A legislation which imposes sanctions on all banks doing a business transaction with officials from China who are involved with the passing of the National Security Law in Hong Kong was unanimously passed by the US Senate, Thursday.
The bill, at the moment, is now heading to the White House and is awaiting the signature of US President Donald Trump. If signed, the bill will authorize and legalize sanctions on foreign people who are part of the annual list of individuals who are involved in the new draconian measures that the Communist Party of China has used to subvert the autonomy of Hong Kong.
According to The Epoch Times, the same legislation was also unanimously passed on Wednesday by the House of Representatives. It was passed in retaliation to the new law that was passed by Beijing overwhelming the autonomous territory of Hong Kong. The legislation id a reflection of the concerns that have arisen due to Beijing's take over of the former British territory and possible its economy since Hong Kong has become an international financial center.
The National Security law was passed by China's National People's Congress (NPC on the 30th of June through ceremonial voting. The said law criminalizes any acts of subversion, collusion with foreign forces, secession, and terrorism. People who will commit such acts may face maximum penalties such as life imprisonment.
Critics of the said law have expressed fear that it would be used against individuals who continue to criticize the CCP.
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During a Senate speech, Sen. Chris Van Hollen (D-Md.), one of the lead authors of the "Hong Kong Autonomy Act" said that passing the bill is very urgent and that this is a critical time to do so.
Meanwhile, on a press conference that was held on Thursday, House Speaker Nancy Pelosi stated that the legislation will help mitigate and eventually end the campaign of cruelty that China has rained down on Hong Kong.
"This is a real tragedy. It's so sad," the House Speaker added.
All freedom-loving people stand with the people of Hong Kong as they confront Beijing’s campaign against freedom. With my signature, the #HongKong Autonomy Act goes to the White House. The sanctions included within it are critical to holding China accountable. pic.twitter.com/prgInYxw3l — Nancy Pelosi (@SpeakerPelosi) July 2, 2020
According to New York Times, during the first day of the national security law's implementation, the Hong Kong Police Force has already detained 10 individuals composed of six men and four women after they were suspected violations of the law.
In addition, officials said that there have been a total of 370 arrests that have been made for several offenses including obstructing the police, unlawful assembly, and possession of weapons.
Meanwhile, Zhao Lijian, spokesman for the Chinese Foreign Ministry has already issued a warning to the US that consequences may follow the signing of the said bill. This is due to the fact that the bill may have significant implications for institutions offering financial services in Hong Kong since it would penalize lenders who will do business with the officials involved in implementing the security law.
In a report by Bloomberg, it was stated that the bill poses a great threat to about $1.1 trillion worth of funding for the largest banks in China.
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