May 19, 2021

Toomey and Van Hollen Statement on Treasury’s Hong Kong Sanctions Report

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and Senator Chris Van Hollen (D-Md.) issued the following statement in response to the Department of Treasury’s report pursuant to Toomey and Van Hollen’s Hong Kong Autonomy Act:

“The Hong Kong Autonomy Act mandates secondary sanctions on banks that service individuals and entities responsible for undermining Hong Kong’s freedom and autonomy. Despite the Chinese Communist Party’s ongoing crackdown, and the State Department having identified officials responsible for these abuses, the Treasury Department did not name any financial institutions in their latest report. Imposing these sanctions is vital to our efforts to hold the Chinese government accountable for their attacks on Hongkongers’ basic freedoms. We are following up with the Treasury immediately to require more information on why no banks were listed and what steps are being taken to ensure this tool is employed fully and expeditiously.”