The 112th United States Congress introduced legislation whose aim was the assessment of the implications of China's ownership of U.S. debt. The subsequent Congressional Report of 2013 claimed that "potentially serious short-term problem would emerge if China decided to "suddenly" reduce their liquid U.S. financial assets significantly" [emphasis in the original text, noting also that Federal Reserve System Chairman Ben Bernanke had, in 2007, stated that “because foreign holdings of U.S. Treasury securities represent only a small part of total U.S. credit market debt outstanding, U.S. credit markets should be able to absorb without great difficulty any shift of foreign allocations."