U.S. House passes bill on deterring Chinese aggression against Taiwan

Washington, July 21 (CNA) The U.S. House of Representatives on Monday passed a bill that seeks to deter Chinese military action by exposing the corruption of Chinese Communist Party (CCP) officials in the event of military action against Taiwan.

This bipartisan Taiwan Conflict Deterrence Act was introduced in early February by Republican Lisa McClain and Democrat Brad Sherman, targeting members of the CCP's Politburo Standing Committee and other senior officials whose duties involve matters related to Taiwan.

The bill requires that "the Secretary of the Treasury publish a report on financial institutions and accounts connected to senior officials of the People's Republic of China, to restrict financial services for certain immediate family of such officials, and for other purposes."

The bill authorizes the treasury secretary to prohibit CCP officials from accessing funds in U.S. financial institutions, and requires that an unclassified summary or portions of the report be made public on the Treasury Department's website and social media accounts in Chinese and English.

The bill also requires the treasury secretary to prohibit financial institutions from conducting significant transactions with the immediate family members of the aforementioned officials.

"The United States cannot afford to be complacent in the face of growing Chinese aggression," McClain said before the bill's voice vote on Monday.

"As a proud representative from the state of Michigan, a state that knows the value of manufacturing, trade and international stability, I know firsthand how vital peace in the Indo Pacific to American jobs and our economy is," she said.

The Republican lawmaker later described Taiwan as a democratic partner and a key player in the global supply chain, in particular semiconductors.

"This bill sends a clear and bipartisan message, if the CCP rages war against Taiwan, there will be consequences," McClain said.

"We're talking real, targeted consequences for corrupt CCP elites, their financial dealings and offshore accounts will be exposed and published for the Chinese people to see," she said.

The bill needs to be passed by the Senate before it can be signed into law by the U.S. President.

The Taiwan Conflict Deterrence Act was unanimously passed by the House in the previous session, but it did not make it on to the Senate's agenda.