Taiwan Conflict Deterrence Act of 2022 This bill requires additional reporting regarding the domestic and foreign financial activity of specified Chinese officials. Specifically, the bill requires the Department of the Treasury, upon a determination by the President that a threat to the interests of the United States exists resulting from actions by China, 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. The bill also allows Treasury to prohibit significant transactions between U.S. financial institutions and these individuals.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Sponsor introductory remarks on measure. (CR H5092)
Introduced in House
Referred to the House Committee on Financial Services.
Sponsor introductory remarks on measure. (CR H5092)
Finance and Financial Sector
AsiaBank accounts, deposits, capitalBanking and financial institutions regulationChinaCongressional oversightDiplomacy, foreign officials, Americans abroadForeign and international bankingFraud offenses and financial crimesMilitary operations and strategyTaiwan
Taiwan Conflict Deterrence Act of 2022
USA117th CongressHR-7704| House
| Updated: 5/17/2022
Taiwan Conflict Deterrence Act of 2022 This bill requires additional reporting regarding the domestic and foreign financial activity of specified Chinese officials. Specifically, the bill requires the Department of the Treasury, upon a determination by the President that a threat to the interests of the United States exists resulting from actions by China, 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. The bill also allows Treasury to prohibit significant transactions between U.S. financial institutions and these individuals.
AsiaBank accounts, deposits, capitalBanking and financial institutions regulationChinaCongressional oversightDiplomacy, foreign officials, Americans abroadForeign and international bankingFraud offenses and financial crimesMilitary operations and strategyTaiwan