To restrict the Chinese Government from accessing United States capital markets and exchanges if it fails to comply with international laws relating to finance, trade, and commerce.
About This Bill
Committee
Latest Action · May 14, 2024
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill would give the Secretary of the Treasury authority to restrict China's access to U.S. capital markets and financial exchanges if China fails to comply with international laws governing finance, trade, and commerce. The restrictions would apply to major U.S. financial entities including stock exchanges, banks, brokerages, investment firms, and commodity markets. The bill specifically targets compliance with international rules on government debt succession, financial transparency and disclosure requirements, and practices like discriminatory payments or selective default. The Secretary would make compliance determinations in consultation with the Committee on Foreign Investment in the United States, though the legislation does not specify a timeline for implementation or review. If China is deemed non-compliant, the Treasury Department could prohibit these U.S. financial entities from accepting new investments or conducting new transactions on behalf of the Chinese government or its controlled commercial entities.
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