[Federal Register Volume 71, Number 157 (Tuesday, August 15, 2006)]
[Notices]
[Pages 46978-46979]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-13303]


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U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION


Notice of Open Public Hearing

AGENCY: U.S.-China Economic and Security Review Commission.

ACTION: Notice of open public hearing--August 22, 2006, Washington, DC.

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SUMMARY: Notice is hereby given of the following hearing of the U.S.-
China Economic and Security Review Commission.
    Name: Larry M. Wortzel, Chairman of the U.S.-China Economic and 
Security Review Commission.
    The Commission is mandated by Congress to investigate, assess, 
evaluate and report to Congress annually on the U.S.-China economic and 
security relationship. The mandate specifically charges the Commission 
to investigate ``the extent of Chinese access to, and use of United 
States capital markets, and whether the existing disclosure and 
transparency rules are adequate to identify Chinese companies which are 
active in United States markets and are also engaged in proliferation 
activities or other activities harmful to United States security 
interests.''
    Pursuant to this mandate, the Commission will hold a public hearing 
in Washington, DC on August 22, 2006, to assess the nature and 
consequences of interaction between the Chinese and U.S. capital 
markets. China agreed to open its financial system to foreign 
participation when it joined the World Trade Organization. This process 
is already underway and accelerating, and the Commission, therefore, 
believes it is important and timely to assess the nature and 
consequences of interaction between the Chinese and U.S. capital 
markets.

Background

    This event is the seventh in a series of public hearings the 
Commission will hold during its 2006 report cycle to collect input from 
leading experts in academia, business, industry, government and the 
public on the impact of the economic and national security implications 
of the U.S. growing bilateral trade and economic relationship with 
China. The August 22 hearing is being conducted to obtain commentary 
about the economic and national security implications of Chinese 
macroeconomic policies on U.S. capital markets, exchange rates and 
interest rates. Information on upcoming hearings, as well as 
transcripts of past Commission hearings, can be obtained from the USCC 
Web site http://www.uscc.gov.
    This hearing will address ``China's Financial System and Monetary 
Policies: The Impact on U.S. Exchange Rates, Capital Markets, and 
Interest Rates'' and will be Co-chaired by Chairman Larry M. Wortzel 
and Commissioner Patrick A. Mulloy.

Purpose of Hearing

    At this hearing the Commission seeks to assess the health of the 
Chinese financial system, evaluate the nature of foreign participation 
and understand the relationship between China's financial system and 
domestic Chinese politics. The Commission also seeks to explore the 
nature of capital flows into and out of China in order to understand 
how those flows affect U.S. interest rates and the value of the dollar.
    The hearing is designed to assist the Commission in fulfilling its 
mandate by examining the condition of China's financial system, its 
increasing openness to foreign competition as required under WTO rules, 
China's WTO commitments to the financial sector, and the impact of 
Chinese macroeconomic policies on U.S. capital markets.
    Copies of the hearing agenda will be made available on the 
Commission's Web site http://www.uscc.gov. Any interested party may 
file a written statement by August 22, 2006, by mailing to the contact 
below. The hearing will be held in two sessions, one in the morning and 
one in the afternoon, where Commissioners will take testimony from 
invited witnesses. There will be a question and answer period between 
the Commissioners and the witnesses.

Date and Time: Tuesday, August 22, 2006, 8:30 a.m. to 4:30 p.m. Eastern 
Standard Time. A detailed agenda for the hearing will be posted to the

[[Page 46979]]

Commission's Web site http://www.uscc.gov in the near future.

ADDRESSES: The hearing will be held on Capitol Hill in Room 385 Russell 
Senate Office Building. Public seating is limited to about 50 people on 
a first come, first served basis. Advance reservations are not 
required.

FOR FURTHER INFORMATION CONTACT: Any member of the public wishing 
further information concerning the hearing should contact Kathy 
Michels, Associate Director for the U.S.-China Economic and Security 
Review Commission, 444 North Capitol Street, NW., Suite 602, 
Washington, DC 20001; phone: 202-624-1409, or via E-mail at 
[email protected].

    Authority: Congress created the U.S.-China Economic and Security 
Review Commission in 2000 in the National Defense Authorization Act 
(Pub. L. 106-398), as amended by Division P of the Consolidated 
Appropriations Resolution, 2003 (Pub. L. 108-7), as amended by 
Public Law 109-108 (November 22, 2005).

    Dated: August 9, 2006.
Kathleen J. Michels,
Associate Director, U.S.-China Economic and Security Review Commission.
 [FR Doc. E6-13303 Filed 8-14-06; 8:45 am]
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