China bills sail through House committee

A desire to restrain China united Republicans and Democrats on the House Financial Services Committee Tuesday, with lawmakers approving a series of bipartisan bills designed to rein in the country’s economic power.

The committee approved 10 bills with broad support, including measures that would have the U.S. government scrutinize financial institutions that serve senior Chinese officials, target Chinese manufacturing of synthetic drugs, and commission a Treasury Department report on the global economic risks associated with China’s financial sector.

The package also featured pro-Taiwan bills that would encourage Taiwan’s membership in the International Monetary Fund and exclude China from the G-20 and other global organizations in the event it threatens Taiwan’s security.

The bills stopped short of major intervention into China’s economy, such as restrictions on U.S. investment.

“Let me be clear, these are modest efforts to hold China accountable,” the panel’s ranking member, Maxine Waters (D-Calif.), said.

But Financial Services Chair Patrick McHenry (R-N.C.) said the bipartisan support was notable “in a divided Congress that many pundits have claimed will not accomplish much.”