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.
About This Bill
Introduced
Latest Action · May 17, 2022
Sponsor introductory remarks on measure. (CR H5092)
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.
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