The US House of Representatives yesterday unanimously passed the Taiwan Conflict Deterrence Act, which aims to disincentivize Chinese aggression toward Taiwan by cutting Chinese leaders and their family members off from the US financial system if Beijing acts against Taiwan.
The bipartisan bill, which would also publish the assets of top Chinese leaders, was cosponsored by Republican US Representative French Hill, Democratic US Representative Brad Sherman and seven others.
If the US president determines that a threat against Taiwan exists, the bill would require the US Department of the Treasury to report to Congress on funds held by certain members of the Chinese Communist Party (CCP), including how they were acquired.
Photo: EPA-EFE
The treasury must then “prohibit significant transactions” between US financial institutions and the officials, and potentially their immediate family, with allowance for exceptions.
It still needs to be approved by the US Senate to become law, but with less than two months before the presidential and congressional elections, it is not clear it is to become law this year.
“If we want to see the world’s communist and autocratic dictatorships change course, we must expose their wealth, corruption and financial privilege of their elites to the citizens suffering daily under their rule,” Hill said in remarks during deliberation of the bill.
“This bill goes beyond just naming and shaming. It will also cut off access to the US financial system for those CCP officials and their immediate family,” he said.
“It is time for China to give up the idea of intimidating the people of Taiwan and to recognize that America’s response will involve the military, will involve broad-based economic response, and will involve very personal economic disclosures and response. That is the way to prevent what could cause an incredible disruption in the world and even possibly a world war,” Sherman added.
In Taipei, Minister of Foreign Affairs Lin Chia-lung (林佳龍) today expressed gratitude toward the US Congress for using a "creative and effective way" to deter Chinese military aggression toward Taiwan.
"This kind of legislation allows us to jointly deter Chinese Communist expansion and to uphold peace in the Indo-Pacific region, especially cross-strait stability and security," Lin said.
The bill was part of a package of legislation in the US Congress this week aimed at China.
The US House yesterday also voted to bar new drones from Chinese drone manufacturer DJI from operating in the US.
The bill, which still needs to be approved by the US Senate, would prohibit the company's products from operating on US communications infrastructure.
It would not prevent existing DJI drones from operating in the US.
DJI, which sells more than half of all drones in the US, opposes the bill that it said "restricts the ability of US drone operators to buy and use the right equipment for their work, solely on the basis of the equipment's country of origin."
Another bill approved yesterday would bar the US Department of Homeland Security from buying batteries from six Chinese companies, including CATL.
The US House is also expected to vote later this week on tightening rules barring US electric vehicles tax credits with Chinese content.
Additional reporting by CNA
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