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Financial Services Committee Advances Bipartisan Bills to Combat Economic Threat from China

Washington, Feb 28 -

Today, the House Financial Services Committee advanced several bipartisan bills during its first markup of the 118^th Congress to combat the generational threat posed by the Chinese Communist Party’s (CCP) economic aggression. This comes after the Committee held its first hearing of the Congress on combatting the economic threat from China.  

The following measures were agreed to and subsequently reported to the House of Representatives:

• H.R. 554, the “Taiwan Conflict Deterrence Act of 2023,” sponsored by Rep. French Hill (AR-02), will disincentivize Chinese aggression towards Taiwan by publishing the assets of top Chinese leaders, as well as cutting them and their family members off from financial services, if Beijing acts against Taiwan.

•  H.R. 1076, the “Preventing the Financing of Illegal Synthetic Drugs Act,” sponsored by Rep. Monica De La Cruz (TX-15), will combat the flow of illicit Chinese fentanyl into American communities through a study on illicit financing in connection with the trafficking of synthetic drugs.

•  H.R. 540, the “Taiwan Non-Discrimination Act of 2023,” sponsored by Rep. Young Kim (CA-40), will require the U.S. to advocate for Taiwan's membership at the International Monetary Fund.

•  H.R. 510, the “Chinese Currency Accountability Act of 2023,” sponsored by Rep. Warren Davidson (OH-08), will prevent the CCP from coopting critical international institutions like the International Monetary Fund by requiring the Treasury Secretary to oppose an increase in the weight of China's renminbi in the basket of currencies determining the value of Special Drawing Rights.

• H.R. 839, the “China Exchange Rate Transparency Act of 2023,” sponsored by Rep. Dan Meuser (PA-09), will protect global market participants from the CCP’s exploitative practices by requiring the U.S. Director at the International Monetary Fund to advocate for greater transparency in China’s disclosure of its exchange rate policies.

• H.R. 803, the “PROTECT Taiwan Act,” sponsored by Rep. Frank Lucas (OK-03), will help isolate the CCP from the international financial system by directing the Federal Reserve, the Secretary of Treasury, and the Securities and Exchange Commission to exclude representatives from the People’s Republic of China from proceedings of various international financial groups and organizations in the event of an invasion of Taiwan.

• H.R. 555, the “Securing America’s Vaccines for Emergencies (SAVE) Act of 2023,” sponsored by Rep. Hill, will help end U.S. over-reliance on adversarial governments for medical supplies during an emergency by bolstering and diversifying existing supply chains through the Defense Production Act.

• H.R. 1156, the “China Financial Threat Mitigation Act of 2023,” sponsored by Rep. Abigail Spanberger (VA-07), will promote American financial resiliency by requiring the Treasury Secretary to report on global economic risks emanating from the Chinese financial sector.

• H.R. 1166, the “Public Health Emergency Medical Supplies Enhancement Act of 2023,” sponsored by Rep. Juan Vargas (CA-52), will ensure adequate stockpiles of emergency supplies by classifying certain materials as scarce during an emergency period. 

• H.R. 1161, the “Aligning SEC Regulations for the World Bank’s International Development Association Act,” sponsored by Rep. Maxine Waters (CA-43), would classify securities issued by the World Bank's International Development Association (IDA) as exempted securities.

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