| 1 | 1 | | II |
|---|
| 2 | 2 | | 119THCONGRESS |
|---|
| 3 | 3 | | 1 |
|---|
| 4 | 4 | | STSESSION S. 1113 |
|---|
| 5 | 5 | | To require the Secretary of the Treasury to conduct a study and prepare |
|---|
| 6 | 6 | | a report on the exposure of the United States to the financial sector |
|---|
| 7 | 7 | | of the People’s Republic of China, and for other purposes. |
|---|
| 8 | 8 | | IN THE SENATE OF THE UNITED STATES |
|---|
| 9 | 9 | | MARCH25, 2025 |
|---|
| 10 | 10 | | Mr. W |
|---|
| 11 | 11 | | ARNER(for himself, Mr. ROUNDS, and Ms. LUMMIS) introduced the fol- |
|---|
| 12 | 12 | | lowing bill; which was read twice and referred to the Committee on Bank- |
|---|
| 13 | 13 | | ing, Housing, and Urban Affairs |
|---|
| 14 | 14 | | A BILL |
|---|
| 15 | 15 | | To require the Secretary of the Treasury to conduct a study |
|---|
| 16 | 16 | | and prepare a report on the exposure of the United |
|---|
| 17 | 17 | | States to the financial sector of the People’s Republic |
|---|
| 18 | 18 | | of China, and for other purposes. |
|---|
| 19 | 19 | | Be it enacted by the Senate and House of Representa-1 |
|---|
| 20 | 20 | | tives of the United States of America in Congress assembled, 2 |
|---|
| 21 | 21 | | SECTION 1. SHORT TITLE. 3 |
|---|
| 22 | 22 | | This Act may be cited as the ‘‘China Financial 4 |
|---|
| 23 | 23 | | Threat Mitigation Act of 2025’’. 5 |
|---|
| 24 | 24 | | VerDate Sep 11 2014 22:10 Mar 31, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1113.IS S1113 |
|---|
| 25 | 25 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
|---|
| 26 | 26 | | •S 1113 IS |
|---|
| 27 | 27 | | SEC. 2. STUDY AND REPORT ON FINANCIAL THREAT MITI-1 |
|---|
| 28 | 28 | | GATION WITH RESPECT TO PEOPLE’S REPUB-2 |
|---|
| 29 | 29 | | LIC OF CHINA. 3 |
|---|
| 30 | 30 | | (a) I |
|---|
| 31 | 31 | | NGENERAL.—Not later than one year after the 4 |
|---|
| 32 | 32 | | date of the enactment of this Act, the Secretary of the 5 |
|---|
| 33 | 33 | | Treasury, in consultation with the Chairman of the Board 6 |
|---|
| 34 | 34 | | of Governors of the Federal Reserve System, the Chair-7 |
|---|
| 35 | 35 | | man of the Securities and Exchange Commission, the 8 |
|---|
| 36 | 36 | | Chairman of the Commodity Futures Trading Commis-9 |
|---|
| 37 | 37 | | sion, and the Secretary of State, shall conduct a study 10 |
|---|
| 38 | 38 | | and prepare a report on the exposure of the United States 11 |
|---|
| 39 | 39 | | to the financial sector of the People’s Republic of China 12 |
|---|
| 40 | 40 | | that includes— 13 |
|---|
| 41 | 41 | | (1) an assessment of the effects of significant 14 |
|---|
| 42 | 42 | | risks in the financial sector of the People’s Republic 15 |
|---|
| 43 | 43 | | of China on the United States and global financial 16 |
|---|
| 44 | 44 | | systems; 17 |
|---|
| 45 | 45 | | (2) a description of the policies the United 18 |
|---|
| 46 | 46 | | States Government is adopting to protect the finan-19 |
|---|
| 47 | 47 | | cial stability of the United States and the global 20 |
|---|
| 48 | 48 | | economy from any risks assessed under paragraph 21 |
|---|
| 49 | 49 | | (1); 22 |
|---|
| 50 | 50 | | (3) a description and evaluation of the trans-23 |
|---|
| 51 | 51 | | parency, completeness, and reliability of economic 24 |
|---|
| 52 | 52 | | data from the People’s Republic of China; and 25 |
|---|
| 53 | 53 | | VerDate Sep 11 2014 22:10 Mar 31, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1113.IS S1113 |
|---|
| 54 | 54 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
|---|
| 55 | 55 | | •S 1113 IS |
|---|
| 56 | 56 | | (4) recommendations for additional actions the 1 |
|---|
| 57 | 57 | | United States Government, including United States 2 |
|---|
| 58 | 58 | | representatives at relevant international organiza-3 |
|---|
| 59 | 59 | | tions, should take to strengthen international co-4 |
|---|
| 60 | 60 | | operation to monitor and mitigate financial stability 5 |
|---|
| 61 | 61 | | risks from the People’s Republic of China and to 6 |
|---|
| 62 | 62 | | protect the interests of the United States. 7 |
|---|
| 63 | 63 | | (b) T |
|---|
| 64 | 64 | | RANSMISSION OFREPORT.—Not later than one 8 |
|---|
| 65 | 65 | | year after the date of the enactment of this Act, the Sec-9 |
|---|
| 66 | 66 | | retary of the Treasury shall transmit the report required 10 |
|---|
| 67 | 67 | | under subsection (a) to— 11 |
|---|
| 68 | 68 | | (1) the Committee on Banking, Housing, and 12 |
|---|
| 69 | 69 | | Urban Affairs and the Committee on Foreign Rela-13 |
|---|
| 70 | 70 | | tions of the Senate; 14 |
|---|
| 71 | 71 | | (2) the Committee on Financial Services and 15 |
|---|
| 72 | 72 | | the Committee on Foreign Affairs of the House of 16 |
|---|
| 73 | 73 | | Representatives; and 17 |
|---|
| 74 | 74 | | (3) the representatives of the United States at 18 |
|---|
| 75 | 75 | | relevant international organizations, as appropriate. 19 |
|---|
| 76 | 76 | | (c) C |
|---|
| 77 | 77 | | LASSIFICATION OF REPORT.—The report re-20 |
|---|
| 78 | 78 | | quired under subsection (a) shall be unclassified, but may 21 |
|---|
| 79 | 79 | | contain a classified annex. 22 |
|---|
| 80 | 80 | | (d) P |
|---|
| 81 | 81 | | UBLICATION OFREPORT.—Not later than one 23 |
|---|
| 82 | 82 | | year after the date of enactment of this Act, the Secretary 24 |
|---|
| 83 | 83 | | of the Treasury shall publish the report required under 25 |
|---|
| 84 | 84 | | VerDate Sep 11 2014 22:10 Mar 31, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1113.IS S1113 |
|---|
| 85 | 85 | | ssavage on LAPJG3WLY3PROD with BILLS 4 |
|---|
| 86 | 86 | | •S 1113 IS |
|---|
| 87 | 87 | | subsection (a) (other than any classified annex) on the 1 |
|---|
| 88 | 88 | | website of the Department of the Treasury. 2 |
|---|
| 89 | 89 | | Æ |
|---|
| 90 | 90 | | VerDate Sep 11 2014 22:10 Mar 31, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S1113.IS S1113 |
|---|
| 91 | 91 | | ssavage on LAPJG3WLY3PROD with BILLS |
|---|