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House (unanimously) passes China sanctions as @SpeakerPelosi declares 'one country, two systems' dead https://politi.co/2VBsuUC via @politico / this bill (which seems like it will become law) could make it tough for foreign financial institutions to do business in HK.
Sanctions "if the Secretary of State determines that a foreign person is materially contributing to, has materially contributed to, or attempts to materially contribute to the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law"
This is pretty broad language, and it could apply to any non-American that contributed to the passage of the National Security Law, or any non-American who enforces the National Security Law. It seems like Carrie Lam & the entire National People's Congress would qualify.
Any foreign financial institution that conducts "significant transactions" with anyone in the HK govt or in the NPC, or in the Liaison Office up to Xi Jinping himself could be cut off from the US financial system. That is the type of risk big banks respond to.
