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 ana-
lyze emerging financial threats from the People’s Repub-
lic of China, to strengthen international cooperation in 
the mitigation of such threats, and for other purposes. 
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 2021’’. 
SEC. 2. ANNUAL REPORT REQUIREMENT. 
Section 112(a)(2)(N)(iii) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 U.S.C. 
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5322(a)(2(N)(iii)) is amended by striking ‘‘United States’’ 
and inserting ‘‘United States, including any threats ema-
nating from the governance, opacity, or instability of fi-
nancial intermediation through banking institutions and 
otherwise, in the People’s Republic of China’’. 
SEC. 3. INTERNATIONAL COOPERATION. 
(a) INTERNATIONAL MONETARY FUND.—The Sec-
retary of the Treasury shall instruct the United States Ex-
ecutive Director at the International Monetary Fund to 
use the voice, vote, and influence of the United States to 
strengthen international cooperation with respect to moni-
toring and mitigating any threats emanating from the 
People’s Republic of China described in the annual report 
submitted by the Financial Stability Oversight Council to 
the Congress pursuant to section 112(a)(2)(N) of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act. 
(b) G20.—The Secretary of the Treasury and the 
Chairman of the Board of Governors of the Federal Re-
serve System shall use the voice, vote, and influence of 
the United States at the Group of 20 to strengthen inter-
national cooperation with respect to monitoring and miti-
gating any threats emanating from the People’s Republic 
of China described in the annual report submitted by the 
Financial Stability Oversight Council to the Congress pur-
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suant to section 112(a)(2)(N) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act. 
(c) FINANCIAL STABILITY BOARD.—Any person rep-
resenting the United States at the Financial Stability 
Board shall, use the voice, vote, and influence of the 
United States to strengthen international cooperation with 
respect to monitoring and mitigating any threats ema-
nating from the People’s Republic of China described in 
the annual report submitted by the Financial Stability 
Oversight Council to the Congress pursuant to section 
112(a)(2)(N) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act. 
SEC. 4. SUNSET. 
On the date that is 7 years after the date of enact-
ment of this Act, this Act and the amendments made by 
it this Act are repealed, and the provision of law amended 
by section 2 is restored as if such section had not been 
enacted. 
Æ 
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