Taiwan Conflict Deterrence Act of 2023
Latest action · Sep 10, 2024 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 26, 2023
- Passed HouseSep 9, 2024
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Taiwan Conflict Deterrence Act of 2023
This bill, in the event of a threat to U.S. interests by China, (1) requires additional reporting on the domestic and foreign financial activity of specified Chinese officials, and (2) prohibits certain financial transactions with specified Chinese officials.
Upon a determination by the President that such a threat exists, the bill requires the Department of the Treasury to (1) report to Congress on funds held by certain members of the Chinese Communist Party, including the total amount of funds, a description of the funds, and a list of related financial institutions; and (2) brief Congress on how these funds were acquired and any illicit or corrupt means employed to acquire or use the funds.
After such a report is made, Treasury must prohibit significant transactions between U.S. financial institutions and these individuals (and their immediate family, if appropriate). The bill provides exceptions for intelligence, law enforcement, and national security activities. The President may waive the prohibition under certain circumstances.
Cosponsors 8
Members who signed on, in the order they did. Signatures ran from Jan 26, 2023 to Jul 11, 2023; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Brad Sherman | Original | Jan 26, 2023 |
| R-NY | Michael Lawler | Feb 27, 2023 | |
| D-NV | Susie Lee | Mar 9, 2023 | |
| D-NY | Patrick Ryan | Mar 10, 2023 | |
| D-NH | Chris Pappas | May 25, 2023 | |
| R-CA | Young Kim | Jun 20, 2023 | |
| R-TX | Monica De La Cruz | Jul 3, 2023 | |
| R-MO | Ann Wagner | Jul 11, 2023 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jan 26, 2023Markup Feb 28, 2023Reported Dec 1, 2023 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Sep 10, 2024 |
Actions 12
Everything that happened, newest first.
- Sep 10, 2024Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sep 9, 2024Mrs. Kim (CA) moved to suspend the rules and pass the bill, as amended.
- Sep 9, 2024Considered under suspension of the rules. (consideration: CR H5042-5046)
- Sep 9, 2024DEBATE - The House proceeded with forty minutes of debate on H.R. 554.
- Sep 9, 2024Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5042-5043)
- Sep 9, 2024Motion to reconsider laid on the table Agreed to without objection.
- Dec 1, 2023Reported (Amended) by the Committee on Financial Services. H. Rept. 118-292.
- Dec 1, 2023Placed on the Union Calendar, Calendar No. 236.
- Feb 28, 2023Committee Consideration and Mark-up Session Held.
- Feb 28, 2023Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 41 - 0.
- Jan 26, 2023Introduced in House
- Jan 26, 2023Referred to the House Committee on Financial Services.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H5042–H5046Text printed H5042 | Brad Sherman D-CA, Christopher H. Smith R-NJ, J. French Hill R-AR, Young Kim R-CA | Sep 9, 2024 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- May 1, 2023H.R. 554, Taiwan Conflict Deterrence Act of 2023As ordered reported by the House Committee on Financial Services on February 28, 2023
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 169, no. 17, January 26, 2023, page H429.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 7704 | Taiwan Conflict Deterrence Act of 2022 | Reintroduction of | May 17, 2022 |
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To deter Chinese aggression towards Taiwan by requiring the Secretary of the Treasury to publish a report on financial institutions and accounts connected to senior officials of the People's Republic of China, to restrict financial services for certain immediate family of such officials, and for other purposes.
- Short Title(s) as Introduced
- Taiwan Conflict Deterrence Act of 2023
- Short Title(s) as Reported to House
- Taiwan Conflict Deterrence Act of 2023
- Short Title(s) as Passed House
- Taiwan Conflict Deterrence Act of 2023
- Short Titles from RFS (Referred to Senate) bill text
- Taiwan Conflict Deterrence Act of 2023
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Sep 10, 2024Referred in Senate
- Sep 9, 2024Engrossed in House
- Dec 1, 2023Reported in House
- Jan 26, 2023Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
