Calling on the Government of the People's Republic of China to remove barriers to United States financial services firms doing business in China.

Bill: 110-hres-552
Sponsor: Rep. Marshall, Jim [D-GA-8]
Introduced: 2007-07-17 in the House
Policy area: Foreign Trade and International Finance
Subjects: American investments
Bank examination
China
Conferences
East Asia
Finance and Financial Sector
Financial institutions
Financial services
Foreign banks and banking
Foreign investments
Free trade
Government Operations and Politics
International Affairs
International banking
Life insurance
Nontariff trade barriers
Reciprocity
Securities
Trade agreements
Trade negotiations

Summary:
action_date: 2007-07-17
text: 
Declares the sense of the House of Representatives that: (1) the government of the People's Republic of China should immediately implement all of its World Trade Organization (WTO) commitments to date in financial services; and (2) it should immediately implement all of its commitments to date made under the auspices of the Strategic Economic Dialogue (SED) initiated by the Secretary of the Treasury.
 
States that U.S. goals for the next SED meeting should be to achieve Chinese commitments toward: (1) removal of all foreign investment ownership caps on banking, life insurance, asset management, and securities; and (2) nondiscriminatory treatment of U.S. financial services firms with regard to licensing, corporate form, and permitted products and services, as well as regulation and supervision.
 
Urges U.S. financial service regulators, in assessing whether applications from Chinese financial institutions meet comprehensive consolidated supervision standards, to consider: (1) whether such applications are for operations and activities in the United States that are currently prohibited for U.S. financial institutions in China; and (2) the extent to which such prohibitions reflect problems with the quality of home country supervision.

action_date: 2007-09-05
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Declares the sense of the House of Representatives that: (1) the government of the People's Republic of China should immediately implement all of its World Trade Organization (WTO) commitments to date in financial services; and (2) it should immediately implement all of its commitments to date made under the auspices of the Strategic Economic Dialogue (SED) initiated by the Secretary of the Treasury.
 
States that U.S. goals for the next SED meeting should be to achieve Chinese commitments toward: (1) removal of all foreign investment ownership caps on banking, life insurance, asset management, and securities; and (2) nondiscriminatory treatment of U.S. financial services firms with regard to licensing, corporate form, and permitted products and services, as well as regulation and supervision.
 
Urges U.S. financial service regulators, in assessing whether applications from Chinese financial institutions meet comprehensive consolidated supervision standards, to consider: (1) whether such applications are for operations and activities in the United States that are currently prohibited for U.S. financial institutions in China; and (2) the extent to which such prohibitions reflect problems with the quality of home country supervision.


Legislative actions:
action_date: 2007-09-05
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2007-09-05
text: On motion to suspend the rules and agree to the resolution Agreed to by the Yeas and Nays: (2/3 required): 401 - 4 (Roll no. 850). (text: CR 9/4/2007 H10032)
action_date: 2007-09-05
text: Passed/agreed to in House: On motion to suspend the rules and agree to the resolution Agreed to by the Yeas and Nays: (2/3 required): 401 - 4 (Roll no. 850).(text: CR 9/4/2007 H10032)
action_date: 2007-09-05
text: Considered as unfinished business. (consideration: CR H10111)
action_date: 2007-09-04
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2007-09-04
text: DEBATE - The House proceeded with forty minutes of debate on H. Res. 552.
action_date: 2007-09-04
text: Considered under suspension of the rules. (consideration: CR H10032-10036)
action_date: 2007-09-04
text: Mr. Marshall moved to suspend the rules and agree to the resolution.
action_date: 2007-07-17
text: Referred to the House Committee on Financial Services.
action_date: 2007-07-17
text: Introduced in House
action_date: 2007-07-17
text: Introduced in House