I 
115TH CONGRESS 
1ST SESSION H. R. 4235 
To authorize a review of financial services industry requirements of the 
People’s Republic of China and the implications of such requirements 
on national security interests of the United States. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 2, 2017 
Mr. SMITH of New Jersey (for himself and Mr. ESTES of Kansas) introduced 
the following bill; which was referred to the Committee on Financial Serv-
ices, and in addition to the Committees on Foreign Affairs, and Energy 
and Commerce, for a period to be subsequently determined by the Speak-
er, in each case for consideration of such provisions as fall within the ju-
risdiction of the committee concerned 
A BILL 
To authorize a review of financial services industry require-
ments of the People’s Republic of China and the implica-
tions of such requirements on national security interests 
of the United States. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. NATIONAL SECURITY REVIEW OF INTER-
NATIONAL FINANCIAL SERVICES REQUIRE-
MENTS. 
(a) REVIEW.—The Secretary of the Treasury, in con-
sultation with the Secretary of Defense, the Secretary of 
Commerce and the Secretary of Homeland Security, shall 
conduct a review of financial services industry require-
ments of the People’s Republic of China and the implica-
tions of such requirements on the national security, polit-
ical, or economic interests of the United States, includ-
ing— 
(1) an assessment regarding potential threats 
to national security posed by a United States finan-
cial services company owned or controlled by a com-
pany organized, incorporated, or whose primary 
place of business is in the People’s Republic of 
China having access to personal financial informa-
tion of United States military servicemembers or 
Federal employees or contractors holding security 
clearances who utilize such company’s United States 
locations to make a money transfer or other form of 
payment; 
(2) 
an 
assessment 
regarding 
potential 
vulnerabilities to personal privacy posed by a United 
States financial services company owned or con-
trolled by a company organized, incorporated, or 
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whose primary place of business is in the People’s 
Republic of China having access to personal finan-
cial information of customers who are using one of 
such company’s United States locations to make a 
money transfer or other form of payment; 
(3) an examination of the United States finan-
cial services policy and foreign policy as it relates to 
ensuring competition in global financial markets; 
(4) an examination of the relationship between 
the United States and the People’s Republic of 
China as it relates to ensuring reciprocity in access 
to and investment in financial markets in each na-
tion; 
(5) an examination of the appropriate laws, reg-
ulations, and policies of the People’s Republic of 
China to determine whether a United States domes-
tic corporation would be permitted to purchase, ac-
quire, merge, or otherwise establish a joint relation-
ship with an entity whose primary place of business 
is in the People’s Republic of China; and 
(6) an examination of the appropriate laws and 
regulations of the People’s Republic of China to de-
termine the extent to which United States domestic 
corporations are limited with respect to their ability 
to provide money transmission, payment processing, 
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and other financial services inside the People’s Re-
public of China. 
(b) REPORT
AND RECOMMENDATIONS.—Not later 
than 90 days after the date of enactment of this Act, the 
Secretary of the Treasury, in consultation with the Sec-
retary of Defense, the Secretary of Commerce, and the 
Secretary of Homeland Security, shall report to the Presi-
dent and the Congress on the findings of the study de-
scribed in subsection (a) and any recommendations the 
Secretaries consider appropriate. 
(c) REGULATORY EFFECT.—Notwithstanding any 
other provision of law, the Committee on Foreign Invest-
ment in the United States shall not conclude a national 
security review or investigation related to the acquisition 
of a United States domestic corporation that provides 
money transfer or payment processing services by an enti-
ty organized, incorporated, or whose primary place of busi-
ness is in the People’s Republic of China until the report 
described in subsection (b) has been provided to the Presi-
dent and the Congress. 
Æ 
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