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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Taiwan Conflict Deter-
rence Act of 2023’’. 
SEC. 2. REPORT ON FINANCIAL INSTITUTIONS AND AC-
COUNTS CONNECTED TO CERTAIN CHINESE 
GOVERNMENT OFFICIALS. 
(a) FINANCIAL INSTITUTIONS REPORT.— 
(1) IN GENERAL.—Not later than 90 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 a threat resulting from ac-
tions of the People’s Republic of China and any dan-
ger to the interests of the United States arising 
therefrom, and annually thereafter for 3 years, the 
Secretary of the Treasury shall submit a report to 
the appropriate Members of Congress containing the 
following: 
(A) With respect to each of at least 10 
natural persons described under subsection (b), 
at least 1 of whom is a natural person listed 
under paragraph (1) of such subsection (b) and 
at least 1 of whom is a natural person listed 
under paragraph (2) of such subsection (b), the 
estimated total funds that are held in financial 
institutions and are under direct or indirect 
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control by such natural person and a descrip-
tion of such funds. 
(B) A list of any financial institutions 
that— 
(i) maintain an account in connection 
with significant funds described in sub-
paragraph (A); or 
(ii) otherwise provide significant fi-
nancial services to a natural person cov-
ered by the report. 
(2) BRIEFING REQUIRED.—Not later than 30 
days after submitting a report described under para-
graph (1), the Secretary of the Treasury, or a des-
ignee of the Secretary, shall provide to the appro-
priate Members of Congress an unclassified or clas-
sified briefing (as determined appropriate by the 
Secretary) on the funds covered by the report, in-
cluding a description of how the funds were ac-
quired, and any illicit or corrupt means employed to 
acquire or use the funds. 
(3) EXEMPTIONS.—The requirements described 
under paragraph (1) may not be applied with re-
spect to a natural person or a financial institution, 
as the case may be, if the President determines: 
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(A) The funds described under paragraph 
(1)(A) were primarily acquired through legal 
and noncorrupt means. 
(B) The natural person has agreed to pro-
vide significant cooperation to the United 
States for an important national security pur-
pose with respect to China. 
(C) A financial institution has agreed to— 
(i) no longer maintain an account de-
scribed under paragraph (1)(B)(i); 
(ii) no longer provide significant fi-
nancial services to a natural person cov-
ered by the report; or 
(iii) provide significant cooperation to 
the United States for an important na-
tional security purpose with respect to 
China. 
(4) WAIVER.—The President may waive any re-
quirement described under paragraph (1) with re-
spect to a natural person or a financial institution 
upon reporting to the appropriate Members of Con-
gress that— 
(A) the waiver would substantially promote 
the objective of ending the threat described 
under paragraph (1); 
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(B) the threat described under paragraph 
(1) is no longer present; or 
(C) the waiver is essential to the national 
security interests of the United States. 
(b) NATURAL PERSONS DESCRIBED.—The natural 
persons described in this subsection are persons who, at 
the time of a report, are the following: 
(1) A member of the Politburo Standing Com-
mittee of the Chinese Communist Party. 
(2) A member of the Politburo of the Chinese 
Communist Party that is not described under para-
graph (1). 
(3) A member of the Central Committee of the 
Chinese Communist Party that— 
(A) is none of the foregoing; and 
(B) performs any official duty that directly 
or indirectly affects Taiwan. 
(c) FORM OF REPORTS; PUBLIC AVAILABILITY.— 
(1) FORM.—The reports required under para-
graphs (1) and (4) of subsection (a) shall be sub-
mitted in unclassified form but may contain a classi-
fied annex. 
(2) PUBLIC AVAILABILITY.—The Secretary of 
the Treasury shall make the unclassified portion of 
the report required under subsection (a)(1) available 
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