Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act

Subjects: International Affairs

Summary:  <p><strong>Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act or the PROTECT Taiwan Act </strong></p> <p>This bill requires certain actions if the President informs Congress about actions by China that result in (1) threats to Taiwan's security or social or economic system, and (2) any danger to U.S. interests. Specifically, after the President informs Congress, various federal agencies must take all necessary steps to exclude China's representatives from the activities of specified international organizations, including the Group of 20, the Financial Stability Board, and the Basel Committee on Banking Supervision. </p> <p>The President may waive these requirements if doing so is in the national interest of the United States.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 803 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 803

 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 2, 2023

 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. EXCLUSION OF REPRESENTATIVES OF THE PEOPLE'S REPUBLIC OF CHINA 
              FROM CERTAIN BANKING ORGANIZATIONS UPON NOTICE OF CERTAIN 
              THREATS OR DANGER.

    (a) In General.--Not later than 10 days after the date that 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, the Secretary of the 
Treasury, the Board of Governors of the Federal Reserve System, and the 
Securities and Exchange Commission (as appropriate) shall take all 
necessary steps to exclude representatives of the People's Republic of 
China 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) Waiver.--The President may waive the application of subsection 
(a) 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.
    (c) 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.
                                 &lt;all&gt;
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