The House overwhelmingly passed a bipartisan bill that would require the Treasury Department, along with several federal regulators, to issue a report on risks posed to the U.S. by China’s financial sector.

In a 400-5 vote, the House passed the China Financial Threat Mitigation Act of 2023 Monday, introduced by Reps. Abigail Spanberger, D-Va., and Roger Williams, R-Texas. The bill directs the Treasury secretary — in consultation with the chairmen of the Federal Reserve, SEC, Commodity Futures Trading Commission and the secretary of state — to “conduct a study and issue a report on the exposure of the United States to the financial sector of the People’s Republic of China,” according to the bill’s text.

“America’s exposure to the Chinese economy brings significant risks,” Ms. Spanberger said in a news release Monday. “Xi Jinping’s changes to the Chinese financial sector — combined with the Chinese Communist Party’s long history of trade abuses — mean that we need to better understand potential threats.”

The bill requires that the report focus on the impact of the Chinese government’s economic reforms on the U.S.; the policies the U.S. is enacting to protect its interests against such impacts; a description and analysis of any risks that China’s reforms pose to the U.S. economy; and recommendations for further action to mitigate risk and facilitate international cooperation. The report must be issued no later than one year after the legislation is enacted, the bill text said.

“The CCP’s track record of abusing our financial system is jeopardizing our national and economic security,” Mr. Williams said in remarks on the House floor Monday.

“Our top priority should always be to protect our Western values and promote the greatest country in the world in the interest of the United States,” Mr. Williams added. “My bill is a critical step in holding the CCP accountable for their continued abuse of the financial sector.”

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