Foreign banks caught transferring funds tied to China's development of airfields, military bases, civil infrastructure and other projects in two disputed international waterways could be barred from the U.S. financial system under legislation pitched Wednesday. Reintroduction of the South China Sea and East China Sea Sanctions Act by Sens. Marco Rubio (R-FL) and Ben Cardin (D-FL) follows a report by Reuters that China has moved forward with constructing additional man-made islands to boost its control over the South China Sea, where 10 countries hold competing territorial claims. The bill would require the White House to seize all U.S. assets and...
print