[Federal Register: August 15, 2006 (Volume 71, Number 157)]
[Notices]
[Page 46978-46979]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15au06-84]
=======================================================================
-----------------------------------------------------------------------
U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION
Notice of Open Public Hearing
AGENCY: U.S.-China Economic and Security Review Commission.
ACTION: Notice of open public hearing--August 22, 2006, Washington, DC.
-----------------------------------------------------------------------
SUMMARY: Notice is hereby given of the following hearing of the U.S.-
China Economic and Security Review Commission.
Name: Larry M. Wortzel, Chairman of the U.S.-China Economic and
Security Review Commission.
The Commission is mandated by Congress to investigate, assess,
evaluate and report to Congress annually on the U.S.-China economic and
security relationship. The mandate specifically charges the Commission
to investigate ``the extent of Chinese access to, and use of United
States capital markets, and whether the existing disclosure and
transparency rules are adequate to identify Chinese companies which are
active in United States markets and are also engaged in proliferation
activities or other activities harmful to United States security
interests.''
Pursuant to this mandate, the Commission will hold a public hearing
in Washington, DC on August 22, 2006, to assess the nature and
consequences of interaction between the Chinese and U.S. capital
markets. China agreed to open its financial system to foreign
participation when it joined the World Trade Organization. This process
is already underway and accelerating, and the Commission, therefore,
believes it is important and timely to assess the nature and
consequences of interaction between the Chinese and U.S. capital
markets.
Background
This event is the seventh in a series of public hearings the
Commission will hold during its 2006 report cycle to collect input from
leading experts in academia, business, industry, government and the
public on the impact of the economic and national security implications
of the U.S. growing bilateral trade and economic relationship with
China. The August 22 hearing is being conducted to obtain commentary
about the economic and national security implications of Chinese
macroeconomic policies on U.S. capital markets, exchange rates and
interest rates. Information on upcoming hearings, as well as
transcripts of past Commission hearings, can be obtained from the USCC
Web site http://www.uscc.gov.
This hearing will address ``China's Financial System and Monetary
Policies: The Impact on U.S. Exchange Rates, Capital Markets, and
Interest Rates'' and will be Co-chaired by Chairman Larry M. Wortzel
and Commissioner Patrick A. Mulloy.
Purpose of Hearing
At this hearing the Commission seeks to assess the health of the
Chinese financial system, evaluate the nature of foreign participation
and understand the relationship between China's financial system and
domestic Chinese politics. The Commission also seeks to explore the
nature of capital flows into and out of China in order to understand
how those flows affect U.S. interest rates and the value of the dollar.
The hearing is designed to assist the Commission in fulfilling its
mandate by examining the condition of China's financial system, its
increasing openness to foreign competition as required under WTO rules,
China's WTO commitments to the financial sector, and the impact of
Chinese macroeconomic policies on U.S. capital markets.
Copies of the hearing agenda will be made available on the
Commission's Web site http://www.uscc.gov. Any interested party may
file a written statement by August 22, 2006, by mailing to the contact
below. The hearing will be held in two sessions, one in the morning and
one in the afternoon, where Commissioners will take testimony from
invited witnesses. There will be a question and answer period between
the Commissioners and the witnesses.
Date and Time: Tuesday, August 22, 2006, 8:30 a.m. to 4:30 p.m. Eastern
Standard Time. A detailed agenda for the hearing will be posted to the
[[Page 46979]]
Commission's Web site http://www.uscc.gov in the near future.
ADDRESSES: The hearing will be held on Capitol Hill in Room 385 Russell
Senate Office Building. Public seating is limited to about 50 people on
a first come, first served basis. Advance reservations are not
required.
FOR FURTHER INFORMATION CONTACT: Any member of the public wishing
further information concerning the hearing should contact Kathy
Michels, Associate Director for the U.S.-China Economic and Security
Review Commission, 444 North Capitol Street, NW., Suite 602,
Washington, DC 20001; phone: 202-624-1409, or via E-mail at
kmichels@uscc.gov.
Authority: Congress created the U.S.-China Economic and Security
Review Commission in 2000 in the National Defense Authorization Act
(Pub. L. 106-398), as amended by Division P of the Consolidated
Appropriations Resolution, 2003 (Pub. L. 108-7), as amended by
Public Law 109-108 (November 22, 2005).
Dated: August 9, 2006.
Kathleen J. Michels,
Associate Director, U.S.-China Economic and Security Review Commission.
[FR Doc. E6-13303 Filed 8-14-06; 8:45 am]
BILLING CODE 1137-00-P