The Federal Reserve should be required to stress test US banks’ ability to “withstand a potential sudden loss of market access to China”, according to a congressional committee.
The proposed legislative change was among dozens of recommendations in a report on Tuesday from the US House of Representatives’ China committee about enhancing US economic competitiveness to counter the rise of China.
The House panel, created in January to boost scrutiny of the Chinese government, said the Fed should also assess the impact on financial markets of sanctions against Chinese financial companies in the event of a conflict between the US and China.
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