Taiwan Non-Discrimination Act of 2023

Floor Speech

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Mrs. KIM of California. Mr. Speaker, I thank Mr. McHenry for yielding and supporting my legislation. I also thank Representative Green of Texas for co-leading this bill, H.R. 540, and making it a bipartisan effort.

Mr. Speaker, I rise in strong support of this bill, H.R. 540, the Taiwan Non-Discrimination Act.

Longstanding U.S. policy towards Taiwan has supported its membership in international organizations where statehood is not a prerequisite.

The U.S. also advocates for Taiwan's voice to be heard where membership is not possible. This principle has lasted decades across Republican and Democratic administrations, and it has repeatedly been reaffirmed in bills passed by Congress.

My bill is straightforward. It requires the Treasury Department to implement our Taiwan policy at the International Monetary Fund, or IMF.

Taiwan is not required to be a member state of the United Nations in order to gain membership in the IMF. For example, Kosovo, also not a U.N. member, has belonged to the IMF for over a decade.

If Taiwan seeks admission to the IMF, then the Treasury Department should carry out our longstanding U.S. policy and support its application. While Taiwan awaits its admission to the IMF, H.R. 540 encourages the U.S. Governor of the IMF to support integrating Taiwan into the IMF's regular economic monitoring activities and Taiwanese nationals with equal employment opportunities at the IMF.

The IMF is devoted to monetary cooperation, exchange rate stability, and the growth of international trade. Taiwan is one of our top 10 trading partners, and it has the fifth largest cash reserves of any foreign country; greater than Brazil, South Korea, Mexico, or any European country except Switzerland.

At a time when China has been threatening the work of the IMF through its nontransparent lending abroad and its lack of cooperation with other creditors, we must focus the IMF on effective international cooperation.

Mr. Speaker, advocating for Taiwan's membership in the IMF would also unlock additional opportunities for the country in other international financial institutions, as was mentioned, one of which is the World Bank which requires countries to first be members of the IMF before becoming a member of World Bank.

With Taiwan's election taking place this week, I urge my colleagues to vote in favor of H.R. 540 and send the Taiwanese people a strong message of solidarity and support for their democracy.

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