China Financial Threat Mitigation Act of 2021

I 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 ana- lyze emerging financial threats from the People’s Repub- lic 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 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 2021’’. 5 SEC. 2. ANNUAL REPORT REQUIREMENT. 6 Section 112(a)(2)(N)(iii) of the Dodd-Frank Wall 7 Street Reform and Consumer Protection Act (12 U.S.C. 8 VerDate Sep 11 2014 23:40 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3044.IH H3044 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3044 IH 5322(a)(2(N)(iii)) is amended by striking ‘‘United States’’ 1 and inserting ‘‘United States, including any threats ema- 2 nating from the governance, opacity, or instability of fi- 3 nancial intermediation through banking institutions and 4 otherwise, in the People’s Republic of China’’. 5 SEC. 3. INTERNATIONAL COOPERATION. 6 (a) INTERNATIONAL MONETARY FUND.—The Sec- 7 retary of the Treasury shall instruct the United States Ex- 8 ecutive Director at the International Monetary Fund to 9 use the voice, vote, and influence of the United States to 10 strengthen international cooperation with respect to moni- 11 toring and mitigating any threats emanating from the 12 People’s Republic of China described in the annual report 13 submitted by the Financial Stability Oversight Council to 14 the Congress pursuant to section 112(a)(2)(N) of the 15 Dodd-Frank Wall Street Reform and Consumer Protec- 16 tion Act. 17 (b) G20.—The Secretary of the Treasury and the 18 Chairman of the Board of Governors of the Federal Re- 19 serve System shall use the voice, vote, and influence of 20 the United States at the Group of 20 to strengthen inter- 21 national cooperation with respect to monitoring and miti- 22 gating any threats emanating from the People’s Republic 23 of China described in the annual report submitted by the 24 Financial Stability Oversight Council to the Congress pur- 25 VerDate Sep 11 2014 23:40 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3044.IH H3044 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3044 IH suant to section 112(a)(2)(N) of the Dodd-Frank Wall 1 Street Reform and Consumer Protection Act. 2 (c) FINANCIAL STABILITY BOARD.—Any person rep- 3 resenting the United States at the Financial Stability 4 Board shall, use the voice, vote, and influence of the 5 United States to strengthen international cooperation with 6 respect to monitoring and mitigating any threats ema- 7 nating from the People’s Republic of China described in 8 the annual report submitted by the Financial Stability 9 Oversight Council to the Congress pursuant to section 10 112(a)(2)(N) of the Dodd-Frank Wall Street Reform and 11 Consumer Protection Act. 12 SEC. 4. SUNSET. 13 On the date that is 7 years after the date of enact- 14 ment of this Act, this Act and the amendments made by 15 it this Act are repealed, and the provision of law amended 16 by section 2 is restored as if such section had not been 17 enacted. 18 Æ VerDate Sep 11 2014 23:40 Jun 10, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H3044.IH H3044 kjohnson on DSK79L0C42PROD with BILLS