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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 803 Referred in Senate (RFS)]

<DOC>
118th CONGRESS
  2d Session
                                H. R. 803

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                            January 16, 2024

Received; read twice and referred to the Committee on Foreign Relations

_______________________________________________________________________

                                 AN ACT

 
 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; 
        and
            (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.

            Passed the House of Representatives January 12, 2024.

            Attest:

                                             KEVIN F. MCCUMBER,

                                                                 Clerk.
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