The U.S. House Financial Services Committee held a hearing titled "Examining Policies to Counter China" and released Chairman French Hill’s opening remarks framing competition with China as primarily a test of the strength of the U.S. economic and political system. He argued that tools such as sanctions, export controls and the Committee on Foreign Investment in the United States are secondary to maintaining the conditions that allow U.S. firms to innovate, commercialize and scale globally. Hill cautioned against over-focusing on discrete technology flashpoints such as 5G, TikTok, or AI benchmarking, and highlighted risks from domestic constraints, including barriers to global commercialization, defense procurement obstacles and regulatory burdens affecting capital formation. He laid out priorities that included putting U.S. fiscal policy on a sustainable path, leading a global financial system with market-economy partners that rejects non-transparent and predatory lending, ensuring capital markets can fund innovation from early-stage startups through initial public offerings, pairing access to capital with "all-of-the-above" energy abundance as an alternative to Chinese-financed projects, and addressing U.S. health and public safety challenges linked to the opioid crisis.
U.S. Financial Services Committee 2025-02-25
U.S. House Financial Services Committee holds hearing on policies to counter China and stresses strengthening U.S. fiscal, market and energy foundations
The U.S. House Financial Services Committee held a hearing on "Examining Policies to Counter China." Chairman French Hill emphasized U.S. economic and political strength over sanctions and export controls. Hill warned against focusing solely on technology flashpoints and highlighted domestic challenges like regulatory burdens. He outlined priorities including sustainable fiscal policy, leading a transparent global financial system, and addressing health and safety issues related to the opioid crisis.