 the financial sector of the People’s Republic of 

16 China on the United States and global financial sys17 tems; 

18 (2) a description of the policies the United 

19 States Government is adopting to protect the inter20 ests of the United States while the financial sector 

21 of the People’s Republic of China undergoes those 

22 reforms; 

23 (3) a description and analysis of any risks to 

24 the financial stability of the United States and the 

25 global economy emanating from the People’s Repub26 lic of China; and 


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1 (4) recommendations for additional actions the 

2 United States Government, including representatives 

3 of the United States at relevant international orga4 nizations, should take to strengthen international co5 operation to monitor and mitigate those risks and 

6 protect United States interests. 

7 (b) TRANSMISSION OF REPORT.—Not later than one 

8 year after the date of the enactment of this Act, the Sec9 retary of the Treasury shall transmit the report required 

10 under subsection (a) to— 

11 (1) the Committee on Banking, Housing, and 

12 Urban Affairs and the Committee on Foreign Rela13 tions of the Senate; 

14 (2) the Committee on Financial Services and 

15 the Committee on Foreign Affairs of the House of 

16 Representatives; and 

17 (3) the representatives of the United States at 

18 relevant international organizations, as appropriate. 

19 (c) CLASSIFICATION OF REPORT.—The report re20 quired under subsection (a) shall be prepared in unclassi21 fied form, but may contain a classified annex. 

22 (d) PUBLICATION OF REPORT.—Not later than one 

23 year after the date of the enactment of this Act, the Sec24 retary of the Treasury shall publish the report required 


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1 under subsection (a) (other than any classified annex) on 

2 the website of the Department of the Treasury. 

Æ 


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