House of Representatives Passes Bill Sanctioning Chinese Banks

The lower house of the United States Congress also known as House of Representatives passed a bill on July 1 which would penalize banks for conducting any business with Chinese officials who were involved in implementing the national security law regarding Hong Kong.

The controversial national security law had just been passed by Chinese regulators the previous day.

While addressing a committee from the house of representative, speaker Nancy Pelosi referred to the law passed by China’s parliament as a brutal sweeping crackdown in Hong Kong city.

The law is a brutal, sweeping crackdown against the people of Hong Kong, intended to destroy the freedoms they were promised,” said Pelosi.

The U.S claims it was left with no other option after China passed the bill ending Hong Kong’s high degree of autonomy granted by her colony upon independence for a 50 year period which China initially agreed upon.

The U.S and other European countries have been accusing China of meddling into affairs of Hong Kong breaching the state of autonomy. However following passing of the national security law, ended the ability of Hong Kong existing as an international financial center.

Last month U.S government started scrapping away Hong Kong’s special treatment citing continued China’s interference. Trump’s administration stopped exports of defense equipment and cut down Hong Kong’s access to high level technology equipment.

Speaker Pelosi made unexpected appearance at the hearing of House Foreign Affairs Committee where she claimed the national security law in Hong Kong marked the end of ‘One country, Two systems’ principle.

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