U.S. House oks bills to safeguard Taiwan's participation in int'l financial institutions

Washington, Jan. 12 (CNA) The United States House of Representatives on Friday passed the "Taiwan Non-Discrimination Act of 2023" and "Pressure Regulatory Organizations To End Chinese Threats to (PROTECT) Taiwan Act" aimed at countering efforts by China to exclude Taiwan from participating in international financial institutions.

In a statement, the House Financial Services Committee stated that the "Taiwan Non-Discrimination Act of 2023," sponsored by Representative Young Kim, will require the U.S. to advocate for Taiwan's membership at the International Monetary Fund (IMF).

The bill makes the argument that Taiwan is the 21st largest economy in the world and the 10th largest goods trading partner of the U.S., and that although Taiwan is not an IMF member, it is a member of the World Trade Organization, the Asian Development Bank, and the Asia-Pacific Economic Cooperation forum.

It further stated that 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 its participation in the institutions.

At the same time, the "PROTECT Taiwan Act," sponsored by Representative Frank Lucas, is aimed at isolating the Chinese Communist Party (CCP) from the international financial system by directing the Federal Reserve, the Secretary of Treasury, and the Securities and Exchange Commission to exclude representatives from China from proceedings of various international financial groups and organizations in the event of an invasion of Taiwan.

The international financial organizations listed in the bill included 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.

In the wake of the House passing the bills, Kim shared on the social media platform X the message: "We cannot allow the Chinese Communist Party to keep Taiwan out of international organizations."

She added that she will "always be a voice for our freedom-loving partners across the globe."

The bill will now proceed to the Senate, and if passed there, would be sent to the president to be signed into law.