House Financial Services hearing spotlights economic, technology, energy and illicit‑finance tools to counter China

House Financial Services Committee Chairman Patrick T. McHenry (Chairman Hill in the hearing transcript) convened a hearing titled "Examining policies to counter China," calling for a whole‑of‑economy approach that pairs security measures with policies to keep the United States commercially competitive. Witnesses from industry and foreign‑policy think tanks recommended bolstering U.S. investment in foundational technologies, modernizing export and development finance, strengthening multilateral debt transparency, and stepping up anti‑money‑laundering enforcement tied to the fentanyl trade.

The hearing matters because, witnesses said, narrow actions such as sanctions or export controls will not succeed unless U.S. markets, tax and regulatory policy, and financing tools enable American companies to commercialize advanced technologies and compete abroad. "If we edge out China in artificial intelligence, but Washington prevents our companies from commercializing it, what happens?" Chairman Hill asked in his opening remarks.

Witness panelists stressed four overlapping priorities. John Miller, senior vice president for policy, trust, data and technology and general counsel at the Information Technology Industry Council (ITI), urged policies that sustain private‑sector innovation while narrowly targeting security risks. Miller said economists and policymakers should avoid measures that "impede domestic and…