J.D. Vance Official | Official U.S. Senate headshot
J.D. Vance Official | Official U.S. Senate headshot
“If the Chinese Communist Party doesn’t want to play by American rules, they shouldn’t be allowed access to our financial markets.”
WASHINGTON, D.C. – Senator JD Vance (R-OH) introduced legislation to restrict China from accessing American financial markets and exchanges if they continue to violate international financial law, manipulate their currency, abuse transparency and disclosure rules, or refuse to fulfill over $1 trillion of defaulted debt obligations to American citizens. Senator Vance’s legislation mandates that the Treasury Department and Committee on Foreign Investment in the U.S. (CFIUS) take action against China for its refusal to follow financial international rules and norms.
“If the Chinese Communist Party doesn’t want to play by American rules, they shouldn’t be allowed access to our financial markets,” said Senator Vance. “Ohio workers and our manufacturing industry have suffered the consequences of the CCP’s illegal currency manipulation for far too long. It’s about time we hold them accountable and force them to follow the law.”
“The future success of the global economy will be built on a system of international trade and finance that respects the basic principles of international law, including successor government doctrine,” said Brian Kennedy, Chairman of the Committee on the Present Danger. “Since its inception, the People’s Republic of China has flaunted these principles along with their sovereign debt obligations and has been allowed to build a first world economy with little regard for the rule of law, not to mention common decency. Default scenarios like this set a dangerous precedent that could undercut the global integrity of sovereign debt in place today. This legislation by Senator Vance is a strong beginning of a vital effort to bring the PRC into compliance with basic standards and norms in the area of international finance and proper sovereign debt management, and we applaud his bold efforts to do so.”
Read Senator Vance’s bill here.
Original source can be found here.
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