Taiwan Conflict Deterrence Act of 2022

Hozzl · 2022-12-30T00:04:06Z

Explore the details of House Bill 7704 Taiwan Conflict Deterrence Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/30/2022, 12:04 AM

Summary of Bill HR 7704

Bill 117 HR 7704, also known as the Taiwan Conflict Deterrence Act of 2022, is a piece of legislation introduced in the US Congress aimed at deterring conflict in the Taiwan Strait region. The bill seeks to strengthen the United States' commitment to Taiwan's security and stability by enhancing military cooperation and support for Taiwan.

The key provisions of the bill include increasing arms sales to Taiwan, conducting joint military exercises with Taiwan, and enhancing intelligence sharing between the US and Taiwan. The bill also calls for the establishment of a regular dialogue between the US and Taiwan on security issues and reaffirms the US commitment to Taiwan's self-defense capabilities.

Additionally, the bill emphasizes the importance of maintaining peace and stability in the Taiwan Strait region and expresses support for Taiwan's participation in international organizations. It also calls for the US to work with like-minded countries to counter Chinese aggression in the region and uphold the principles of freedom of navigation and overflight. Overall, the Taiwan Conflict Deterrence Act of 2022 aims to strengthen US-Taiwan relations and deter conflict in the Taiwan Strait region through increased military cooperation and support for Taiwan's security and stability.

Congressional Summary of HR 7704

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.

Read the Full Bill

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Current Status of Bill HR 7704

Bill HR 7704 is currently in the status of Bill Introduced since May 17, 2022. Bill HR 7704 was introduced during Congress 117 and was introduced to the House on May 10, 2022. Bill HR 7704's most recent activity was Sponsor introductory remarks on measure. (CR H5092) as of May 17, 2022

Bipartisan Support of Bill HR 7704

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 7704

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

- International Affairs

- Military operations and strategy

- Taiwan

Alternate Title(s) of Bill HR 7704

Taiwan Conflict Deterrence Act of 2022

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.