If China threatens Taiwan, a bipartisan bill sponsored by U.S. Rep. Frank Lucas (R-OK) would make it the policy of the United States to exclude Chinese Communist Party (CCP) government officials from participating in meetings and other activities of certain international banking organizations.
This would include barring CCP officials from the activities of the G-20, the Bank for International Settlements, the Financial Stability Board, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, and the International Organization of Securities Commissions.
“The greatest generational challenge the United States faces is the economic, political, and national security threat of the Chinese Communist Party,” Rep. Lucas said. “In order to deter China from emulating the rogue aggression shown by Russia, Congress must take the necessary steps to ensure the People’s Republic of China would be subject to significant financial and economic sanctions should Beijing threaten the security, social, or economic system of the people on Taiwan.”
Toward that goal, Rep. Lucas on Feb. 2 introduced the Pressure Regulatory Organizations to End Chinese Threats to Taiwan Act, H.R. 803, also known as the PROTECT Taiwan Act, which is cosponsored by U.S. Rep. Vicente Gonzalez (D-TX).
If enacted, H.R. 803 would, upon notice to Congress from the President of the United States declaring any threat to the people on Taiwan, exclude CCP government officials from financial and intergovernmental forums, according to a bill summary provided by Rep. Lucas’ office.
“The PROTECT Taiwan Act sends a signal to Beijing that China would be held accountable, both economically and financially, for its aggression towards Taiwan,” said Rep. Lucas on Tuesday.
The measure has been referred for consideration to both the U.S. House Financial Services Committee and the U.S. House Foreign Affairs Committee.