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Washington, DC - Representative Jim Marshall (GA-8), along with Rep. Peter Roskam (IL-6), Financial Services Committee Chairman Barney Frank (MA-4) and Ranking Member Spencer Bachus (AL-6) introduced House Resolution 552 calling on the People’s Republic of China to remove barriers to United States financial services firms doing business in China.
“Foreign investment ownership caps and discriminatory treatment greatly hampers the ability of U.S. financial services firms attempting to do business in China. Removing those problems is good for China and good for the U.S.,” said Marshall.
House Resolution 552 calls on the government of the People’s Republic of China to immediately implement all of its World Trade Organization commitments in financial services to date as well as its commitments under the auspices of the Strategic Economic Dialogue between China and United States.
In addition, the resolution sets goals for the United States in the next meeting of the Strategic Economic Dialogue, seeking to achieve Chinese commitments toward removal of all foreign investment caps on banking, life insurance, asset management and securities; nondiscriminatory treatment of U.S. financial services firms with regard to licensing, corporate form and permitted products and services; and nondiscriminatory treatment of U.S. financial services firms with regard to regulation and supervision.
House Resolution 552
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