[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3447 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 3447
To amend the Financial Stability Act of 2010 to establish an advisory
committee on economic impacts of military escalation by the People's
Republic of China toward Taiwan, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 11, 2025
Mr. McCormick (for himself and Mrs. Shaheen) introduced the following
bill; which was read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To amend the Financial Stability Act of 2010 to establish an advisory
committee on economic impacts of military escalation by the People's
Republic of China toward Taiwan, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Fortifying United States Markets
Against PRC Military Escalation Act of 2025''.
SEC. 2. ADVISORY COMMITTEE ON ECONOMIC IMPACTS OF MILITARY ESCALATION
BY THE PEOPLE'S REPUBLIC OF CHINA TOWARD TAIWAN.
Section 111 of the Financial Stability Act of 2010 (12 U.S.C. 5321)
is amended by adding at the end the following:
``(k) Advisory Committee.--
``(1) Establishment.--There is established, to advise the
Financial Stability Oversight Council, an Advisory Committee on
Economic Impacts of Military Escalation by the People's
Republic of China toward Taiwan (in this subsection referred to
as the `Advisory Committee') to--
``(A) study and report on the market implications
and vulnerabilities related to military escalation by
the People's Republic of China toward Taiwan; and
``(B) open lines of communication between policy
makers, government agencies, and capital market
constituents to prepare for a potential response to,
and to mitigate economic strain and market volatility
related to, any such escalation.
``(2) Members.--
``(A) In general.--The Advisory Committee shall
consist of--
``(i) a designee of the Securities and
Exchange Commission;
``(ii) a designee of the Commodity Futures
Trading Commission;
``(iii) a designee of the Board of
Governors of the Federal Reserve System; and
``(iv) 10 members to be appointed by the
chairperson of the Advisory Committee from
among persons who are--
``(I) nongovernmental participants
in capital markets, including market
makers, banks, asset managers,
exchanges, and institutional investors;
and
``(II) experts on geopolitical risk
related to the People's Republic of
China.
``(B) Chairperson.--The Secretary of the Treasury
shall serve as the chairperson of the Advisory
Committee.
``(C) Private sector lead.--One of the members
appointed under subparagraph (A)(iv) shall serve as the
private sector lead for the Advisory Committee.
``(3) Meetings.--The Advisory Committee shall meet in
person at least 2 times per year, with additional meetings at
the call of the chairperson.
``(4) Study and recommendations.--Not later than 3 years
after the date of the enactment of this subsection, and every 3
years thereafter, the Advisory Committee shall--
``(A) conduct a study of the vulnerabilities of the
United States economy, markets, and the financial
system related to military escalation of the People's
Republic of China toward Taiwan that includes an
assessment of--
``(i) the estimated total cost to the
United States economy from such escalation;
``(ii) the market impacts and potential
losses faced by United States and global
markets related to such escalation;
``(iii) the capacity of United States
markets to deal with volatility that could
result from such escalation;
``(iv) the impact of such escalation on
securities issued by entities organized under
the laws of the People's Republic of China or
Taiwan and listed on a national securities
exchange in the United States; and
``(v) the likelihood and potential impact
of reductions in holdings by the People's
Republic of China of debt securities issued by
the Department of the Treasury;
``(B) develop and submit to the Council
recommendations and supporting analysis based on the
results of the study;
``(C) brief Congress and the Secretary of State on
the study conducted under subparagraph (A) and the
recommendations developed under subparagraph (B); and
``(D) hold a public meeting to present the
recommendations and analysis required by subparagraph
(B), omitting any portions of such recommendations or
analysis that implicate national security concerns.''.
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