China Financial Threat Mitigation Act of 2023
Floor Speech
Mr. Speaker, I rise in support of H.R. 1156, the China Financial Threat Mitigation Act of 2023, sponsored by Representative Spanberger of Virginia.
It is crucial that we closely monitor any risk to our financial system and economy that may arise from the financial sector and economy of the People's Republic of China.
Our financial regulators have already raised some concerns about such risks. For example, the Financial Stability Oversight Council highlighted in their 2022 report that ``difficulties in the real estate sector could cause strains across China's financial system, including at banks, nonbanks, corporate bond markets, and local government finances.''
However, further analysis is needed, as China's size and interconnectedness with the global economy may pose risks to the United States if those kinds of risks spill over.
H.R. 1156 would require a comprehensive report by our Treasury Department looking at these different types of financial risks, in consultation with relevant agencies, to better inform Congress and provide actionable recommendations to our representatives at various international bodies, such as the Financial Stability Board, in order to mitigate these risks.
Ranking Member Waters was pleased to work with Chair McHenry last Congress to advance this bipartisan bill through the House. I join her in hoping that we can pass this bill again with the support of the Senate so this work can begin quickly.
Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.
I commend Representative Spanberger for her leadership on these important issues and her work in drafting this bipartisan bill.
I also thank Chair McHenry and Representative Williams of Texas on the other side of the aisle for working with us Democrats on this important legislation.
This bipartisan work resulted in a vote of 40-0 on this bill during a Financial Services Committee markup earlier this year.
I, again, urge my colleagues to support this bill, and I yield back the balance of my time.
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