A group of Senate Republicans are calling on the Administration to confront China’s growing footprint in the US financial system and global payments market.
In a letter to Treasury Secretary Janet Yellen and US Trade Representative Katherine Tai, the senators urged the Administration to "closely examine the infiltration of Chinese payments networks into the United States, ensure payment providers are not disadvantaged by China’s disregard for international agreements and conduct a review of any potential gaps in US sanction authority created by Beijing’s expansion of its Cross-Border Interbank Payment System."
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