REPS HILL, SHERMAN INTRODUCE BIPARTISAN BILL TO SUPPORT TAIWAN

Statement

RELEASE: REPS HILL, SHERMAN INTRODUCE BIPARTISAN BILL TO SUPPORT TAIWAN
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WASHINGTON, D.C. , May 13, 2022 | Dan Schneider (202-981-3451)
Rep. French Hill (AR-02) and Rep. Brad Sherman (CA-30) recently introduced H.R. 7704, the Taiwan Conflict Deterrence Act, to proactively deter further Chinese aggression against Taiwan:

"Russia's brutal and illegal invasion of Ukraine should serve as a wakeup call to the world. As members of Congress, we should do everything in our power now to send a message that similar behavior will not be tolerated in the future," said Rep. Hill. "This bill would help deter Chinese aggression against Taiwan by requiring the Treasury Secretary to publish and freeze the financial assets of senior Chinese Communist Party (CCP) officials and their relatives held at domestic and foreign banks should China threaten Taiwan. I thank my friend, Rep. Sherman, for joining me in introducing this bipartisan bill."

"As a member of the Congressional Taiwan Caucus, I have long been a champion of supporting Taiwan. Taiwan is not just an important trading partner, but a democratic ally of the U.S. and a place where our values are displayed in the Asia-pacific region. Like the bi-partisan Taiwan Diplomatic Review Act which I lead with Rep. Steve Chabot, this bill reaffirms the United States' firm and unwavering support for Taiwan. The Taiwan Conflict Deterrence Act will hold Chinese Communist Party leaders accountable financially by reporting their illicit and corrupt funds in financial institutions. I was pleased to join my friend and colleague Rep. Hill in this effort," said Rep. Sherman.

For the text of the bill, click HERE.

Further Background:

Requires the Treasury Secretary to publish in a report the illicit and corrupt assets of senior Chinese Communist Party officials no later than 90 days after China threatens Taiwan (triggered by POTUS notification under the Taiwan Relations Act, whereby the President is directed to inform Congress of any threat to the security or the social or economic system of Taiwan). This information includes:
The estimated total funds held in financial institutions that are under direct or indirect control by a covered individual and a description of such funds; and
A list of any financial institution that maintains an account with the funds described above or provide significant financial services to a covered individual.
Permits the Treasury Secretary to prohibit these officials and immediate family members from benefitting from such funds at U.S. financial institutions.
Requires the Treasury Secretary to brief Congress no later than 30 days after publishing the report, including with a description of how the funds were acquired and any illicit or corrupt means employed to acquire or use the funds.
Provides for certain exemptions and waivers as appropriate for national security reasons.
Requires that the report be published in unclassified form (may contain classified annex) and made available to the public.

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