IIB 

118TH CONGRESS 

2D SESSION H. R. 554 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 10, 2024 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

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, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Taiwan Conflict Deter3 rence Act of 2023’’. 

4 SEC. 2. REPORT ON FINANCIAL INSTITUTIONS AND AC5 COUNTS CONNECTED TO CERTAIN CHINESE 

6 GOVERNMENT OFFICIALS. 

7 (a) FINANCIAL INSTITUTIONS REPORT.— 

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

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

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

11 informs the Congress of a threat resulting from ac12 tions of the People’s Republic of China and any dan13 ger to the interests of the United States arising 

14 therefrom, and annually thereafter for 3 years, the 

15 Secretary of the Treasury shall submit a report to 

16 the appropriate Members of Congress containing the 

17 following: 

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

19 natural persons described under subsection (b), 

20 at least 1 of whom is a natural person listed 

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

22 at least 1 of whom is a natural person listed 

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

24 estimated total funds that are held in financial 

25 institutions and are under direct or indirect 


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1 control by such natural person and a descrip2 tion of such funds. 

3 (B) A list of any financial institutions 

4 that— 

5 (i) maintain an account in connection 

6 with significant funds described in sub7 paragraph (A); or 

8 (ii) otherwise provide significant fi9 nancial services to a natural person cov10 ered by the report. 

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

12 days after submitting a report described under para13 graph (1), the Secretary of the Treasury, or a des14 ignee of the Secretary, shall provide to the appro15 priate Members of Congress an unclassified or clas16 sified briefing (as determined appropriate by the 

17 Secretary) on the funds covered by the report, in18 cluding a description of how the funds were ac19 quired, and any illicit or corrupt means employed to 

20 acquire or use the funds. 

21 (3) EXEMPTIONS.—The requirements described 

22 under paragraph (1) may not be applied with re23 spect to a natural person or a financial institution, 

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


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1 (A) The funds described under paragraph 

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

3 and noncorrupt means. 

4 (B) The natural person has agreed to pro5 vide significant cooperation to the United 

6 States for an important national security pur7 pose with respect to China. 

8 (C) A financial institution has agreed to— 

9 (i) no longer maintain an account de10 scribed under paragraph (1)(B)(i); 

11 (ii) no longer provide significant fi12 nancial services to a natural person cov13 ered by the report; or 

14 (iii) provide significant cooperation to 

15 the United States for an important na16 tional security purpose with respect to 

17 China. 

18 (4) WAIVER.—The President may waive any re19 quirement described under paragraph (1) with re20 spect to a natural person or a financial institution 

21 upon reporting to the appropriate Members of Con22 gress that— 

23 (A) the waiver would substantially promote 

24 the objective of ending the threat described 

25 under paragraph (1); 


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1 (B) the threat described under paragraph 

2 (1) is no longer present; or 

3 (C) the waiver is essential to the national 

4 security interests of the United States. 

5 (b) NATURAL PERSONS DESCRIBED.—The natural 

6 persons described in this subsection are persons who, at 

7 the time of a report, are the following: 

8 (1) A member of the Politburo Standing Com9 mittee of the Chinese Communist Party. 

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

11 Communist Party that is not described under para12 graph (1). 

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

14 Chinese Communist Party that— 

15 (A) is none of the foregoing; and 

16 (B) performs any official duty that directly 

17 or indirectly affects Taiwan. 

18 (c) FORM OF REPORTS; PUBLIC AVAILABILITY.— 

19 (1) FORM.—The reports required under para20 graphs (1) and (4) of subsection (a) shall be sub21 mitted in unclassified form but may contain a classi22 fied annex. 

23 (2) PUBLIC AVAILABILITY.—The Secretary of 

24 the Treasury shall make the unclassified portion of 

25 the report required under subsection (a)(1) available 


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1 to the public on the website and social media ac2 counts of the Department of the Treasury— 

3 (A) in English, Chinese, and any other lan4 guage that the Secretary finds appropriate; and 

5 (B) in precompressed, easily downloadable 

6 versions that are made available in all appro7 priate formats. 

8 SEC. 3. PROHIBITION ON FINANCIAL SERVICES FOR CER9 TAIN IMMEDIATE FAMILY. 

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

11 shall prohibit a United States financial institution, and 

12 any person owned or controlled by a United States finan13 cial institution, from engaging in a significant transaction 

14 with— 

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

16 under section 2(a); and 

17 (2) the immediate family of a person described 

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

19 such immediate family benefits from funds described 

20 in the report. 

21 (b) EXCEPTIONS.— 

22 (1) EXCEPTION FOR INTELLIGENCE, LAW EN23 FORCEMENT, AND NATIONAL SECURITY ACTIVI24 TIES.—Subsection (a) shall not apply with respect to 


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1 any intelligence, law enforcement, or national secu2 rity activity of the United States. 

3 (2) WAIVER.—The President may waive the ap4 plication of subsection (a) with respect to a person 

5 upon reporting to the appropriate Members of Con6 gress that— 

7 (A) the waiver would substantially promote 

8 the objective of ending the threat described 

9 under section 2(a)(1); 

10 (B) the threat described under section 

11 2(a)(1) is no longer present; or 

12 (C) the waiver is essential to the national 

13 security interests of the United States. 

14 (3) FORM OF REPORTS.—The reports required 

15 under paragraph (2) shall be submitted in unclassi16 fied form but may contain a classified annex. 

17 (4) RULE OF CONSTRUCTION.— 

18 (A) IN GENERAL.—Nothing in this section 

19 shall be construed as authorizing or requiring 

20 any sanction with respect to the importation of 

21 any good. 

22 (B) GOOD DEFINED.—In this paragraph, 

23 the term ‘‘good’’ means any article, natural or 

24 manmade substance, material, supply or manuVerDate Sep 11 2014 04:10 Sep 11, 2024 Jkt 049200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H554.RFS H554

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1 factured product, including inspection and test 

2 equipment, and excluding technical data. 

3 (c) IMPLEMENTATION; PENALTIES.— 

4 (1) IMPLEMENTATION.—The President may ex5 ercise all authorities provided to the President under 

6 sections 203 and 205 of the International Emer7 gency Economic Powers Act (50 U.S.C. 1702 and 

8 1704) to carry out this section. Not later than 60 

9 days after issuing a license pursuant to this section, 

10 the President shall submit a copy of the license to 

11 the appropriate Members of Congress. 

12 (2) PENALTIES.—A person that violates, at13 tempts to violate, conspires to violate, or causes a 

14 violation of this section or any regulation, license, or 

15 order issued to carry out this section shall be subject 

16 to the penalties set forth in subsections (b) and (c) 

17 of section 206 of the International Emergency Eco18 nomic Powers Act (50 U.S.C. 1705) to the same ex19 tent as a person that commits an unlawful act de20 scribed in subsection (a) of that section 206. 

21 (d) TERMINATION.—This section shall have no force 

22 or effect on the earlier of— 

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

24 the President reports to the appropriate Members of 


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1 Congress that the threat described under section 

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

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

4 the Secretary of the Treasury submits the final re5 port required under section 2(a)(1). 

6 SEC. 4. DEFINITIONS. 

7 For purposes of this Act: 

8 (1) APPROPRIATE MEMBERS OF CONGRESS.— 

9 The term ‘‘appropriate Members of Congress’’ 

10 means the Speaker and minority leader of the House 

11 of Representatives, the majority leader and minority 

12 leader of the Senate, the Chairman and Ranking 

13 Member of the Committee on Financial Services of 

14 the House of Representatives, and the Chairman 

15 and Ranking Member of the Committee on Banking, 

16 Housing, and Urban Affairs of the Senate. 

17 (2) FINANCIAL INSTITUTION.—The term ‘‘fi18 nancial institution’’ means a United States financial 

19 institution or a foreign financial institution. 

20 (3) FOREIGN FINANCIAL INSTITUTION.—The 

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

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

23 of Federal Regulations. 


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1 (4) FUNDS.—The term ‘‘funds’’ has the mean2 ing given to such term by the Secretary of the 

3 Treasury. 

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

5 family’’ of any natural person means the following 

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

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

8 children, brothers, sisters, and grandchildren. 

9 (B) The father, mother, brothers, and sis10 ters of such person’s spouse. 

11 (C) The spouse of a child, brother, or sis12 ter of such person. 

13 (6) UNITED STATES FINANCIAL INSTITUTION.— 

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

15 the meaning given the term ‘‘U.S. financial institu16 tion’’ under section 561.309 of title 31, Code of 

17 Federal Regulations. 

Passed the House of Representatives September 9, 

2024. 

Attest: KEVIN F. MCCUMBER, 

Clerk. 


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