The U.S. House of Representatives passed several bills this week from the House Financial Services Committee, including two that are designed to protect Taiwan.
One of them is the Taiwan Non-Discrimination Act of 2023 (H.R. 540), sponsored by Reps. Young Kim (R-CA) and Al Green (D-TX), which would require the U.S. to advocate for Taiwan’s membership at the International Monetary Fund.
“As the 21st largest economy in the world, 10th largest trading partner of the United States, and a proven friend in freedom and global health security, Taiwan deserves a seat at the IMF. We cannot stand idly by as the Chinese Communist Party silences Taiwan in international organizations,” Kim said. “The Taiwan Non-Discrimination Act will solidify Taiwan’s rightful place on the global stage and expand opportunities for collaboration and economic growth by joining the IMF. I am proud this bipartisan bill just passed the House, and I thank my colleagues for joining me to support Taiwan in the IMF. I will keep fighting to get this bill signed into law and will always be a voice in support of our freedom-loving allies and democracy around the globe.”
Another bill that passed is the PROTECT Taiwan Act (H.R. 803), sponsored by Rep. Frank Lucas (R-OK). This bill would direct the Federal Reserve, the Secretary of Treasury, and the Securities and Exchange Commission to exclude representatives from the People’s Republic of China from proceedings of various international financial groups and organizations in the event of an invasion of Taiwan.
“Even in today’s partisan gridlock, one thing we can all agree on is that the Chinese Communist Party poses the greatest economic, political, and national security threat to the United States. While the world watched Russia’s rogue invasion on Ukraine in horror, it is our responsibility to ensure China does not attempt to emulate such blatant aggression on Taiwan,” Lucas said. “That’s why Congress must take the necessary steps to ensure Beijing would be subject to significant financial and economic consequences should it threaten our allies in Taiwan. The PROTECT Taiwan Act will do exactly that.”
Also, the House approved H.R. 4768, the No Russian Agriculture Act, sponsored by Rep. Maxine Waters (D-CA). It would direct the U.S. Executive Directors of the International Financial Institutions to encourage the International Financial Institutions to invest in projects that decrease reliance on Russia for agricultural commodities.
Also passed was the OFAC Licensure for Investigators Act (H.R. 6370), offered by Rep. Joyce Beatty (D-OH), which requires the Treasury Secretary to develop a pilot program to allow private-sector firms to conduct nominal financial transactions with sanctioned entities in furtherance of investigations.
Finally, the China Exchange Rate Transparency Act (H.R. 839), sponsored by Rep. Dan Meuser (R-PA), was also passed. It would require the U.S. Director at the International Monetary Fund to advocate for greater transparency in China’s disclosure of its exchange rate policies.