The US House of Representatives on Friday passed the Taiwan Non-Discrimination Act of 2023 and the Pressure Regulatory Organizations To End Chinese Threats to Taiwan (PROTECT) Act, aimed at countering China’s efforts to exclude the nation from participating in international financial institutions.
The House Financial Services Committee said in a statement that the non-discrimination act, sponsored by US Representative Young Kim, would require the US to advocate for Taiwan’s membership in the IMF.
The bill says that Taiwan is the 21st-largest economy in the world and the US’ 10th-largest goods trading partner, and that although it is not an IMF member, it is a member of the WTO, the Asian Development Bank and the Asia-Pacific Economic Cooperation forum.
Photo: AFP
“The experience of Taiwan in developing a vibrant and advanced economy under democratic governance and the rule of law should inform the work of the international financial institutions, including through increased participation by Taiwan in the institutions,” it said.
The PROTECT Act, sponsored by US Representative Frank Lucas, is aimed at isolating the Chinese Communist Party from the international financial system by directing the US Federal Reserve, the US Secretary of the Treasury and the US Securities and Exchange Commission to exclude Chinese representatives from the proceedings of international financial groups and organizations if China were to invade Taiwan.
The international financial organizations listed in the bill included the G20, the Bank for International Settlements, the Financial Stability Board, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors and the International Organization of Securities Commissions.
Photo: AFP
In the wake of the House passing the PROTECT bill, Kim wrote on X: “We cannot allow the Chinese Communist Party to keep Taiwan out of international organizations.”
“I’ll always be a voice for our freedom-loving partners across the globe,” she wrote.
The bills are to proceed to the US Senate and if passed there, would be sent to the president to be signed into law.
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