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Gonzalez & Spanberger Introduce Legislation Targeting Financial Threats from the Chinese Communist Party

Representatives Anthony Gonzalez (OH-16) and Abigail Spanberger (VA-07) introduced The China Financial Threat Mitigation Act, bipartisan legislation to address concerns about emerging financial threats in China’s economy. The China Financial Threat Mitigation Act would require financial regulators to analyze potential financial threats emanating from the Chinese economy that may have substantial impact on the US economy. The legislation would also instruct US leaders at the Treasury Department and the Federal Reserve Bank to work with the G20 and international community on ways to best monitor and mitigate emerging financial threats from China.

“The Chinese Communist Party (CCP) remains the greatest external threat to the free world, and we must continue to combat their malpractice,” Gonzalez said. “It is imperative that the United States along with our allies in the G20 work together to mitigate potential financial threats from the CCP. I am pleased to lead this bipartisan bill that will make clear to China that the United States and our global partners are keeping a close watch and will respond to any financial threats posed by the Chinese economy.” 

“The United States cannot turn a blind eye to the Chinese financial system’s opacity and instability — and it certainly cannot ignore the threat it poses to the American financial system,” said Spanberger. “To hold the Chinese government accountable for its lack of financial transparency, we need to build a tough, smart strategy that accurately identifies threats. This strategy must also incorporate our allies and bring them to the table in these conversations. This legislation is a step in the right direction towards a strategy that accomplishes these goals and builds a level playing field, and I’d like to thank Congressman Gonzalez for his partnership on this critical topic.”

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