U.S. House passes bill to support Taiwan rejoining IMF

Washington, June 23 (CNA) The United States House of Representatives on Monday passed a bill that supports Taiwan's return to the International Monetary Fund (IMF), arguing that such a move is a must because of Taiwan's stature in the global economy.

The House unanimously passed the Taiwan Non-Discrimination Act (H.R. 910), which stipulates that the U.S. treasury secretary, who also serves as the U.S. governor to the IMF, should "vigorously support the admission of Taiwan as a member" in the institution.

The IMF, which has 191 members, promotes global financial stability and economic growth by providing financial assistance, policy advice and economic surveillance to members.

The Republic of China (ROC), the official name of Taiwan, was a founding member of the IMF before its place was taken by the People's Republic of China (PRC) in 1980, nine years after Taipei lost its United Nations seat to Beijing.

Before the bill was to put to a vote, one of its initiators, Rep. Young Kim (R-Cal), spoke in support of Taiwan.

"Taiwan -- the 21st largest economy in the world and producer of 90 percent of the world's advanced semiconductor chip supply -- doesn't just deserve a seat at the table at the IMF. The free world needs Taiwan at the IMF," she said.

"We cannot be complicit as international organizations cede leverage to Beijing and silence Taiwan's voice. I thank my colleagues for joining me to support Taiwan's participation in the IMF, and I will keep fighting to get this to President Trump's desk."

Another Republican and a co-initiator of the act, Al Green, said supporting Taiwan to join the IMF is "a common sense, bipartisan measure that furthers the long-term interests of both Taiwan and the U.S."

"Taiwan's expertise developing one of the largest and most complex economies in the world would bring a valuable perspective to multilateral economic organizations," he said.

The bill still needs Senate approval before the president can sign it into law or veto it.

A largely similar piece of legislation passed the House in the last Congress but failed to pass the Senate.