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Exclusive: Senator J.D. Vance Calls for China to Settle Debts with Americans and Cease Currency Manipulation

March 14, 2024
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Exclusive: Senator J.D. Vance Calls for China to Settle Debts with Americans and Cease Currency Manipulation

On Thursday, Senator J.D. Vance (R-OH) introduced a bill aimed at restraining the Chinese government’s access to American capital markets and exchanges, unless it complies with international financial laws. The senator highlighted China’s failure to fulfill its financial obligations to American citizens as a key concern.

The proposed legislation would require the Treasury Department and the Committee on Foreign Investment in the U.S. (CFIUS) to take a firm stance against several practices, including refusal to repay bond debts to American individuals and entities, violations of transparency and disclosure regulations in capital markets, and manipulation of payment settlement and bond default procedures.

Vance emphasized the necessity of holding the Chinese Communist Party accountable for its actions, particularly regarding illegal currency manipulation, which has adversely affected Ohio workers and the manufacturing sector. He asserted that if China refuses to adhere to American regulations, it should be denied access to U.S. financial markets.

Brian T. Kennedy, chairman of the Committee on the Present Danger: China, commended Vance’s initiative, stressing the importance of upholding international law and standards in finance, particularly in managing sovereign debt. Kennedy highlighted China’s default on sovereign debt held by American bondholders and urged the U.S. to take decisive action to address this issue.

Andrew Hale, a senior trade policy analyst at the Heritage Foundation, provided historical context, explaining China’s default on sovereign debt dating back to 1938 and the subsequent recognition of the People’s Republic of China as the successor government responsible for repayment. He noted that American bondholders, represented by the American Bondholders Foundation (ABF), hold significant amounts of defaulted bonds worth over $1 trillion.

Hale urged the U.S. government to prioritize the repayment of China’s sovereign debt as a matter of national security and proposed two potential courses of action. Firstly, he suggested acquiring Chinese bonds held by the ABF to offset the considerable amount of U.S. Treasurys owned by China. Secondly, he endorsed Vance’s legislation, which seeks to compel China to adhere to international norms in finance, trade, and commerce, with non-compliance resulting in exclusion from U.S. bond markets and exchanges.

Hale emphasized the potential benefits of settling the defaulted debt, including a reduction in the national debt and financial gains for U.S. taxpayers.

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