Tennessee U.S. Representative Andy Ogles (R-TN-05) introduced the companion legislation in the House of Representatives this week for Ohio U.S. Senator JD Vance’s (R-OH) bill that would restrict the Chinese government’s access to American capital markets and exchanges.
The bill mandates that the U.S. Department of the Treasury and Committee on Foreign Investment in the U.S. (CFIUS) “take action against China for its refusal to follow financial international rules and norms” by prohibiting “any applicable United States entity, including capital markets, bond markets, and exchanges, from accepting any new investment, or effecting any transaction for others relating to a new investment, from such government or any commercial entities under the control of such government.”
The following rules are cited in the bill text as ones that, if broken, would warrant action by CFIUS and the Treasury Department:
(1) The public international doctrine of state succession, as it relates to international norms and rules of finance, trade, and commerce;
(2) The transparency and disclosure rules and regulations applicable to major capital markets and exchanges; and
(3) International laws prohibiting the practice of exclusionary settlement, discriminatory payments, and selective default.
“Biden’s weak-on-China policies have made Tennessee’s manufacturers suffer,” Ogles said in a statement. “The CCP’s age-old currency manipulation and refusal to pay American bondholders has damaged our capital markets, and Congress would be remiss in allowing it to continue.”
“If China wants to continue its corrupt trade practices, it can do so elsewhere. I am proud to partner with Senator J.D. Vance (R-OH) on this crucial measure to hold China accountable,” Ogles added.
Vance, who introduced the bill in March, said at the time, “If the Chinese Communist Party doesn’t want to play by American rules, they shouldn’t be allowed access to our financial markets.”
Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network. Follow Kaitlin on X / Twitter.
Photo “Andy Ogles” by Andy Ogles.