,,ii  #aaith ,,congress  #ast ,session  
,s4 #cddg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #aa1 
#bjbe,mr4 ,mc,cormick 7for himself and  
,mrs4 ,shaheen7 introduced the following
 bill2 which was read twice and referred
 to the ,committee on ,banking1         
,housing1 and ,urban ,affairs  ,a ,,bill
  ,to amend the ,financial ,stability   
,act of #bjaj to establish an advisory  
committee on economic impacts of        
military escalation by the ,people's    
,republic of ,china toward ,taiwan1 and 
for other purposes4  #a4 ,short title   
,this ,act may be cited as the          
,fortifying ,united ,states ,markets    
,against ,,prc ,military ,escalation    
,act of #bjbe4  #b4 ,advisory committee 
on economic impacts of military         
escalation by the ,people's ,republic of
 ,china toward ,taiwan ,section #aaa of 
the ,financial ,stability ,act of #bjaj 
7#ab ,u4,s4,c4 #ecba7 is amended by     
adding at the end the following3  7k7   
,advisory committee  7#a7 ,establishment

 ,there is established1 to advise the   
,financial ,stability ,oversight        
,council1 an ,advisory ,committee on    
,economic ,impacts of ,military         
,escalation by the ,people's ,republic  
of ,china toward ,taiwan 7in this       
subsection referred to as the ,advisory 
,committee7 to-- 7,a7 study and report  
on the market implications and          
vulnerabilities related to military     
escalation by the ,people's ,republic of
 ,china toward ,taiwan2 and  7,b7 open  
lines of communication between policy   
makers1 government agencies1 and capital
 market constituents to prepare for a   
potential response to1 and to mitigate  
economic strain and market volatility   
related to1 any such escalation4  7#b7  
,members  7,a7 ,in general ,the         
,advisory ,committee shall consist of-- 
7i7 a designee of the ,securities and   
,exchange ,commission2  7ii7 a designee 
of the ,commodity ,futures ,trading     
,commission2  7iii7 a designee of the   
,board of ,governors of the ,federal    

,reserve ,system2 and  7iv7 #aj members 
to be appointed by the chairperson of   
the ,advisory ,committee from among     
persons who are-- 7,i7 nongovernmental  
participants in capital markets1        
including market makers1 banks1 asset   
managers1 exchanges1 and institutional  
investors2 and  7,,ii7 experts on       
geopolitical risk related to the        
,people's ,republic of ,china4  7,b7    
,chairperson ,the ,secretary of the     
,treasury shall serve as the chairperson
 of the ,advisory ,committee4  7,c7     
,private sector lead ,one of the members
 appointed under subparagraph 7,a77iv7  
shall serve as the private sector lead  
for the ,advisory ,committee4  7#c7     
,meetings ,the ,advisory ,committee     
shall meet in person at least #b times  
per year1 with additional meetings at   
the call of the chairperson4  7#d7      
,study and recommendations ,not later   
than #c years after the date of the     
enactment of this subsection1 and every 
#c years thereafter1 the ,advisory      

,committee shall-- 7,a7 conduct a study 
of the vulnerabilities of the ,united   
,states economy1 markets1 and the       
financial system related to military    
escalation of the ,people's ,republic of
 ,china toward ,taiwan that includes an 
assessment of-- 7i7 the estimated total 
cost to the ,united ,states economy from
 such escalation2  7ii7 the market      
impacts and potential losses faced by   
,united ,states and global markets      
related to such escalation2  7iii7 the  
capacity of ,united ,states markets to  
deal with volatility that could result  
from such escalation2  7iv7 the impact  
of such escalation on securities issued 
by entities organized under the laws of 
the ,people's ,republic of ,china or    
,taiwan and listed on a national        
securities exchange in the ,united      
,states2 and  7v7 the likelihood and    
potential impact of reductions in       
holdings by the ,people's ,republic of  
,china of debt securities issued by the 
,department of the ,treasury2  7,b7     

develop and submit to the ,council      
recommendations and supporting analysis 
based on the results of the study2  7,c7
 brief ,congress and the ,secretary of  
,state on the study conducted under     
subparagraph 7,a7 and the               
recommendations developed under         
subparagraph 7,b72 and  7,d7 hold a     
public meeting to present the           
recommendations and analysis required by
 subparagraph 7,b71 omitting any        
portions of such recommendations or     
analysis that implicate national        
security concerns4  4