To deter Chinese aggression towards Taiwan by requiring the Secretary of the Treasury to publish a report on financial institutions and accounts connected to senior officials of the People's Republic of China, to restrict financial services for certain immediate family of such officials, and for other purposes.
Taiwan Conflict Deterrence Act of 2023
This bill, in the event of a threat to U.S. interests by China, (1) requires additional reporting on the domestic and foreign financial activity of specified Chinese officials, and (2) prohibits certain financial transactions with specified Chinese officials.
Upon a determination by the President that such a threat exists, the bill requires the Department of the Treasury to (1) report to Congress on funds held by certain members of the Chinese Communist Party, including the total amount of funds, a description of the funds, and a list of related financial institutions; and (2) brief Congress on how these funds were acquired and any illicit or corrupt means employed to acquire or use the funds.
After such a report is made, Treasury must prohibit significant transactions between U.S. financial institutions and these individuals (and their immediate family, if appropriate). The bill provides exceptions for intelligence, law enforcement, and national security activities. The President may waive the prohibition under certain circumstances.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 41 - 0.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-292.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-292.
Placed on the Union Calendar, Calendar No. 236.
Mrs. Kim (CA) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H5042-5046)
DEBATE - The House proceeded with forty minutes of debate on H.R. 554.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5042-5043)
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On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5042-5043)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.