H.R. 1549, China Financial Threat Mitigation Act of 2025

H.R. 1549 would require the Secretary of the Treasury, within one year of enactment, to study and report on the financial exposure of the United States and the global economy to China. The bill also would direct the Secretary to consult with the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Department of State for the study.

Using information about the cost of similar requirements, CBO estimates that implementing H.R. 1549 would cost federal agencies $1 million over the 2025‑2030 period. Any spending by those agencies would be subject to the availability of appropriated funds.

Costs incurred by the Federal Reserve reduce remittances to the Treasury, which are recorded in the budget as revenues. CBO estimates that the reduction in remittances attributable to implementing H.R. 1549 would not be significant over the 2025-2035 period.

The CBO staff contacts for this estimate are Matthew Pickford (for federal agencies) and Nathaniel Frentz (for the Federal Reserve). The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.