Congressman Anthony Gonzalez of Ohio who serves on House committees on financial services and science, space and technology, joins CNBC's "Squawk Box" team to discuss his new bill that would curb World Bank funding to China by graduating the country from its International Bank for Reconstruction and Development (IBRD) program, designed to offer financial aid to "middle-income and creditworthy low-income countries." China is continuing to receive billions of loans from the World Bank while it doesn’t meet the guidelines and is supposed to graduate, which is very oppressive and damaging for the american economy, Gonzalez said.
If the bill is passed, China will go through many changes including losing its economic and political influence at the World Trade Organization. Gonzalez said he is optimistic that the bill will receive bipartisan support.
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