The Ostracize China Act of 2022, sponsored on April 6 by U.S. Rep. Frank Lucas (R-OK), would hold China accountable both economically and financially for any aggression toward Taiwan.
“China’s coercive and increasing efforts leveraging their economic influence and military strength to reshape the Indo-Pacific region must not go unchecked,” Rep. Lucas said.
If enacted, H.R. 7411 would, upon notice to Congress from the president of the United States declaring any threat to the people on Taiwan, exclude government officials of the Chinese Communist Party (CCP) from financial and intergovernmental forums, according to a bill summary provided by the congressman’s office.
“The greatest generational challenge the United States faces is the economic, political and national security threat of the Chinese Communist Party,” said Rep. Lucas. “In order to deter China from emulating the rogue aggression shown by Russia, Congress should 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.”
Under current law, set forth by the Taiwan Relations Act of 1979, it is the policy of the United States that, “The president is directed to inform the Congress promptly of any threat to the security or the social or economic system of the people on Taiwan and any danger to the interests of the United States arising therefrom.
“The president and the Congress shall determine, in accordance with constitutional processes, appropriate action by the United States in response to any such danger,” according to the law.
Going further, H.R. 7411 would make it the policy of the U.S. to exclude government officials of the People’s Republic of China from participating in meetings, proceeds and other activities of certain international banking organizations, including 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 bill summary says.
The bill has been referred for consideration to both the U.S. House Financial Services Committee and the U.S. House Foreign Affairs Committee.