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The US Senate Foreign Relations Committee will be holding a hearing on the ‘Strategic Competition Act’ focused on China on April 14, Reuters reported on Thursday, citing a source familiar with the matter.

Key takeaways

“Draft of US Senate act says strategic competition with China will require sustained political will for decades to come.”

“Draft US Senate legislation says the US  must encourage allies to do more in balancing and checking the aggressive and assertive behavior  of China.”

“Draft legislation says head of every US federal department and agency should designate a senior official to coordinate policies with respect to strategic competition with China.”

“Draft US Senate legislation says in coming decades, United States must prevent China from establishing regional hegemony in the indo-pacific.”

Market reaction

This headline doesn’t seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Futures were up 0.35% on a daily basis at 4,084.