Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Introduced
In Committee
On Floor
Passed Chamber
Enacted
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.
Referred to the House Committee on Financial Services.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 41 - 0.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 236.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-292.
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)
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.
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 2023
USA118th CongressHR-554| House
| Updated: 9/10/2024
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.
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Introduced
In Committee
On Floor
Passed Chamber
Enacted
AsiaBank accounts, deposits, capitalBanking and financial institutions regulationChinaCongressional oversightDiplomacy, foreign officials, Americans abroadForeign and international bankingFraud offenses and financial crimesMilitary operations and strategyTaiwan