China Financial Threat Mitigation Act of 2025
Floor Speech
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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.
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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.
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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.
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Mr. WILLIAMS of Texas. Madam Speaker, I am prepared to close, and I reserve the balance of my time.
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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.
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