House Passes Bipartisan Financial Services Legislation to Combat the Economic Threat from China

Washington, September 9, 2024 -

Today, the U.S. House of Representatives passed bipartisan financial services legislation to combat the economic threat from China by deterring Chinese Communist Party (CCP) aggression towards Taiwan and preventing the CCP from co-opting international financial institutions, like the International Monetary Fund (IMF).

The financial services bills passed by the House include:

H.R. 554, theTaiwan Conflict Deterrence Act of 2023, sponsored by Rep. French Hill (AR-02), disincentivizes Chinese aggression towards Taiwan by publishing the assets of top Chinese leaders, as well as cutting them and their family members off from the U.S. financial system, if Beijing acts against Taiwan. Watch Rep. Hill's remarks in support of H.R. 554 here or by clicking on the image above.H.R. 510, the Chinese Currency Accountability Act of 2023, sponsored by Rep. Warren Davidson (OH-08),prevents the CCP from co-opting critical international institutions like the International Monetary Fund by requiring the Treasury Secretary to oppose an increase in the weight of China's renminbi in the basket of currencies determining the value of Special Drawing Rights.
Watch Rep. Davidson's remarks in support of H.R.510 here or by clicking on the image above.

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