To require the Secretary of the Treasury to conduct a study and prepare a report on the exposure of the United States to the financial sector of the People’s Republic of China, and for other purposes.
About This Bill
Committee
Latest Action · November 19, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
The China Financial Threat Mitigation Act of 2024 directs the Treasury Secretary to study and report on how much financial risk the United States faces from China's financial sector. Working with the Federal Reserve, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the State Department, Treasury must assess how changes to China's financial system could affect American and global financial stability, describe current U.S. government protections, identify potential risks, and recommend actions for strengthening international cooperation to monitor and reduce those risks. The Treasury Department must complete this study and deliver the report to Congress within one year of the bill's enactment, and must publish the unclassified version on its website, though the report may include a separate classified section if needed for national security reasons. This legislation affects Treasury officials, financial regulators, Congress, and international financial institutions that work together on financial oversight.
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