I 

118TH CONGRESS 

1ST SESSION H. R. 554 

To deter Chinese aggression towards Taiwan by requiring the Secretary 

of the Treasury to publish a report on financial institutions and accounts 

connected to senior officials of the People’s Republic of China, to restrict 

financial services for certain immediate family of such officials, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 26, 2023 

Mr. HILL (for himself and Mr. SHERMAN) introduced the following bill; which 

was referred to the Committee on Financial Services 

A BILL 

To deter Chinese aggression towards Taiwan by requiring 

the Secretary of the Treasury to publish a report on 

financial institutions and accounts connected to senior 

officials of the People’s Republic of China, to restrict 

financial services for certain immediate family of such 

officials, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Taiwan Conflict Deter5 rence Act of 2023’’. 


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1 SEC. 2. REPORT ON FINANCIAL INSTITUTIONS AND AC2 COUNTS CONNECTED TO CERTAIN CHINESE 

3 GOVERNMENT OFFICIALS. 

4 (a) FINANCIAL INSTITUTIONS REPORT.— 

5 (1) IN GENERAL.—Not later than 90 days after 

6 the date that the President, pursuant to section 3(c) 

7 of the Taiwan Relations Act (22 U.S.C. 3302(c)), 

8 informs the Congress of a threat resulting from ac9 tions of the People’s Republic of China and any dan10 ger to the interests of the United States arising 

11 therefrom, and annually thereafter for 3 years, the 

12 Secretary of the Treasury shall submit a report to 

13 the appropriate Members of Congress containing the 

14 following: 

15 (A) With respect to each of at least 10 

16 natural persons described under subsection (b), 

17 at least 1 of whom is a natural person listed 

18 under paragraph (1) of such subsection (b) and 

19 at least 1 of whom is a natural person listed 

20 under paragraph (2) of such subsection (b), the 

21 estimated total funds that are held in financial 

22 institutions and are under direct or indirect 

23 control by such natural person and a descrip24 tion of such funds. 

25 (B) A list of any financial institutions 

26 that— 


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1 (i) maintain an account in connection 

2 with significant funds described in sub3 paragraph (A); or 

4 (ii) otherwise provide significant fi5 nancial services to a natural person cov6 ered by the report. 

7 (2) BRIEFING REQUIRED.—Not later than 30 

8 days after submitting a report described under para9 graph (1), the Secretary of the Treasury, or a des10 ignee of the Secretary, shall brief the appropriate 

11 Members of Congress on the funds covered by the 

12 report, including a description of how the funds were 

13 acquired, and any illicit or corrupt means employed 

14 to acquire or use the funds. 

15 (3) EXEMPTIONS.—The requirements described 

16 under paragraph (1) may not be applied with re17 spect to a natural person or a financial institution, 

18 as the case may be, if the President determines: 

19 (A) The funds described under paragraph 

20 (1)(A) were primarily acquired through legal 

21 and noncorrupt means. 

22 (B) The natural person has agreed to pro23 vide significant cooperation to the United 

24 States for an important national security pur25 pose with respect to China. 


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1 (C) A financial institution has agreed to— 

2 (i) no longer maintain an account de3 scribed under paragraph (1)(B)(i); 

4 (ii) no longer provide significant fi5 nancial services to a natural person cov6 ered by the report; or 

7 (iii) provide significant cooperation to 

8 the United States for an important na9 tional security purpose with respect to 

10 China. 

11 (4) WAIVER.—The President may waive any re12 quirement described under paragraph (1) with re13 spect to a natural person or a financial institution 

14 upon reporting to the appropriate Members of Con15 gress that— 

16 (A) the waiver would substantially promote 

17 the objective of ending the threat described 

18 under paragraph (1); 

19 (B) the threat described under paragraph 

20 (1) is no longer present; or 

21 (C) the waiver is essential to the national 

22 security interests of the United States. 

23 (b) NATURAL PERSONS DESCRIBED.—The natural 

24 persons described in this subsection are persons who, at 

25 the time of a report, are the following: 


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1 (1) A member of the Politburo Standing Com2 mittee of the Chinese Communist Party. 

3 (2) A member of the Politburo of the Chinese 

4 Communist Party that is not described under para5 graph (1). 

6 (3) A member of the Central Committee of the 

7 Chinese Communist Party that— 

8 (A) is none of the foregoing; and 

9 (B) performs any official duty that directly 

10 or indirectly affects Taiwan. 

11 (c) FORM OF REPORT; PUBLIC AVAILABILITY.— 

12 (1) FORM.—The report required under sub13 section (a) shall be submitted in unclassified form 

14 but may contain a classified annex. 

15 (2) PUBLIC AVAILABILITY.—The Secretary of 

16 the Treasury shall make the unclassified portion of 

17 the report required under subsection (a) available to 

18 the public on the website and social media accounts 

19 of the Department of the Treasury— 

20 (A) in English, Chinese, and any other lan21 guage that the Secretary finds appropriate; and 

22 (B) in precompressed, easily downloadable 

23 versions that are made available in all appro24 priate formats. 


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1 SEC. 3. PROHIBITION ON FINANCIAL SERVICES FOR CER2 TAIN IMMEDIATE FAMILY. 

3 (a) IN GENERAL.—The Secretary of the Treasury 

4 may prohibit a United States financial institution, and any 

5 person owned or controlled by a United States financial 

6 institution, from engaging in a significant transaction 

7 with— 

8 (1) a natural person covered by a report made 

9 under section 2(a); or 

10 (2) the immediate family of a person described 

11 under paragraph (1), if the Secretary finds that 

12 such immediate family benefits from funds described 

13 in the report. 

14 (b) TERMINATION.—Subsection (a) shall have no 

15 force or effect on the earlier of— 

16 (1) the date that is 30 days after the date that 

17 the President reports to the appropriate Members of 

18 Congress that the threat described under section 

19 2(a)(1) is no longer present; or 

20 (2) the date that is 25 years after the date that 

21 the Secretary of the Treasury submits the final re22 port required under section 2(a)(1). 

23 SEC. 4. DEFINITIONS. 

24 For purposes of this Act: 

25 (1) APPROPRIATE MEMBERS OF CONGRESS.— 

26 The term ‘‘appropriate Members of Congress’’ 


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1 means the Speaker and minority leader of the House 

2 of Representatives, the majority leader and minority 

3 leader of the Senate, the Chairman and Ranking 

4 Member of the Committee on Financial Services of 

5 the House of Representatives, and the Chairman 

6 and Ranking Member of the Committee on Banking, 

7 Housing, and Urban Affairs of the Senate. 

8 (2) FINANCIAL INSTITUTION.—The term ‘‘fi9 nancial institution’’ means a United States financial 

10 institution or a foreign financial institution. 

11 (3) FOREIGN FINANCIAL INSTITUTION.—The 

12 term ‘‘foreign financial institution’’ has the meaning 

13 given that term in section 561.308 of title 31, Code 

14 of Federal Regulations. 

15 (4) FUNDS.—The term ‘‘funds’’ has the mean16 ing given to such term by the Secretary of the 

17 Treasury. 

18 (5) IMMEDIATE FAMILY.—The term ‘‘immediate 

19 family’’ of any natural person means the following 

20 (whether by the full or half blood or by adoption): 

21 (A) Such person’s spouse, father, mother, 

22 children, brothers, sisters, and grandchildren. 

23 (B) The father, mother, brothers, and sis24 ters of such person’s spouse. 


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1 (C) The spouse of a child, brother, or sis2 ter of such person. 

3 (6) UNITED STATES FINANCIAL INSTITUTION.— 

4 The term ‘‘United States financial institution’’ has 

5 the meaning given the term ‘‘U.S. financial institu6 tion’’ under section 561.309 of title 31, Code of 

7 Federal Regulations. 

Æ 


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