Taiwan Conflict Deterrence Act of 2023

Hozzl · 2024-10-04T19:52:59Z

Explore the details of House Bill 554 Taiwan Conflict Deterrence Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

10/4/2024, 7:52 PM

Summary of Bill HR 554

The "Taiwan Conflict Deterrence Act of 2023" was introduced in the 118th Congress on January 26, 2023. The bill, designated as H.R. 554, aims to address deterrence strategies related to the conflict in Taiwan. Specific provisions and directives within the bill include measures to enhance deterrence against potential aggressors in the Taiwan region. The bill can be accessed through the official PDF link provided.

Congressional Summary of HR 554

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.

Read the Full Bill

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Current Status of Bill HR 554

Bill HR 554 is currently in the status of Introduced to Senate since September 10, 2024. Bill HR 554 was introduced during Congress 118 and was introduced to the House on January 26, 2023. Bill HR 554's most recent activity was Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of September 10, 2024

Bipartisan Support of Bill HR 554

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 554

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Asia

- Bank accounts, deposits, capital

- Banking and financial institutions regulation

- China

- Congressional oversight

- Diplomacy, foreign officials, Americans abroad

- Foreign and international banking

- Fraud offenses and financial crimes

- Military operations and strategy

- Taiwan

Alternate Title(s) of Bill HR 554

Taiwan Conflict Deterrence Act of 2023

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.