House Passes Bipartisan Legislation to Address China’s Financial Threats
Udumbara
The House of Representatives has passed legislation to safeguard the United States from financial threats posed by the Chinese Communist Party (CCP).
Before the vote, Williams told his colleagues on the House floor that the CCP’s track record of interference and aggression against the U.S. financial system “is a serious and growing threat.”
“The CCP has a well-documented history of abusing international financial norms, jeopardizing both our national and economic security in the process, from manipulating currency and distorting markets to propping up state-owned industries and weaponizing finance for geopolitical gain,” Williams said. “The CCP’s actions are not just unfair, they are downright dangerous.”
Williams said these Chinese predatory practices harm U.S. businesses and erode trust in global markets.
Consequently, he called his legislation “a proactive measure” against the Chinese malpractices.
The report would include U.S. policies aimed at protecting its interests and recommendations for additional actions to strengthen international cooperation, with the goal of reducing risks and protecting U.S. interests.
“This legislation is a critical step in confronting the CCP’s abuse of the financial system head-on,” Williams said.
Rep. Maxine Waters (D-Calif.), ranking member of the Committee of Financial Services, said on the House floor before the vote that China’s adversarial posture toward the United States makes it essential for U.S. policymakers to have accurate financial data on China, including legal and illegal trade, investment, demographics, subsidies for domestic industries, oil demand, and economic growth.
“Unfortunately, despite these needs, the economic data available directly from China is generally limited and unreliable. Even China’s gross domestic product figures are regarded as questionable,” Waters said. “This bill asks for a detailed study on these issues.”
Waters expressed hope that the legislation would finally become law, noting that the House had passed it four times over the past three Congresses.
“The Chinese Communist Party has the ability to intervene in China’s banking system to achieve outcomes that benefit them the most, which has the potential to harm American businesses,” Rounds said in a statement at the time.“We must gain a clearer understanding of how China’s financial sector affects the U.S. economy and other global financial systems.”
Warner is the vice chairman of the Senate Select Committee on Intelligence. The three senators all sit on the Committee on Banking, Housing, and Urban Affairs.
The American Securities Association (ASA) has welcomed the House’s passage of the legislation.
