118 HR 1156 IH: China Financial Threat Mitigation Act of 2023 U.S. House of Representatives 2023-02-24 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 1156IN THE HOUSE OF REPRESENTATIVESFebruary 24, 2023Ms. Spanberger (for herself and Mr. Williams of Texas) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo 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.