China Financial Threat Mitigation Act of 2024

Bill: 118-s-5347
Sponsor: full_name: Sen. Warner, Mark R. [D-VA]
Introduced: 2024-11-19
Policy area: International Affairs
Latest action: action_date: 2024-11-19
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 5347 IN THE SENATE OF THE UNITED STATES November 19, 2024 Mr. Warner (for himself, Mr. Rounds , and Ms. Lummis ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the Secretary of the Treasury to conduct a study and prepare a 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 2024 . 2. Study and report on financial threat mitigation with respect to People’s Republic of China (a) In general 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 prepare 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 those 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 representatives of the United States at relevant international organizations, should take to strengthen international cooperation to monitor and mitigate those risks and protect United States interests. (b) Transmission of report Not later than one year after the date of the enactment of this Act, the Secretary of the Treasury shall transmit the report required under subsection (a) to— (1) the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate; (2) the Committee on Financial Services and the Committee on Foreign Affairs of the House of Representatives; and (3) the representatives of the United States at relevant international organizations, as appropriate. (c) Classification of report The report required under subsection (a) shall be prepared in unclassified form, but may contain a classified annex. (d) Publication of report Not later than one year after the date of the enactment of this Act, 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.