The U.S. House of Representatives passed two bills that seek to combat potential threats posed by China.
One of the bills that passed is the Taiwan Conflict Deterrence Act of 2023 (H.R. 554), sponsored by Rep. French Hill (R-AR). This bill disincentivizes Chinese aggression towards Taiwan by publishing the assets of top Chinese leaders, as well as cutting them and their family members off from the U.S. financial system, if Beijing acts against Taiwan.
“I applaud the passage of my bipartisan bill to expose the financial corruption of top Chinese leaders and their families triggered should China dare to utilize military force to take control of Taiwan and am pleased my bill is one step closer to becoming law,” Hill said. “We must demonstrate unified strength in curbing Chinese aggression and thereby safeguarding our strategic interests and those of our allies.”
The other bill that passed in the House is the Chinese Currency Accountability Act of 2023 (H.R. 510), sponsored by Rep. Warren Davidson (R-OH). This legislation seeks to prevents the Chinese government from co-opting critical international institutions like the International Monetary Fund. It seeks to do this by requiring the Treasury Secretary to oppose an increase in the weight of China’s renminbi in the basket of currencies determining the value of Special Drawing Rights.
“As we have seen in current conflicts around the world, deterring our foreign adversaries from taking further aggressive steps on the world stage is crucial to enhance global stability and strengthen America’s national security,” Hill added. “Under Speaker Johnson’s leadership, many of these bills we are voting on in the House this week do just that.”
The bill’s now move to the Senate for consideration.