Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 1156, the China Financial Threat Mitigation Act. This is a measure that originated in the Committee on Financial Services, where it was first introduced by our former colleague, Anthony Gonzalez of Ohio. I am pleased to see his cosponsor, Ms. Spanberger, continue to champion the measure in this Congress. The China Financial Threat Mitigation Act is based on the notion that China's financial system is so opaque that it may hide risks for the global economy of which we aren't aware. The bill requires the Treasury Secretary to study and report on these risks so we can take effective countermeasures. As we all know, China has been cracking down on Western firms and executives due to fears that the private sector's information gathering and due diligence efforts pose a threat to the Chinese Communist Party. The CCP clearly views transparency as inconsistent with its self- interest. This should alarm us all. Due to the state-owned nature of many Chinese financial institutions, there are already fewer market signals that can alert us to problems in time, and the central government may be on the hook for liabilities of unknown scope. The Financial Stability Oversight Council has touched on the possibility of risks in the country, including those arising from China's housing sector, but these have been broad-brush efforts.…”