Title: 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.
Policy area: Finance and Financial Sector

Summary:
This bill directs the Department of the Treasury to review and report on the financial services industry requirements of China and the impact of these requirements on the national security, political, or economic interests of the United States.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4235 Introduced in House (IH)]

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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 Services, and in addition to the Committees on Foreign 
   Affairs, and Energy and Commerce, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 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.

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

SECTION 1. NATIONAL SECURITY REVIEW OF INTERNATIONAL FINANCIAL SERVICES 
              REQUIREMENTS.

    (a) Review.--The Secretary of the Treasury, in consultation with 
the Secretary of Defense, the Secretary of Commerce and the Secretary 
of Homeland Security, shall conduct a review of financial services 
industry requirements of the People's Republic of China and the 
implications of such requirements on the national security, political, 
or economic interests of the United States, including--
            (1) an assessment regarding potential threats to national 
        security posed by a United States financial services company 
        owned or controlled by a company organized, incorporated, or 
        whose primary place of business is in the People's Republic of 
        China having access to personal financial information 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 controlled by a company organized, 
        incorporated, or whose primary place of business is in the 
        People's Republic of China having access to personal financial 
        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 financial 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 nation;
            (5) an examination of the appropriate laws, regulations, 
        and policies of the People's Republic of China to determine 
        whether a United States domestic corporation would be permitted 
        to purchase, acquire, merge, or otherwise establish a joint 
        relationship 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 determine the extent to 
        which United States domestic corporations are limited with 
        respect to their ability to provide money transmission, payment 
        processing, and other financial services inside the People's 
        Republic 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 Secretary of Defense, the Secretary of Commerce, 
and the Secretary of Homeland Security, shall report to the President 
and the Congress on the findings of the study described in subsection 
(a) and any recommendations the Secretaries consider appropriate.
    (c) Regulatory Effect.--Notwithstanding any other provision of law, 
the Committee on Foreign Investment 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 entity organized, 
incorporated, or whose primary place of business is in the People's 
Republic of China until the report described in subsection (b) has been 
provided to the President and the Congress.
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