China Financial Threat Mitigation Act of 2021

Bill: 117-hr-3044
Sponsor: full_name: Rep. Gonzalez, Anthony [R-OH-16]
Introduced: 2021-05-07
Policy area: International Affairs
Latest action: action_date: 2021-05-07
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-05-07
action_desc: Introduced in House
text: <p><strong>China Financial Threat Mitigation Act of 2021</strong></p> <p>This bill requires U.S. representatives to certain international bodies to advocate for increased international cooperation to mitigate threats caused by the governance, opacity, or instability of financial intermediation in China. (Generally, financial intermediaries provide services, such as accounting and underwriting services, that facilitate financial transactions.)</p> <p>Specifically, this requirement applies to U.S. representatives to the International Monetary Fund, the Group of 20 (G20), and the Financial Stability Board (a technical body established by the G20 to coordinate the group's agenda). </p> <p>The bill also requires the Financial Stability Oversight Council within the Department of the Treasury to report annually to Congress on such threats. </p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3044 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 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.

1. Short title This Act may be cited as the China Financial Threat Mitigation Act of 2021 . 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. 5322(a)(2(N)(iii)) is amended by striking United States and inserting United States, including any threats emanating from the governance, opacity, or instability of financial intermediation through banking institutions and otherwise, in the People’s Republic of China . 3. International cooperation (a) International Monetary Fund The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to use the voice, vote, and influence of the United States to strengthen international cooperation with respect to monitoring 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 Protection Act. (b) G20 The Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System shall use the voice, vote, and influence of the United States at the Group of 20 to strengthen international cooperation with respect to monitoring 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 Protection Act. (c) Financial stability board Any person representing 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 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 Protection Act. 4. Sunset On the date that is 7 years after the date of enactment 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.