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National SecurityH.R. 1531Comments

PROTECT Taiwan Act

Official title: To direct certain financial regulators to exclude representatives of the People's Republic of China from certain banking organizations upon notice of certain threats or danger, and for other purposes.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, done
  4. Outcome, current stage

How Congress Voted

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What This Bill Does

This bill requires certain federal entities to seek to exclude China from six international financial organizations if the President informs Congress that China's actions threaten Taiwan and pose a danger to U.S. interests.

Specifically, the bill establishes that it is U.S. policy to seek to exclude Chinese representatives from participating in the activities of six international organizations if the President informs Congress that China's actions pose any (1) threat to Taiwan's security, economic system, or social system; and (2) danger to U.S. interests.

The six specified organizations are

  • the Group of Twenty,
  • the Bank for International Settlements,
  • the Financial Stability Board,
  • the Basel Committee on Banking Supervision,
  • the International Association of Insurance Supervisors, and
  • the International Organization of Securities Commissions.

In the event that the President so informs Congress, the bill requires the Department of the Treasury, the Federal Reserve, and the Securities and Exchange Commission to take all necessary steps to advance the exclusion policy.

The President may waive the application of this policy to an organization if doing so is in the national interest of the United States.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. SenateReceived in the Senate and Read twice and referred to the Committee on Foreign Relations.
  2. House floor actionsMr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
  3. Floor Vote
  4. Passed the House
  5. House floor actionsReported (Amended) by the Committee on Financial Services. H. Rept. 119-388, Part I.
  6. House committee actionsCommittee Consideration and Mark-up Session Held
  7. Library of CongressIntroduced in House
  8. House floor actionsReferred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  9. Introduced
  10. Committee

Comments

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