WASHINGTON, D.C. – Rep. French Hill (AR-02), Vice-Chairman of the House Financial Services Committee and Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee on Financial Services, is reintroducing legislation to counter the Chinese Communist Party leader, Xi Jinping.
“The Chinese Communist Party represents the greatest geopolitical challenge of our lifetime," said Rep. Hill. "The United States must be strategic in confronting the economic and national security threats posed by a country that continues to commit genocide, steal our intellectual property, make predatory loans to developing countries, and threaten Taiwan. These five bills will make America and the multilateral organizations we lead stronger.”
This legislation would require public disclosure of the financial assets of top Chinese leaders in the event that China invades Taiwan.
Rep. Brad Sherman (CA-32), an original co-sponsor of this legislation, said, “As a member of the Congressional Taiwan Caucus, the second most senior Democrat on the House Foreign Affairs Committee, and Chair Emeritus of the Asia Subcommittee, supporting Taiwan has been a central priority for me since I first came to Congress,” said Rep. Sherman. “That’s why I am pleased to join forces once again with my friend and colleague, Rep. Hill, to reintroduce the Taiwan Conflict Deterrence Act – critical legislation that would deter Chinese aggression against Taiwan and, similar to the bipartisan Taiwan Diplomatic Review Act which I led with Rep. Steve Chabot, reaffirms the United States’ firm and unwavering support for our democratic ally.”
This legislation would amend the Defense Production Act (DPA) to ensure that America diversifies its medical supply chain, with the intent of making the United States less dependent on foreign manufacturers like China.
Rep. Juan Vargas (CA-52), an original co-sponsor of this legislation, said, “As we learned during the recent COVID-19 pandemic, it is critical for the health and safety of our nation to have the proper medical supplies and materials. The Securing America’s Vaccines for Emergencies Act, which I’m proud to co-sponsor with my colleague, Representative Hill, will help to bolster supply chain security for these important goods,” said Rep. Vargas. “This bill will help to ensure that we are equipped and ready to respond to future public health crises and other future national emergencies.”
This legislation would establish a U.S. policy to strengthen the position of the U.S. dollar as the primary global reserve currency and requires the Treasury Department to assess China’s currency-related policies.
Rep. Jim Himes (CT-04), an original co-sponsor of this legislation, said, “The 21st Century Dollar Act will help ensure that the U.S. dollar retains its status as the world’s primary reserve currency. This smart bipartisan legislation is more timely than ever as China and our other adversaries continue to grow their influence and expand their use of central bank digital currencies. I am proud to join Congressman French Hill in this effort to maintain the preeminence of the dollar and ensure that the United States remains strategically competitive on the global stage.”
This legislation would allow U.S. representatives at the International Financial Institutions (IFIs) to waive certain mandates that impede U.S. effectiveness in working with allies and countering China. The IFIs include the World Bank, International Monetary Fund (IMF), and Multilateral Development Banks.
H.R. 605 – Special Drawing Rights (SDR) Oversight Act
This legislation would limit the executive branch’s ability to bypass Congress to authorize Special Drawing Rights (SDR) allocations by the International Monetary Fund (IMF) by limiting the size and frequency of allocations unless Congress authorizes them by law.
Reps. Bill Huizenga (MI-04) and Andy Barr (KY-06) were original co-sponsors of this legislation. Rep. Huizenga said:
Rep. Bill Huizenga (MI-04): “The Biden Administration has exhibited a clear desire to unilaterally give billions of dollars in Special Drawing Rights to nations that are hostile to the United States," said Rep. Huizenga. "It is obscene that Democrats in Congress and this Administration are ok sending over $41 billion to the Chinese Communist Party, more than $17 billion to Vladimir Putin, and nearly $5 billion to Iran - the world's leading state sponsor of terrorism. The Special Drawing Rights Oversight Act would apply a critical check on the Executive Branch by limiting the total amount and frequency the U.S. Treasury could approve unilaterally while requiring a vote in Congress to approve funding to hostile nations."
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