Ostracize China Act of 2022

Bill: 117-hr-7411
Sponsor: full_name: Rep. Lucas, Frank D. [R-OK-3]
Introduced: 2022-04-06
Policy area: International Affairs
Subjects: Asia

Banking and financial institutions regulation

China

Foreign and international banking

Presidents and presidential powers, Vice Presidents

Sanctions

Taiwan
Latest action: action_date: 2022-04-06
text: 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.

Summaries:
action_date: 2022-04-06
action_desc: Introduced in House
text: <p><strong>Ostracize China Act of 2022</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>

tv_txt: I 117th CONGRESS 2d Session H. R. 7411 IN THE HOUSE OF REPRESENTATIVES April 6, 2022 Mr. Lucas 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.

1. Short title This Act may be cited as the Ostracize China Act of 2022 . 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.