The letter was signed by the committee chairman, Representative John Moolenaar of Michigan, and the panel’s top Democrat, Raja Krishnamoorthi of Illinois. They added that the shift raised questions over “whether longstanding US policy towards Hong Kong, particularly towards its financial and banking sector, is appropriate”.
Hong Kong has become a centre for financial crimes as Beijing tightened its grip on the city, US lawmakers said, highlighting the worsening ties between the former British colony and Washington.
Since Beijing imposed a national security law on Hong Kong in mid-2020, the city “has shifted from a trusted global financial centre to a critical player in the deepening authoritarian axis” of China, Iran, Russia and North Korea, the heads of the House China Select Committee said in a letter to Treasury Secretary Janet Yellen on Monday.
