Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act or the PROTECT Taiwan Act
This bill requires certain federal entities to seek to exclude China from six international financial organizations if the President informs Congress that China's actions threaten Taiwan and pose a danger to U.S. interests.
Specifically, the bill establishes that it is U.S. policy to seek to exclude Chinese representatives from participating in the activities of six international organizations if the President informs Congress that China's actions pose any (1) threat to Taiwan's security, economic system, or social system; and (2) danger to U.S. interests.
The six specified organizations are
In the event that the President so informs Congress, the bill requires the Department of the Treasury, the Federal Reserve, and the Securities and Exchange Commission to take all necessary steps to advance the exclusion policy.
The President may waive the application of this policy to an organization if doing so is in the national interest of the United States.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1531 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 1531
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, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 24, 2025
Mr. Lucas (for himself and Mr. Vicente Gonzalez of Texas) introduced
the following bill; which was referred to the Committee on Financial
Services, and in addition to the Committee on Foreign Affairs, for a
period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
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, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Pressure Regulatory Organizations To
End Chinese Threats to Taiwan Act'' or the ``PROTECT Taiwan Act''.
SEC. 2. STATEMENT OF POLICY REGARDING THE EXCLUSION OF REPRESENTATIVES
OF THE PEOPLE'S REPUBLIC OF CHINA FROM CERTAIN BANKING
ORGANIZATIONS UPON NOTICE OF CERTAIN THREATS OR DANGER.
(a) In General.--If the President, pursuant to section 3(c) of the
Taiwan Relations Act (22 U.S.C. 3302(c)), informs the Congress 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 resulting from actions of the People's Republic of China, it
is the policy of the United States to seek to exclude representatives
of the People's Republic of China, to the maximum extent practicable,
from participation in meetings, proceedings, and other activities of
the following organizations:
(1) The Group of Twenty.
(2) The Bank for International Settlements.
(3) The Financial Stability Board.
(4) The Basel Committee on Banking Supervision.
(5) The International Association of Insurance Supervisors.
(6) The International Organization of Securities
Commissions.
(b) Policy Advancement.--The Secretary of the Treasury, the Board
of Governors of the Federal Reserve System, and the Securities and
Exchange Commission, shall take all necessary steps to advance the
policy set forth in subsection (a).
(c) Waiver.--The President may waive the application of subsection
(a) with respect to an organization upon submission of a report to the
Committee on Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate--
(1) that such waiver is in the national interest of the
United States; and
(2) that contains an explanation of the reasons therefor.
(d) Sunset.--This Act and the requirements of this Act shall have
no force or effect on the date that is the earlier of--
(1) 5 years after the date of the enactment of this Act; or
(2) 30 days after the date on which the President notifies
Congress that the termination of this Act is in the national
interest of the United States.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 49 - 0.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-388, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-388, Part I.
Committee on Foreign Affairs discharged.
Committee on Foreign Affairs discharged.
Placed on the Union Calendar, Calendar No. 338.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H2078-2079)
DEBATE - The House proceeded with forty minutes of debate on H.R. 1531.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H2082-2083)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 395 - 2 (Roll no. 58). (text: CR H2078-2079)
Roll Call #58 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 395 - 2 (Roll no. 58). (text: CR H2078-2079)
Roll Call #58 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.