S. 3447 establishes a new advisory committee within the Financial Stability Oversight Council to study and prepare for potential economic impacts if the People's Republic of China escalates military action toward Taiwan. The committee will be chaired by the Treasury Secretary and include representatives from the Securities and Exchange Commission, Federal Reserve, and Commodity Futures Trading Commission, along with ten private sector members from banks, investment firms, and geopolitical experts. The committee must meet at least twice yearly and conduct a comprehensive study within three years (and every three years thereafter) that assesses the potential costs to the U.S. economy, impacts on financial markets and securities, and risks to U.S. Treasury holdings. The bill requires the committee to share findings with Congress, the State Department, and the public, though portions involving national security can be withheld. This legislation is designed to help policymakers and financial markets prepare for economic disruptions that could result from military conflict in Taiwan.
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