House Select Committee on China Chairman John Moolenaar, R-Mich., has subpoenaed the CEOs of JPMorgan Chase & Co. and Bank of America for information on their roles in the initial public offering of Chinese electric vehicle battery producer Contemporary Amperex Technology Co. Ltd. (CATL), the panel announced July 24. The banks were told to comply by Aug. 8.
A senior State Department official declined to say this week whether the Trump administration is considering withdrawing from the Australia-U.K.-U.S. (AUKUS) security partnership, but she said the administration is generally in favor of the partnership.
The House Financial Services Committee approved legislation July 22 to increase sanctions on Russia and Burma and revise sanctions on Syria.
The U.S. should consider designating specific financial institutions, sets of transactions or types of accounts in Hong Kong as primary money laundering concerns to address the Chinese territory's recent crackdown on freedom and its role in aiding sanctions evasion by rogue regimes, a researcher told the Senate Foreign Relations Subcommittee on Human Rights July 22.
The Senate voted 51-47 along party lines July 23 to confirm John Hurley to be undersecretary of the treasury for terrorism and financial crimes. Two Republican senators didn’t vote.
The House Foreign Affairs Committee approved several bills July 22 aimed at speeding up the foreign arms sales process, strengthening the Australia-U.K.-U.S. (AUKUS) partnership and enhancing certain Iran sanctions.
The Senate July 22 approved a House-passed bill that would require an annual report to Congress on where licensed dual-use goods are being sent abroad.
Rep. Randy Fine, R-Fla., has been appointed to the House Foreign Affairs Committee, the panel announced July 22. Fine, who became a House member in April, introduced a bill in early July that would require a review of whether individuals or entities included on certain sanctions list should be included on other sanctions lists (see 2507070022). In late June, he introduced a bill to designate the Council on American-Islamic Relations (CAIR) a Foreign Terrorist Organization.
The House approved by voice vote late July 21 a bill aimed at improving the investigative capabilities of the Office of Foreign Assets Control.
Senate Minority Leader Chuck Schumer, D-N.Y., criticized the Trump administration July 21 for removing restrictions on the sale of Nvidia’s advanced H20 computing chips to China, saying the move will help Beijing catch up to and even surpass the U.S. on AI.