1. Short title
This Act may be cited as the “Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act” or the “PROTECT Taiwan Act”.
Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act
AN ACT
To direct certain financial regulators to exclude representatives of the People’s Republic of China from certain banking organizations upon notice of certain threats or danger, and for other purposes.
2. Statement of policy regarding the exclusion of representatives of the people’s republic of china from certain banking organizations upon notice of certain threats or danger
In general— If the President, pursuant to section 3(c) of the Taiwan Relations Act (22 U.S.C. 3302(c)), informs the Congress of any threat to the security or the social or economic system of the people on Taiwan and any danger to the interests of the United States arising therefrom resulting from actions of the People’s Republic of China, it is the policy of the United States to seek to exclude representatives of the People’s Republic of China, to the maximum extent practicable, from participation in meetings, proceedings, and other activities of the following organizations—
the Group of Twenty;
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.
Policy advancement— The Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission, shall take all necessary steps to advance the policy set forth in subsection (a).
Waiver— The President may waive the application of subsection (a) with respect to an organization upon submission of a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate—
that such waiver is in the national interest of the United States; and
that contains an explanation of the reasons therefor.
Sunset— This Act and the requirements of this Act shall have no force or effect on the date that is the earlier of—
5 years after the date of the enactment of this Act; or
30 days after the date on which the President notifies Congress that the termination of this Act is in the national interest of the United States.