WASHINGTON, D.C. – FDD Action commends the House Financial Services Committee for advancing a series of bipartisan bills aimed at countering the Chinese Communist Party’s (CCP) malign activities and strengthening U.S. national security. The legislation considered yesterday represents a significant step in addressing threats posed by China’s economic coercion, illicit financial activities, and complicity in the global fentanyl epidemic.
“The bills advanced this week by the House Financial Services Committee are essential to holding Beijing accountable and countering the growing threats posed by the Chinese Communist Party and other hostile actors,” said Nick Stewart, Senior Director of Government Relations at FDD Action. “These bipartisan efforts send a clear message that the United States Congress will take all necessary steps to safeguard our national security and combat illicit financial activities from adversarial regimes.”
The committee’s markup included the following key bills FDD Action supports:
• International Nuclear Energy Financing Act (Reps. French Hill (R-AR)/Ritchie Torres (D-NY)): This legislation empowers the United States to advocate for the removal of barriers to nuclear energy initiatives and establishes a nuclear energy assistance trust fund at the World Bank, the European Bank for Reconstruction and Development, and other financial institutions. As China and Russia increasingly leverage their nuclear energy sectors for economic and geopolitical advantage, this bill seeks to strengthen U.S. leadership in the field and reduce global dependence on adversarial powers.
• Stop Chinese Fentanyl Act (Reps. Andy Barr (R-KY), Zachary Nunn (R-IA), & Greg Murphy (R-NC)): Recognizing China’s role in the fentanyl crisis, this legislation strengthens sanctions on Chinese entities involved in the production and trafficking of synthetic opioids. By amending the Fentanyl Sanctions Act, the International Emergency Economic Powers Act, and the Trading with the Enemy Act, the bill enhances enforcement mechanisms to hold accountable those who facilitate the flow of fentanyl into the United States.
• Taiwan Conflict Deterrence Act (Reps. Lisa McClain (R-MI) & Brad Sherman (D-CA)): This legislation mandates financial transparency measures targeting CCP officials engaged in activities that threaten U.S. interests and regional stability. If the President determines such a threat exists, the Treasury Department must report to Congress on the financial assets of designated Chinese officials, detailing their holdings and acquisition methods. Additionally, the bill imposes financial restrictions on these individuals and their immediate families, with limited exemptions for intelligence, law enforcement, and national security purposes.
• OFAC Licensure for Investigators Act (Reps. Joyce Beatty (D-OH) & Zachary Nunn (R-IA)): To enhance global financial integrity, this bill establishes a pilot program within the Office of Terrorism and Financial Intelligence, allowing licensed private-sector firms to conduct transactions with sanctioned entities for the purpose of anti-money laundering investigations. As illicit actors employ increasingly sophisticated evasion tactics, this legislation equips banks, governments, and financial institutions with critical tools to detect and prevent financial crimes.
• Aligning SEC Regulations for the World Bank’s International Development Association Act (Rep. Maxine Waters (D-CA)): This bill grants the International Development Association (IDA), the World Bank’s concessional lending arm, the same exemption from SEC securities registration requirements already afforded to other multilateral development banks. By reducing regulatory hurdles, the bill will enhance IDA’s ability to raise capital in the U.S., increasing its capacity to assist the world’s poorest nations and counter predatory lending practices by China.
About FDD Action
FDD Action is a non-partisan 501(c)(4) organization dedicated to advancing policies that strengthen U.S. national security and defend free nations. Founded in 2019, FDD Action combines expert policy analysis with direct advocacy to drive effective solutions to the most pressing security challenges facing the United States and its allies.