US Codex
Bill
Notes

H.R. 803 — what changed

Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act

From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.

Sec. 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

(a)
changed In general— Not later than 10 days after the date that 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, the Secretary of the Treasury, it is the Board of Governors policy of the Federal Reserve System, and the Securities and Exchange Commission (as appropriate) shall take all necessary steps United States to seek to exclude representatives of the People’s Republic of China China, to the maximum extent practicable, from participation in meetings, proceedings, and other activities of the following organizations:organizations—
(1)
changed The the Group of Twenty.Twenty;
(2)
changed The the Bank for International Settlements.Settlements;
(3)
changed The the Financial Stability Board.Board;
(4)
changed The the Basel Committee on Banking Supervision.Supervision;
(5)
changed The the International Association of Insurance Supervisors.Supervisors; and
(6)
changed The the International Organization of Securities Commissions.
(b)
changed Waiver—Policy advancement— The President may waive the application of subsection (a) upon submission Secretary of a report to the Committee on Financial Services of Treasury, the House Board of Representatives Governors of the Federal Reserve System, and the Committee on Banking, Housing, Securities and Urban Affairs of Exchange Commission, shall take all necessary steps to advance the Senate—policy set forth in subsection (a).
(c)
added 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—
(1)
renumbered was (3)(3) that such waiver is in the national interest of the United States; and
(2)
renumbered was (3)(4) that contains an explanation of the reasons therefor.
(d)
renumbered was (4) Sunset— This Act and the requirements of this Act shall have no force or effect on the date that is the earlier of—
(1)
renumbered was (4)(3) 5 years after the date of the enactment of this Act; or
(2)
renumbered was (4)(4) 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.