The U.S. House of Representatives passed the «Hong Kong Autonomy Act» with on the same day the city official introduced the controversial national security law into effect.
The U.S. House passed the bill yesterday with unanimous consent which would open the potential option not only for sanctions on individuals and entities enforcing the law but also the banks conducting «significant transactions» with them.
Under the existing act, banks will be provided with structural incentives to help prevent being sanctioned. This includes a gradual two-year window to comply before sanctions are applied.
One Step Away
Last week, the American upper house, the U.S. Senate, unanimously passed the Hong Kong Autonomy Act and it will now proceed to the White House where President Donald Trump will either sign into official law or veto the bill.
«The [national security] law is a brutal, sweeping crackdown against the people of Hong Kong, intended to destroy the freedoms they were promised,» said House Speaker Nancy Pelosi at the House Foreign Affairs Committee hearing, adding that it signaled the death of «one country, two systems».
