I 

117TH CONGRESS 

1ST SESSION H. R. 3044 

To require the Financial Stability Oversight Council to analyze emerging 

financial threats from the People’s Republic of China, to strengthen 

international cooperation in the mitigation of such threats, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 7, 2021 

Mr. GONZALEZ of Ohio (for himself and Ms. SPANBERGER) introduced the 

following bill; which was referred to the Committee on Financial Services 

A BILL 

To require the Financial Stability Oversight Council to analyze emerging financial threats from the People’s Republic of China, to strengthen international cooperation in 

the mitigation of such threats, 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 2021’’. 

6 SEC. 2. ANNUAL REPORT REQUIREMENT. 

7 Section 112(a)(2)(N)(iii) of the Dodd-Frank Wall 

8 Street Reform and Consumer Protection Act (12 U.S.C. 


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•HR 3044 IH

1 5322(a)(2(N)(iii)) is amended by striking ‘‘United States’’ 

2 and inserting ‘‘United States, including any threats ema3 nating from the governance, opacity, or instability of fi4 nancial intermediation through banking institutions and 

5 otherwise, in the People’s Republic of China’’. 

6 SEC. 3. INTERNATIONAL COOPERATION. 

7 (a) INTERNATIONAL MONETARY FUND.—The Sec8 retary of the Treasury shall instruct the United States Ex9 ecutive Director at the International Monetary Fund to 

10 use the voice, vote, and influence of the United States to 

11 strengthen international cooperation with respect to moni12 toring and mitigating any threats emanating from the 

13 People’s Republic of China described in the annual report 

14 submitted by the Financial Stability Oversight Council to 

15 the Congress pursuant to section 112(a)(2)(N) of the 

16 Dodd-Frank Wall Street Reform and Consumer Protec17 tion Act. 

18 (b) G20.—The Secretary of the Treasury and the 

19 Chairman of the Board of Governors of the Federal Re20 serve System shall use the voice, vote, and influence of 

21 the United States at the Group of 20 to strengthen inter22 national cooperation with respect to monitoring and miti23 gating any threats emanating from the People’s Republic 

24 of China described in the annual report submitted by the 

25 Financial Stability Oversight Council to the Congress purVerDate Sep 11 2014 23:40 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3044.IH H3044

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1 suant to section 112(a)(2)(N) of the Dodd-Frank Wall 

2 Street Reform and Consumer Protection Act. 

3 (c) FINANCIAL STABILITY BOARD.—Any person rep4 resenting the United States at the Financial Stability 

5 Board shall, use the voice, vote, and influence of the 

6 United States to strengthen international cooperation with 

7 respect to monitoring and mitigating any threats ema8 nating from the People’s Republic of China described in 

9 the annual report submitted by the Financial Stability 

10 Oversight Council to the Congress pursuant to section 

11 112(a)(2)(N) of the Dodd-Frank Wall Street Reform and 

12 Consumer Protection Act. 

13 SEC. 4. SUNSET. 

14 On the date that is 7 years after the date of enact15 ment of this Act, this Act and the amendments made by 

16 it this Act are repealed, and the provision of law amended 

17 by section 2 is restored as if such section had not been 

18 enacted. 

Æ 


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