Hearing: China’s Financial System and Monetary Policies - The Impact on U.S. Exchange Rates, Capital Markets, and Interest Rates

Hearing Transcript: 

August 22-23, 2006

385 Russell Senate Office Building
Delaware & Constitution Avenues, NE
Washington, DC 20510

Hearing Co-chairs: Chairman Larry Wortzel and Commissioner Patrick Mulloy



Opening Statements

  • Opening Statement of Commissioner Mulloy [Remarks]

Panel I – The Condition of China’s Financial System

  • Mr. Gordon Chang, Author, Bedminster, NJ  [Testimony]
  • Mr. Michael Petit, Managing Director, Credit Market Services, Standard and Poor’s, Tokyo, Japan [Testimony]
  • Dr. Kellee Tsai, Associate Professor, Department of Political Science, Johns Hopkins University, Baltimore, MD [Testimony]

Panel II – China’s WTO Financial Sector Commitments

  • Mr. Steve Judge, Senior Vice President Government Affairs, Securities Industry Association, New York, NY [Testimony]
  • Ms. Vickie Tillman, Executive Vice President, Credit Market Services, Standard & Poor’s, New York, NY [Testimony]
  • Mr. John Dearie, Senior Vice President for Policy and Research, The Financial Services Forum, Washington, DC [Testimony]

Panel III – China’s Monetary Policy, Capital Controls, and Exchange Rates

  • Dr. Ronald McKinnon, William D. Eberle Professor of International Economics, Stanford University, Stanford, CA [Testimony]
  • Dr. Bradley Setser, Head of Global Research and Senior Economist, Roubini Global Economics, New York, NY [Testimony]
  • Dr. C. Fred Bergsten, Director, Institute for International Economics, Washington, DC  

Panel IV – The Macroeconomic Impact of Chinese Financial Policies on the United States

  • Dr. Peter Morici, Professor of International Business, University of Maryland, College Park, MD [Testimony]
  • Dr. James Dorn, Vice President of Academic Affairs, The CATO Institute, Washington, DC [Testimony]
  • Dr. Phillip Swagel, Resident Scholar, AEI, Washington, DC

Statement for the Record