[Congressional Record Volume 171, Number 126 (Wednesday, July 23, 2025)]
[House]
[Pages H3620-H3621]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
CHINA FINANCIAL THREAT MITIGATION ACT OF 2025
Mr. WILLIAMS of Texas. Madam Speaker, I move to suspend the rules and
pass the bill (H.R. 1549) 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, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 1549
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``China Financial Threat
Mitigation Act of 2025''.
SEC. 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 significant risks in
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 financial stability of
the United States and the global economy from any risks
described under paragraph (1);
(3) a description and evaluation of the transparency,
completeness, and reliability of Chinese economic data; 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) 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.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Texas (Mr. Williams) and the gentlewoman from California (Ms. Waters)
each will control 20 minutes.
The Chair recognizes the gentleman from Texas.
General Leave
Mr. WILLIAMS of Texas. Madam Speaker, I ask unanimous consent that
all Members may have 5 legislative days to revise and extend their
remarks and include extraneous material on this bill.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Texas?
There was no objection.
Mr. WILLIAMS of Texas. Madam Speaker, I yield myself such time as I
may consume.
Madam Speaker, I rise today in support of H.R. 1549, the China
Financial Threat Mitigation Act.
The Chinese Communist Party's track record of interference and
aggression toward the American 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,
the CCP's actions are not just unfair but are also downright dangerous.
These predatory practices harm American businesses, erode trust in
global markets, and risk empowering China to pressure developing
nations and destabilize debt markets for its own benefit.
We cannot afford to sit back and take our eyes off the ball. We must
be prepared. That is why I introduced the China Financial Threat
Mitigation Act. This bill is a proactive measure that requires the
Department of the Treasury to identify financial risks posed by the
Chinese economy and offer recommendations for strengthening
international cooperation to monitor and counter these threats.
Our top priorities should always be to defend Western values, promote
American interests, and hold bad actors accountable. This legislation
is a critical step in confronting the CCP's abuse of the financial
system head-on.
Mr. Speaker, I thank the gentleman from New Jersey (Mr. Gottheimer)
for co-leading this important effort with me, and I urge my colleagues
to support H.R. 1549.
In God We Trust.
Madam Speaker, I reserve the balance of my time.
Ms. WATERS. Madam Speaker, I yield myself such time as I may consume.
Madam Speaker, I rise in support of H.R. 1549, the China Financial
Threat Mitigation Act, sponsored by Mr. Williams of Texas and Mr.
Gottheimer of New Jersey.
The People's Republic of China continues to pose a significant
challenge to America's economy and financial system. This doesn't mean
that China is simply an economic competitor. Rather, China has taken an
aggressive adversarial posture toward American
[[Page H3621]]
influence and power globally, leveraging its growing economic strength
to do so.
To address concerns raised by China's conduct in this regard,
American policymakers, including Members of Congress, need accurate
data about the potential risks posed. This includes information about
trade, both legal and illegal investments, demographics, subsidies for
domestic industries, and demand for oil 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.
Madam Speaker, this bill asks for a detailed study on these issues.
The bill would also require recommendations for additional actions to
strengthen international cooperation to mitigate risks and protect U.S.
interests.
The House previously passed this bill four times in the last three
Congresses, and I hope we can finally pass it into law.
Madam Speaker, I urge my colleagues to support this bill, and I
reserve the balance of my time.
Mr. WILLIAMS of Texas. Madam Speaker, I include in the Record the CBO
estimate for this bill.
H.R. 1549, CHINA FINANCIAL THREAT MITIGATION ACT OF 2025, AS REPORTED BY
THE HOUSE COMMITTEE ON FINANCIAL SERVICES ON MARCH 21, 2025
------------------------------------------------------------------------
By fiscal year, millions of
dollars--
-------------------------------
2025 2025-2030 2025-2035
------------------------------------------------------------------------
Direct Spending (Outlays)............... 0 0 0
Revenues................................ * * *
Increase or Decrease (-) in the Deficit. * * *
Spending Subject to Appropriation * 1 **
(Outlays)..............................
------------------------------------------------------------------------
* = between -$500,000 and $500,000.
** = not estimated.
Increases net direct spending in any of the four
consecutive 10-year periods beginning in 2036? No.
Increases on-budget deficits in any of the four consecutive
10-year periods beginning in 2036? No.
Statutory pay-as-you-go procedures apply? Yes.
Mandate Effects:
Contains intergovernmental mandate? No.
Contains private-sector mandate? No.
H.R. 1549 would require the Secretary of the Treasury,
within one year of enactment, to study and report on the
financial exposure of the United States and the global
economy to China. The bill also would direct the Secretary to
consult with the Board of Governors of the Federal Reserve
System, the Securities and Exchange Commission, the Commodity
Futures Trading Commission, and the Department of State for
the study.
Using information about the cost of similar requirements,
CBO estimates that implementing H.R. 1549 would cost federal
agencies $1 million over the 2025-2030 period. Any spending
by those agencies would be subject to the availability of
appropriated funds.
Costs incurred by the Federal Reserve reduce remittances to
the Treasury, which are recorded in the budget as revenues.
CBO estimates that the reduction in remittances attributable
to implementing H.R. 1549 would not be significant over the
2025-2035 period.
The CBO staff contacts for this estimate are Matthew
Pickford (for federal agencies) and Nathaniel Frentz (for the
Federal Reserve). The estimate was reviewed by H. Samuel
Papenfuss, Deputy Director of Budget Analysis.
Phillip L. Swagel,
Director, Congressional Budget Office.
Mr. WILLIAMS of Texas. Madam Speaker, I am prepared to close, and I
reserve the balance of my time.
Ms. WATERS. Madam Speaker, I yield myself the balance of my time.
Madam Speaker, I thank Representative Williams of Texas and
Representative Gottheimer for sponsoring this bill. Their bipartisan
work resulted in a unanimous vote during our Committee on Financial
Services markup earlier this year, reflecting our shared concerns about
the aggressive economic and commercial activities of the Government of
the People's Republic of China.
Madam Speaker, I urge my colleagues to support this bill, and I yield
back the balance of my time.
Mr. WILLIAMS of Texas. Madam Speaker, I yield myself the balance of
my time.
Madam Speaker, for the reasons I explained earlier, I urge my
colleagues to support this bill. I thank Congressman Gottheimer and my
good friend, Ms. Waters, for their support.
Madam Speaker, I yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Texas (Mr. Williams) that the House suspend the rules
and pass the bill, H.R. 1549, as amended.
The question was taken; and (two-thirds being in the affirmative) the
rules were suspended and the bill, as amended, was passed.
A motion to reconsider was laid on the table.
____________________