U.S. Congress passes bill targeting banks over China's Hong Kong security law

Our timing could not be more critical," said Democratic Senator Chris Van Hollen, a lead sponsor of the "Hong Kong Autonomy Act," in a Senate speech urging support for the legislation.

The U.S. Senate passed legislation on Thursday to penalize banks doing business with Chinese officials who implement Beijing's draconian new national security law on Hong Kong, sending it to the White House for President Donald Trump's signature. The bill passed the Senate by unanimous consent, a day after the House of Representatives also passed it without opposition, a rare example of overwhelming bipartisan support reflecting concern in Washington over the erosion the autonomy that allowed the former British colony to thrive as China's freest city and an international financial center.

"This is an urgent moment. Our timing could not be more critical," said Democratic Senator Chris Van Hollen, a lead sponsor of the "Hong Kong Autonomy Act," in a Senate speech urging support for the legislation. "Through this bill, the U.S. Senate makes clear which side we are on" said Republican Senator Pat Toomey, who also introduced the measure.

The bill would impose sanctions on entities that help violate Hong Kong's autonomy and financial institutions that do business with them. China responded to the bill by saying the United States should stop interfering in Hong Kong affairs and warned that it would "resolutely and forcefully resist."