Pressure Regulatory Organizations to End Chinese Threats to Taiwan Act

Floor Speech

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Mr. HILL of Arkansas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1531) 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, as amended.

The Clerk read the title of the bill.

The text of the bill is as follows: H.R. 1531

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

This Act may be cited as the ``Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act'' or the ``PROTECT Taiwan Act''. SEC. 2. STATEMENT OF POLICY REGARDING THE EXCLUSION OF REPRESENTATIVES OF THE PEOPLE'S REPUBLIC OF CHINA FROM CERTAIN BANKING ORGANIZATIONS UPON NOTICE OF CERTAIN THREATS OR DANGER.

(a) In General.--If 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, it is the policy of the United States to seek to exclude representatives of the People's Republic of China, to the maximum extent practicable, 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) Policy Advancement.--The Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission shall take all necessary steps to advance the policy set forth in subsection (a).

(c) Waiver.--The President may waive the application of subsection (a) with respect to an organization 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.

(d) 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.

Mr. Speaker, I rise today in support of Mr. Lucas' bill, the PROTECT Taiwan Act.

Mr. Speaker, China has shown no sign of slowing their aggression toward Taiwan. The Chinese Communist Party, or CCP, continues to threaten the people of Taiwan's independence by repeatedly holding military drills, increasing economic coercion, and ramping up political pressure.

Let me state clearly, Mr. Speaker, and with no equivocation, the Chinese Communist Party's obligation under the 1979 Taiwan Relations Act, which sets out quite clearly that China cannot use military force or coercion, boycotts or embargoes to compel Taiwan to capitulate to the Communists and become One China.

The PROTECT Taiwan Act will exclude Chinese representatives from international organizations like the G20 and the Financial Stability Board if the President of the United States notifies Congress declaring any threat to Taiwan.

H.R. 1531 ensures there will be significant financial and diplomatic consequences for China to invade Taiwan. Full stop.

The U.S. must send a clear message that China's aggression toward Taiwan will not and is not tolerated, and the PROTECT Taiwan Act does just that.

I thank the gentleman from Oklahoma (Mr. Lucas) for his work in standing up for our keen allies in the Indo-Pacific, not just Taiwan but all of our allies in northeast Asia. This is a key step in deterrence to the Communists in Beijing from invading Taiwan, and I urge all of my colleagues to support this bill.

Mr. Speaker, I noted in my remarks that the only way that Taiwan and the People's Republic of China can become one is through mutual consent, not through coercion, not through embargoes, not through invasion, and not through military attack. Congressman Lucas' bill is a commonsense measure to unify American policy of economic deterrence, military preparation, peace through strength, but also diplomacy and economic deterrence.

Mr. Lucas' bill is an excellent step in that regard. I urge all Members to support it on both sides of the aisle, and I yield back the balance of my time.

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Mr. HILL of Arkansas. Mr. Speaker, on that I demand the yeas and nays.

The yeas and nays were ordered.

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