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November 4, 1997
(House Rules)

H.R. 2605 - Communist China Subsidy Reduction Act of 1997
(Solomon (R) NY)

The Administration opposes H.R. 2605, which would require U.S. Executive Directors at each international financial institution to oppose concessional loans to the People's Republic of China (PRC), or any Chinese citizen or entity. H.R. 2605 would unconstitutionally infringe on the President's authority to conduct foreign affairs. In addition, such requirements are rarely an effective policy tool and often hinder efforts to advance U.S. priorities within international financial institutions.