CONGRESS FOR VOTERS

RepublicanAmendment · S.Amdt. 3381· Senate(119-SAMDT-3381)

S.Amdt. 3381

Rep. McCormick
Age: 61 years
Pennsylvania
Introduced
7/31/2025
Sponsored by
David McCormick
Cosponsors
None
Changes bill
119-S-2296 — National Defense Authorization Act for Fiscal Year 2026
  1. Introduced
  2. Pending Consideration

What this amendment would do

This amendment, submitted by Mr. McCormick, aims to add a new section to the Financial Stability Act of 2010. Its purpose is to establish the Financial Stability Oversight Council Advisory Committee on Economic Fallout From Chinese Military Aggression Toward Taiwan.

The amendment seeks to add the following to the bill:

  • An Advisory Committee tasked with studying market vulnerabilities and reporting on the implications of military aggression by the People's Republic of China toward Taiwan. It also aims to create communication lines between government agencies, policymakers, and capital market constituents to prepare for and mitigate market volatility and economic strain.

  • Committee Membership, which would include a designee from the Commission, a designee from the Commodity Futures Trading Commission, and 10 members appointed by the Council. These 10 members must be experts on geopolitical risk related to the People's Republic of China or capital markets participants, such as institutional investors, exchanges, asset managers, and market makers. A market maker would serve as the Chair.

  • Operational Requirements, requiring the committee to meet in person at least 2 times per year. The committee must conduct an annual study, develop recommendations, and hold a public meeting to present these to the Council, though national security concerns can be discussed in a closed session.

  • Annual Reporting, requiring the Council to issue a public report detailing market vulnerabilities. This includes the safety of the U.S. banking and financial systems, potential losses in global and U.S. markets, the impact on Chinese and Taiwanese securities listed in the U.S., and the estimated total costs to the U.S. economy.

  • Action Items, requiring recommendations for regulators to make U.S. capital markets more resilient. This includes government coordination, ideas to limit the impact of a Taiwan invasion or blockade, responses to retaliatory actions by the People's Republic of China, and testing trade halt rules like circuit breakers.