House Committee on Financial Services Chairwoman Rep. Maxine Waters (D-CA) recently outlined provisions in the America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (COMPETES) Act of 2022.
The nine provisions would aid in strengthening the domestic economic competitiveness of the U.S. economy while countering anti-competitive actions taken by China.
“Right now, China and other bad actors are threatening our national security and global financial stability,” Waters said. “This is why the America COMPETES Act is common sense, long overdue legislation that will finally hold countries like China accountable for the ways that they engage in illicit or aggressive activity to harm our nation’s financial system. With this bill, our country and our allies will be stronger and better suited to compete and push back against these attacks. I look forward to working with my colleagues in Congress to get this bill across the finish line.”
The provisions include U.S. Policy on World Bank Group and Asian Development Bank Loans to China; Prohibitions or Conditions on Certain Transmittal of Funds; U.S. Stock Exchange Trading Prohibition for Two Consecutive Auditor Non-Inspection Years; Combating Wildlife Trafficking Financing and Proceeds Study Act; and the Study on Chinese Support for Afghan Illicit Finance.