Deterring Communist Chinese Aggression against Taiwan through Financial Sanctions Act of 2023
12/16/2023, 10:36 PMSummary of Bill S 481
Bill 118 s 481, also known as the Deterring Communist Chinese Aggression against Taiwan through Financial Sanctions Act of 2023, is a piece of legislation introduced in the US Congress with the aim of imposing financial sanctions on China in response to its aggressive actions towards Taiwan.The bill specifically targets Chinese entities and individuals who are involved in activities that undermine Taiwan's sovereignty and security. It seeks to deter China from further aggression by imposing sanctions such as freezing assets, restricting access to the US financial system, and prohibiting transactions with US entities.
The bill highlights the importance of supporting Taiwan's democracy and independence, and emphasizes the need for the US to stand up against Chinese aggression in the region. It also calls for increased cooperation with allies and partners in the Indo-Pacific region to address the growing threat posed by China. Overall, the Deterring Communist Chinese Aggression against Taiwan through Financial Sanctions Act of 2023 is a significant piece of legislation that aims to hold China accountable for its actions towards Taiwan and strengthen US support for the island nation.
Congressional Summary of S 481
Deterring Communist Chinese Aggression against Taiwan through Financial Sanctions Act of 2023
This bill requires sanctions and other actions if China's government makes any attempt to subject Taiwan to China's control, including by invading Taiwan's territory.
If China's government makes such an attempt, the bill requires certain actions, including (1) imposing sanctions against Chinese nationals, citizens, and entities that participate in the attempt; (2) prohibiting the trading in the securities of Chinese entities on national securities exchanges; and (3) imposing sanctions on global financial communications services providers that continue to provide financial communications services to the Central Bank of China or any foreign financial institutions subject to sanctions under this bill.
