Because 90 percent of advanced semiconductor chips are made at a semiconductor manufacturing campus in Taiwan, U.S. Rep. Frank Lucas (R-OK) on Feb. 24 proposed a bipartisan bill to protect the country from any malicious acts by China.
The congressman introduced the Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act, H.R. 1531 — also known as the PROTECT Taiwan Act — with original cosponsor U.S. Rep. Vicente Gonzalez (D-TX) to direct certain financial regulators to exclude representatives of the People’s Republic of China from certain banking organizations upon notice of certain threats or danger.
“The Chinese Communist Party poses an enormous economic, political, and national security threat to the United States,” Rep. Lucas said. “We must take the necessary steps to ensure Beijing would be subject to significant financial, diplomatic, and economic consequences should it threaten our allies in Taiwan. The PROTECT Taiwan Act will do exactly that.”
Currently, the Taiwan Relations Act requires the United States president to notify Congress if China poses an immediate threat to Taiwan’s security.
If this notification is triggered, H.R. 1531 states that it would be U.S. policy to exclude Chinese representatives from key international organizations, such as the G20, the Financial Stability Board, and the Basel Committee on Banking Supervision.
“The Chinese Communist Party’s brazen aggression towards Taiwan cannot stand,” said Rep. Gonzalez. “This legislation sends a message to Beijing that it will face economic consequences for its increased intrusive military operations. Congress must defend Taiwanese security.”
H.R. 1531 has been referred for consideration to both the U.S. House Financial Services Committee and the U.S. House Foreign Affairs Committee.