US House of Representatives: Penalties for banks cooperating with Chinese officials

(Patria) – The US House of Representatives on Wednesday adopted a legislative act that imposes penalties on banks cooperating with Chinese officials implementing the national security law in Hong Kong.

The unanimously adopted act reflects Washington's concern over China's imposition of the security law, which undermines the autonomy of the former British colony and its status as an international financial center, Reuters reports.  

House Speaker Nancy Pelosi stated that China's imposition of the law on Hong Kong means the 'death of the one country – two systems principle'.

- This law is a brutal crackdown directed against the people of Hong Kong, with the intention of destroying the freedoms they were promised, Pelosi emphasized at a session of the House Foreign Affairs Committee.

Secretary of State Mike Pompeo said that the security law is an insult to all nations, and that Washington will continue to implement Trump's directive to revoke the special status for the autonomous province, which has already begun in practice by halting defense exports and limiting Hong Kong's access to high-tech products.