China Financial Threat Mitigation Act of 2023

Bill: 118-hr-1156
Sponsor: full_name: Rep. Spanberger, Abigail Davis [D-VA-7]
Introduced: 2023-02-24
Policy area: Finance and Financial Sector
Subjects: Asia

China

Congressional oversight

Financial crises and stabilization

Government information and archives

Government studies and investigations
Latest action: action_date: 2023-05-30
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-02-24
action_desc: Introduced in House
text: <p><b>China Financial Threat Mitigation Act of 2023 </b></p> <p>This bill requires the Department of the Treasury, in consultation with specified federal financial agencies, to report on the exposure of the United States to the financial sector of China. The report must include </p> <ul> <li>the effects the reforms to China's financial sector have on U.S. and global financial systems, </li> <li>a description of the policies the United States is adopting to protect U.S. interests, </li> <li>a description and analysis of any risks presented by China to the financial stability of the United States and the global economy, and </li> <li>recommendations for additional actions to strengthen international cooperation to mitigate risks and protect U.S. interests. </li> </ul>

action_date: 2023-05-22
action_desc: Passed House
text: <p><b>China Financial Threat Mitigation Act of 2023 </b></p> <p>This bill requires the Department of the Treasury, in consultation with specified federal financial agencies, to report on the exposure of the United States to the activity of China's financial sector. The report must include </p> <ul> <li>the effects the reforms to China's financial sector have on U.S. and global financial systems, </li> <li>a description of the policies the United States is adopting to protect U.S. interests, </li> <li>a description and analysis of any risks presented by China to the financial stability of the United States and the global economy, and </li> <li>recommendations for additional actions to strengthen international cooperation to mitigate risks and protect U.S. interests. </li> </ul>

tv_txt: IIB 118th CONGRESS 1st Session H. R. 1156 IN THE SENATE OF THE UNITED STATES May 30, 2023 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To require the Secretary of the Treasury to conduct a study and report on the exposure of the United States to the financial sector of the People’s Republic of China, and for other purposes.

1. Short title This Act may be cited as the China Financial Threat Mitigation Act of 2023 . 2. China financial threat mitigation (a) Report Not later than one year after the date of the enactment of this Act, the Secretary of the Treasury, in consultation with the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Securities and Exchange Commission, the Chairman of the Commodity Futures Trading Commission, and the Secretary of State, shall conduct a study and issue a report on the exposure of the United States to the financial sector of the People’s Republic of China that includes— (1) an assessment of the effects of reforms to the financial sector of the People’s Republic of China on the United States and global financial systems; (2) a description of the policies the United States Government is adopting to protect the interests of the United States while the financial sector of the People’s Republic of China undergoes such reforms; (3) a description and analysis of any risks to the financial stability of the United States and the global economy emanating from the People’s Republic of China; and (4) recommendations for additional actions the United States Government, including United States representatives at relevant international organizations, should take to strengthen international cooperation to monitor and mitigate such financial stability risks and protect United States interests. (b) Transmission of report The Secretary of the Treasury shall transmit the report required under subsection (a) not later than one year after the date of enactment of this Act to the Committees on Financial Services and Foreign Affairs of the House of Representatives, the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate, and to the United States representatives at relevant international organizations, as appropriate. (c) Classification of report The report required under subsection (a) shall be unclassified, but may contain a classified annex. (d) Publication of report The Secretary of the Treasury shall publish the report required under subsection (a) (other than any classified annex) on the website of the Department of the Treasury not later than one year after the date of enactment of this Act.

Passed the House of Representatives May 22, 2023. Cheryl L. Johnson, Clerk. Lisa P. Grant, Deputy Clerk.

tv_txt: I 118th CONGRESS 1st Session H. R. 1156 IN THE HOUSE OF REPRESENTATIVES AN ACT To require the Secretary of the Treasury to conduct a study and report on the exposure of the United States to the financial sector of the People’s Republic of China, and for other purposes.

1. Short title This Act may be cited as the China Financial Threat Mitigation Act of 2023 . 2. China financial threat mitigation (a) Report Not later than one year after the date of the enactment of this Act, the Secretary of the Treasury, in consultation with the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Securities and Exchange Commission, the Chairman of the Commodity Futures Trading Commission, and the Secretary of State, shall conduct a study and issue a report on the exposure of the United States to the financial sector of the People’s Republic of China that includes— (1) an assessment of the effects of reforms to the financial sector of the People’s Republic of China on the United States and global financial systems; (2) a description of the policies the United States Government is adopting to protect the interests of the United States while the financial sector of the People’s Republic of China undergoes such reforms; (3) a description and analysis of any risks to the financial stability of the United States and the global economy emanating from the People’s Republic of China; and (4) recommendations for additional actions the United States Government, including United States representatives at relevant international organizations, should take to strengthen international cooperation to monitor and mitigate such financial stability risks and protect United States interests. (b) Transmission of report The Secretary of the Treasury shall transmit the report required under subsection (a) not later than one year after the date of enactment of this Act to the Committees on Financial Services and Foreign Affairs of the House of Representatives, the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate, and to the United States representatives at relevant international organizations, as appropriate. (c) Classification of report The report required under subsection (a) shall be unclassified, but may contain a classified annex. (d) Publication of report The Secretary of the Treasury shall publish the report required under subsection (a) (other than any classified annex) on the website of the Department of the Treasury not later than one year after the date of enactment of this Act.

Passed the House of Representatives May 22, 2023. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 52 118th CONGRESS 1st Session H. R. 1156 [Report No. 118–72] IN THE HOUSE OF REPRESENTATIVES February 24, 2023 Ms. Spanberger (for herself and Mr. Williams of Texas ) introduced the following bill; which was referred to the Committee on Financial Services May 22, 2023 Additional sponsors: Mr. Lawler , Ms. Lee of Nevada , and Mr. Ryan May 22, 2023 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on February 24, 2023 A BILL To require the Secretary of the Treasury to conduct a study and report on the exposure of the United States to the financial sector of the People’s Republic of China, and for other purposes.

1. Short title This Act may be cited as the China Financial Threat Mitigation Act of 2023 . 2. China financial threat mitigation (a) Report Not later than one year after the date of the enactment of this Act, the Secretary of the Treasury, in consultation with the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Securities and Exchange Commission, the Chairman of the Commodity Futures Trading Commission, and the Secretary of State, shall conduct a study and issue a report on the exposure of the United States to the financial sector of the People’s Republic of China that includes— (1) an assessment of the effects of reforms to the financial sector of the People’s Republic of China on the United States and global financial systems; (2) a description of the policies the United States Government is adopting to protect the interests of the United States while the financial sector of the People’s Republic of China undergoes such reforms; (3) a description and analysis of any risks to the financial stability of the United States and the global economy emanating from the People’s Republic of China; and (4) recommendations for additional actions the United States Government, including United States representatives at relevant international organizations, should take to strengthen international cooperation to monitor and mitigate such financial stability risks and protect United States interests. (b) Transmission of report The Secretary of the Treasury shall transmit the report required under subsection (a) not later than one year after the date of enactment of this Act to the Committees on Financial Services and Foreign Affairs of the House of Representatives, the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate, and to the United States representatives at relevant international organizations, as appropriate. (c) Classification of report The report required under subsection (a) shall be unclassified, but may contain a classified annex. (d) Publication of report The Secretary of the Treasury shall publish the report required under subsection (a) (other than any classified annex) on the website of the Department of the Treasury not later than one year after the date of enactment of this Act.

May 22, 2023 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 118th CONGRESS 1st Session H. R. 1156 IN THE HOUSE OF REPRESENTATIVES February 24, 2023 Ms. Spanberger (for herself and Mr. Williams of Texas ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to conduct a study and report on the exposure of the United States to the financial sector of the People’s Republic of China, and for other purposes.

1. Short title This Act may be cited as the China Financial Threat Mitigation Act of 2023 . 2. China financial threat mitigation (a) Report Not later than one year after the date of the enactment of this Act, the Secretary of the Treasury, in consultation with the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Securities and Exchange Commission, the Chairman of the Commodity Futures Trading Commission, and the Secretary of State, shall conduct a study and issue a report on the exposure of the United States to the financial sector of the People’s Republic of China that includes— (1) an assessment of the effects of reforms to the financial sector of the People’s Republic of China on the United States and global financial systems; (2) a description of the policies the United States Government is adopting to protect the interests of the United States while the financial sector of the People’s Republic of China undergoes such reforms; (3) a description and analysis of any risks to the financial stability of the United States and the global economy emanating from the People’s Republic of China; and (4) recommendations for additional actions the United States Government, including United States representatives at relevant international organizations, should take to strengthen international cooperation to monitor and mitigate such financial stability risks and protect United States interests. (b) Transmission of report The Secretary of the Treasury shall transmit the report required under subsection (a) not later than one year after the date of enactment of this Act to the Committees on Financial Services and Foreign Affairs of the House of Representatives, the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate, and to the United States representatives at relevant international organizations, as appropriate. (c) Classification The report required under subsection (a) shall be unclassified, but may contain a classified annex. (d) Publication of report The Secretary of the Treasury shall publish the report required under subsection (a) (other than any classified annex) on the website of the Department of the Treasury not later than one year after the date of enactment of this Act.