II
119THCONGRESS
1
STSESSION S. 1113
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.
IN THE SENATE OF THE UNITED STATES
MARCH25, 2025
Mr. W
ARNER(for himself, Mr. ROUNDS, and Ms. LUMMIS) introduced the fol-
lowing bill; which was read twice and referred to the Committee on Bank-
ing, Housing, and Urban Affairs
A BILL
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.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘China Financial 4
Threat Mitigation Act of 2025’’. 5
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•S 1113 IS
SEC. 2. STUDY AND REPORT ON FINANCIAL THREAT MITI-1
GATION WITH RESPECT TO PEOPLE’S REPUB-2
LIC OF CHINA. 3
(a) I
NGENERAL.—Not later than one year after the 4
date of the enactment of this Act, the Secretary of the 5
Treasury, in consultation with the Chairman of the Board 6
of Governors of the Federal Reserve System, the Chair-7
man of the Securities and Exchange Commission, the 8
Chairman of the Commodity Futures Trading Commis-9
sion, and the Secretary of State, shall conduct a study 10
and prepare a report on the exposure of the United States 11
to the financial sector of the People’s Republic of China 12
that includes— 13
(1) an assessment of the effects of significant 14
risks in the financial sector of the People’s Republic 15
of China on the United States and global financial 16
systems; 17
(2) a description of the policies the United 18
States Government is adopting to protect the finan-19
cial stability of the United States and the global 20
economy from any risks assessed under paragraph 21
(1); 22
(3) a description and evaluation of the trans-23
parency, completeness, and reliability of economic 24
data from the People’s Republic of China; and 25
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(4) recommendations for additional actions the 1
United States Government, including United States 2
representatives at relevant international organiza-3
tions, should take to strengthen international co-4
operation to monitor and mitigate financial stability 5
risks from the People’s Republic of China and to 6
protect the interests of the United States. 7
(b) T
RANSMISSION OFREPORT.—Not later than one 8
year after the date of the enactment of this Act, the Sec-9
retary of the Treasury shall transmit the report required 10
under subsection (a) to— 11
(1) the Committee on Banking, Housing, and 12
Urban Affairs and the Committee on Foreign Rela-13
tions of the Senate; 14
(2) the Committee on Financial Services and 15
the Committee on Foreign Affairs of the House of 16
Representatives; and 17
(3) the representatives of the United States at 18
relevant international organizations, as appropriate. 19
(c) C
LASSIFICATION OF REPORT.—The report re-20
quired under subsection (a) shall be unclassified, but may 21
contain a classified annex. 22
(d) P
UBLICATION OFREPORT.—Not later than one 23
year after the date of enactment of this Act, the Secretary 24
of the Treasury shall publish the report required under 25
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subsection (a) (other than any classified annex) on the 1
website of the Department of the Treasury. 2
Æ
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