The Senate voted Thursday to finalize a sanctions bill to penalize China for its new national security law for Hong Kong that U.S. lawmakers say effectively ends the island’s autonomous legal status
The bill now heads to President Donald Trump, who is expected to sign it. Prior to the first Senate vote, key lawmakers reached an agreement with the White House to support the bill.The bill charges the Treasury Department with identifying the individuals and financial firms that enable the Chinese government to enact its new security law. If they do not relent, they will be subject to sanctions, including visa limitations on senior executives and restrictions on dollar transactions.
Unlike past Chinese sanction bills, the restrictions will apply not just to individuals, but the banks that employ them. And it will apply not just to Chinese-owned banks, but subsidiaries of American companies operating in the country. “If a Chinese bank decides they value doing business with the oppressors more than they value access to the U.S. dollar … then they can make that decision,” Sen. Pat Toomey , who led the bill with Sen. Chris Van Hollen , told reporters after passage. “For a Chinese bank that has little or no U.S. dollar business, they might make that decision, but the bigger banks are going to have a much harder decision to make if they are persistent offenders and therefore subject to the sanctions.”U.S.
"Beijing’s so-called national security law … signals the death of the one country, two systems principle," House Speaker Nancy Pelosi said Wednesday prior to House passage of the bill. Experts say China’s new national security law will reach far beyond the government’s previous attempts to alter Hong Kong’s legal system, which sparked a massive, ongoing protest movement on the island. Approved this week, the law sets up parallel police and legal systems for the city that are loyal to Beijing and not accountable to local authorities.
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