Bill > HR3197

This bill establishes an Advisory Committee on Economic Fallout From Chinese Military Aggression Towards Taiwan within the Financial Stability Oversight Council, which will study and report on potential market implications if China were to take military action against Taiwan. The committee will consist of 13 members, including representatives from financial regulatory agencies like the Securities and Exchange Commission and the Commodity Futures Trading Commission, as well as capital markets participants and geopolitical experts. The committee will meet at least twice annually and produce a comprehensive annual study examining potential economic vulnerabilities, such as impacts on banking systems, market losses, trading mechanisms, stock listings, and potential Chinese actions like reducing Treasury holdings. The committee will develop recommendations for regulators to enhance market resilience and prepare for potential economic shocks, and its recommendations will be presented in both public and closed sessions to address sensitive national security concerns. Notably, the bill establishes this advisory committee as a permanent entity, exempting it from standard government committee termination provisions, and requires the Financial Stability Oversight Council to issue a public annual report based on the committee's findings and recommendations.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3197/all-info