China Financial Threat Mitigation Act of 2023

Floor Speech

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Mrs. BEATTY. Mr. Speaker, I thank the gentlewoman for yielding me time.

Mr. Speaker, I am pleased to rise in support of the China Financial Threat Mitigation Act, or H.R. 1156.

Certainly, I agree with my colleague and friends across the aisle that we need to dig deeper. We understand that, yes, China is trying to weaken our country. Because of its size and deep connection to the global economy, the People's Republic of China represents a potential threat to our economy and our financial system.

We must have a clear picture of the systemic risks we face so we can respond appropriately to safeguard our economic interests and mitigate these threats.

Mr. Speaker, this bipartisan bill will require the Treasury Department to study and issue a report that analyzes risks to the United States' financial stability and the global economy stemming from China.

I thank my colleague, the vice chair of this subcommittee, for participating today, along with our Republican colleagues.

As the ranking member of the Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, I am very happy to work across the aisle to address the issues of competitiveness with China.

Mr. Speaker, this is the right thing to do, and I urge all Members to support this bipartisan bill.

Mr. Speaker, lastly, I don't think I need to remind my colleagues that this legislation was brought three times in the last Congress. I certainly thank then-Congressman Gonzalez from Ohio, who sponsored this legislation.

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