China Financial Threat Mitigation Act of 2021

China Financial Threat Mitigation Act of 2021

This bill requires U.S. representatives to certain international bodies to advocate for increased international cooperation to mitigate threats caused by the governance, opacity, or instability of financial intermediation in China. (Generally, financial intermediaries provide services, such as accounting and underwriting services, that facilitate financial transactions.)

Specifically, this requirement applies to U.S. representatives to the International Monetary Fund, the Group of 20 (G20), and the Financial Stability Board (a technical body established by the G20 to coordinate the group's agenda).

The bill also requires the Financial Stability Oversight Council within the Department of the Treasury to report annually to Congress on such threats.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3044 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 3044

    To require the Financial Stability Oversight Council to analyze 
  emerging financial threats from the People's Republic of China, to 
strengthen international cooperation in the mitigation of such threats, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 7, 2021

 Mr. Gonzalez of Ohio (for himself and Ms. Spanberger) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
    To require the Financial Stability Oversight Council to analyze 
  emerging financial threats from the People's Republic of China, to 
strengthen international cooperation in the mitigation of such threats, 
                        and for other purposes.

    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 2021''.

SEC. 2. ANNUAL REPORT REQUIREMENT.

    Section 112(a)(2)(N)(iii) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5322(a)(2(N)(iii)) is amended by 
striking ``United States'' and inserting ``United States, including any 
threats emanating from the governance, opacity, or instability of 
financial intermediation through banking institutions and otherwise, in 
the People's Republic of China''.

SEC. 3. INTERNATIONAL COOPERATION.

    (a) International Monetary Fund.--The Secretary of the Treasury 
shall instruct the United States Executive Director at the 
International Monetary Fund to use the voice, vote, and influence of 
the United States to strengthen international cooperation with respect 
to monitoring and mitigating any threats emanating from the People's 
Republic of China described in the annual report submitted by the 
Financial Stability Oversight Council to the Congress pursuant to 
section 112(a)(2)(N) of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act.
    (b) G20.--The Secretary of the Treasury and the Chairman of the 
Board of Governors of the Federal Reserve System shall use the voice, 
vote, and influence of the United States at the Group of 20 to 
strengthen international cooperation with respect to monitoring and 
mitigating any threats emanating from the People's Republic of China 
described in the annual report submitted by the Financial Stability 
Oversight Council to the Congress pursuant to section 112(a)(2)(N) of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act.
    (c) Financial Stability Board.--Any person representing the United 
States at the Financial Stability Board shall, use the voice, vote, and 
influence of the United States to strengthen international cooperation 
with respect to monitoring and mitigating any threats emanating from 
the People's Republic of China described in the annual report submitted 
by the Financial Stability Oversight Council to the Congress pursuant 
to section 112(a)(2)(N) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act.

SEC. 4. SUNSET.

    On the date that is 7 years after the date of enactment of this 
Act, this Act and the amendments made by it this Act are repealed, and 
the provision of law amended by section 2 is restored as if such 
section had not been enacted.
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