IB 
Union Calendar No. 11 
119TH CONGRESS 
1ST SESSION H. R. 1549 
[Report No. 119–21] 
To require the Secretary of the Treasury to conduct a study and 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 HOUSE OF REPRESENTATIVES 
FEBRUARY 24, 2025 
Mr. WILLIAMS of Texas (for himself and Mr. GOTTHEIMER) introduced the 
following bill; which was referred to the Committee on Financial Services 
MARCH 21, 2025 
Additional sponsor: Mr. LAWLER 
MARCH 21, 2025 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on February 24, 2025] 
VerDate Sep 11 2014 
23:30 Mar 21, 2025
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H1549.RH
H1549
kjohnson on DSK7ZCZBW3PROD with $$_JOB
A BILL 
To require the Secretary of the Treasury to conduct a study 
and report on the exposure of the United States to 
the financial sector of the People’s Republic of China, 
and for other purposes. 
VerDate Sep 11 2014 
23:30 Mar 21, 2025
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6652
E:\BILLS\H1549.RH
H1549
kjohnson on DSK7ZCZBW3PROD with $$_JOB
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘China Financial Threat 
Mitigation Act of 2025’’. 
SEC. 2. CHINA FINANCIAL THREAT MITIGATION. 
(a) REPORT.—Not later than one year after the date 
of the enactment of this Act, the Secretary of the Treasury, 
in consultation with the Chairman of the Board of Gov-
ernors of the Federal Reserve System, the Chairman of the 
Securities and Exchange Commission, the Chairman of the 
Commodity Futures Trading Commission, and the Sec-
retary of State, shall conduct a study and issue a report 
on the exposure of the United States to the financial sector 
of the People’s Republic of China that includes— 
(1) an assessment of the effects of significant 
risks in the financial sector of the People’s Republic 
of China on the United States and global financial 
systems; 
(2) a description of the policies the United States 
Government is adopting to protect the financial sta-
bility of the United States and the global economy 
from any risks described under paragraph (1); 
VerDate Sep 11 2014 
23:30 Mar 21, 2025
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6203
E:\BILLS\H1549.RH
H1549
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(3) a description and evaluation of the trans-
parency, completeness, and reliability of Chinese eco-
nomic data; and 
(4) recommendations for additional actions the 
United States Government, including United States 
representatives at relevant international organiza-
tions, should take to strengthen international coopera-
tion to monitor and mitigate such financial stability 
risks and protect United States interests. 
(b) TRANSMISSION OF REPORT.—The Secretary of the 
Treasury shall transmit the report required under sub-
section (a) to the Committees on Financial Services and 
Foreign Affairs of the House of Representatives, the Com-
mittees on Banking, Housing, and Urban Affairs and For-
eign Relations of the Senate, and to the United States rep-
resentatives at relevant international organizations, as ap-
propriate. 
(c) CLASSIFICATION OF REPORT.—The report required 
under subsection (a) shall be unclassified, but may contain 
a classified annex. 
(d) PUBLICATION OF REPORT.—The Secretary of the 
Treasury shall publish the report required under subsection 
(a) (other than any classified annex) on the website of the 
Department of the Treasury not later than one year after 
the date of enactment of this Act. 
VerDate Sep 11 2014 
23:30 Mar 21, 2025
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6203
E:\BILLS\H1549.RH
H1549
kjohnson on DSK7ZCZBW3PROD with $$_JOB
VerDate Sep 11 2014 
23:30 Mar 21, 2025
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6203
E:\BILLS\H1549.RH
H1549
kjohnson on DSK7ZCZBW3PROD with $$_JOB
Union Calendar No. 11 
119TH CONGRESS 
1ST SESSION 
H. R. 1549 
[Report No. 119–21] 
A BILL 
To require the Secretary of the Treasury to conduct 
a study and report on the exposure of the United 
States to the financial sector of the People’s Re-
public of China, and for other purposes. 
MARCH 21, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
23:30 Mar 21, 2025
Jkt 059200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H1549.RH
H1549
kjohnson on DSK7ZCZBW3PROD with $$_JOB