U.S. Congress passes Taiwan Conflict Deterrence Act as warning to CCP

Washington, Sept. 9 (CNA) The U.S. House of Representatives passed the Taiwan Conflict Deterrence Act on Monday, aiming deterring Chinese aggression toward Taiwan by threatening to publish information about Chinese Communist Party (CCP) officials' "illicit" financial assets in the event that Beijing attacks Taiwan.

The act would also "restrict financial services for certain immediate family of such officials," according to the text of the legislation.

The bipartisan bill was introduced in January last year by Republican Representative French Hill and Democratic Representative Brad Sherman. After remarks from several members, the bill passed unanimously.

"If China chooses to attack the free people of Taiwan, [the bill] requires the treasury secretary to publish the illicit assets of Beijing's senior most leaders, including the names of financial institutions and maintaining accounts," Hill said during his speech to the House.

"Let these corrupt officials explain to ordinary Chinese citizens how they acquired their riches on a government salary," Hill added, after suggesting that Beijing "has failed to deliver a social safety net and families are battered by sinking real estate debt."

According to Hill, "This bill goes beyond naming and shaming" since it would also "cut off access" to the U.S. financial system for CCP officials and their "immediate family," he added.

"For Chinese officials whose families profit from their ill-gotten gains, they too will find the world becoming a much smaller place," Hill said.

The congressman from Arkansas further noted that the U.S.'s formal diplomatic recognition of Beijing in 1979 was based on the premise that "the future of Taiwan would be determined by peaceful means."

Any actions, including a blockade of Taiwan, would "threaten regional peace and security," Hill said.

During his remarks, Sherman said that the bill "is designed to put the government of China on notice that the United States is closely watching its increasing threats toward Taiwan."

"This bill does not focus on retaliating against the Chinese government per se, but rather on individuals who are in that government," he added.

According to Sherman, who represents California's 32nd district, the measures stipulated in the Taiwan Conflict Deterrence Act would only be triggered if the U.S. president exercised their authority under Section Three of the Taiwan Relations Act.

"I don't expect that a triggering will ever occur, but it's important to put Beijing on notice of what would happen if their threats against Taiwan raised to that level," the congressman said.

Commenting on the bill in Taipei, Foreign Minister Lin Chia-lung (林佳龍) on Tuesday expressed gratitude toward the U.S. Congress for using a "creative and effective way" to deter Chinese military aggression toward Taiwan.

"This kind of legislation allows us to jointly deter Chinese Communist expansion and to uphold peace in the Indo-Pacific region, especially cross-strait stability and security," Lin said.