H.R. 1531: Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act

This bill, titled the Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act or the PROTECT Taiwan Act, aims to establish policies regarding the participation of representatives from the People's Republic of China (PRC) in certain international banking and financial organizations.

Key Provisions

• Exclusion Policy: If the President informs Congress about a threat to Taiwan's security, or to U.S. interests arising from actions taken by China, the policy will be to seek the exclusion of PRC representatives from participation in key financial organizations. These organizations include:
  • The Group of Twenty (G20)
  • The Bank for International Settlements (BIS)
  • The Financial Stability Board (FSB)
  • The Basel Committee on Banking Supervision
  • The International Association of Insurance Supervisors (IAIS)
  • The International Organization of Securities Commissions (IOSCO)
• Implementation Responsibility: The bill assigns the responsibility for implementing this exclusion policy to the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission (SEC). They are required to take necessary steps to advance the policy set forth in the bill.
• Presidential Waiver: The President has the authority to waive these exclusion requirements if it is deemed to be in the national interest of the United States. A report must be submitted to the relevant congressional committees explaining the reasons for such a waiver.
• Duration of Effect: The provisions of the bill will remain in effect for five years after its enactment or until the President notifies Congress that it is in the national interest to terminate it, whichever comes first.

This bill seeks to address the potential threats posed by the PRC as perceived from the perspective of Taiwan's security and U.S. interests.

Relevant Companies

• None found