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Fairness and Accountability in Underwriting Chinese Institutions Act
12/30/2022, 8:18 AM
Summary of Bill HR 5988
Bill 117 HR 5988, also known as the Fairness and Accountability in Underwriting Chinese Institutions Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to address concerns regarding the underwriting practices of Chinese financial institutions operating in the United States.
The bill aims to increase transparency and accountability in the underwriting process by requiring Chinese financial institutions to adhere to certain standards and regulations. This includes providing detailed information about their underwriting practices, as well as ensuring that these practices are fair and in line with US laws and regulations.
Additionally, the bill seeks to prevent Chinese financial institutions from engaging in discriminatory practices or providing preferential treatment to certain individuals or entities. It also aims to protect US consumers and investors from potential risks associated with underwriting practices that may not meet US standards. Overall, the Fairness and Accountability in Underwriting Chinese Institutions Act is designed to promote fairness, transparency, and accountability in the underwriting practices of Chinese financial institutions operating in the United States. It is an important piece of legislation that aims to protect the interests of US consumers and investors while also ensuring that Chinese financial institutions operate in a manner that is consistent with US laws and regulations.
The bill aims to increase transparency and accountability in the underwriting process by requiring Chinese financial institutions to adhere to certain standards and regulations. This includes providing detailed information about their underwriting practices, as well as ensuring that these practices are fair and in line with US laws and regulations.
Additionally, the bill seeks to prevent Chinese financial institutions from engaging in discriminatory practices or providing preferential treatment to certain individuals or entities. It also aims to protect US consumers and investors from potential risks associated with underwriting practices that may not meet US standards. Overall, the Fairness and Accountability in Underwriting Chinese Institutions Act is designed to promote fairness, transparency, and accountability in the underwriting practices of Chinese financial institutions operating in the United States. It is an important piece of legislation that aims to protect the interests of US consumers and investors while also ensuring that Chinese financial institutions operate in a manner that is consistent with US laws and regulations.
Congressional Summary of HR 5988
Fairness and Accountability in Underwriting Chinese Institutions Act or the FAUCI Act
This bill prohibits making any federal funding available to laboratories or research institutions in China for gain-of-function research. The President may waive this prohibition for national security interests. (Under the bill, gain-of-function research generally involves the enhancement of potential pandemic pathogens or related risky research with potentially dangerous pathogens.)
Furthermore, if the Office of the Inspector General of the Department of Health and Human Services determines that a National Institutes of Health official, employee, or grantee has intentionally misled or omitted information in a relevant disclosure (e.g., to Congress) about federal funding for international gain-of-function research, such a person shall be ineligible for any federal funding or federal employment.
Read the Full Bill
Current Status of Bill HR 5988
Bill HR 5988 is currently in the status of Bill Introduced since November 16, 2021. Bill HR 5988 was introduced during Congress 117 and was introduced to the House on November 16, 2021. Bill HR 5988's most recent activity was Referred to the Subcommittee on Health. as of November 17, 2021
Bipartisan Support of Bill HR 5988
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
4Democrat Cosponsors
0Republican Cosponsors
4Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5988
Primary Policy Focus
International AffairsPotential Impact Areas
- Asia
- Cardiovascular and respiratory health
- China
- Congressional oversight
- Department of Health and Human Services
- Drug trafficking and controlled substances
- Government employee pay, benefits, personnel management
- Government ethics and transparency, public corruption
- Government studies and investigations
- Health programs administration and funding
- Infectious and parasitic diseases
- Medical research
- National Institutes of Health (NIH)
- Public contracts and procurement
- Research administration and funding
- World health
Alternate Title(s) of Bill HR 5988
Fairness and Accountability in Underwriting Chinese Institutions Act
Fairness and Accountability in Underwriting Chinese Institutions Act
FAUCI Act
To restrict the use of Federal Funds for gain-of-function research in the People's Republic of China.
Comments
Sponsors and Cosponsors of HR 5988
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