Summary
# H.R. 803 Plain English Translation
## WHAT THIS BILL DOES
This bill directs certain U.S. financial regulators to exclude representatives of the People's Republic of China from participation in major international banking and financial organizations. The bill activates this policy only if the President notifies Congress that China has threatened Taiwan's security or the U.S. interests related to Taiwan.
## WHO IT AFFECTS
The Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission are required to carry out this policy. International financial organizations that could exclude Chinese representatives are also affected.
## KEY PROVISIONS
* The U.S. government will seek to exclude Chinese representatives from six international financial organizations: 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. This exclusion applies only after the President notifies Congress of threats to Taiwan. (Sec. 2(a))
* Three federal financial agencies must take all necessary steps to advance the exclusion policy. (Sec. 2(b))
* The President can waive this exclusion for any organization if he submits a report to Congress explaining that the waiver is in the national interest of the United States. (Sec. 2(c))
* The law will automatically end five years after being signed, or earlier if the President notifies Congress that ending it is in the national interest. (Sec. 2(d))
## WHAT CHANGES
If this bill becomes law and the President notifies Congress of threats to Taiwan from China, the three financial agencies must work to prevent Chinese representatives from participating in meetings and activities of the six named international organizations. The President retains the power to waive this requirement.
## IMPORTANT DEFINITIONS
None defined in bill text.
## EFFECTIVE DATE
Not specified in bill text.
IIB
118TH CONGRESS
2D SESSION
H. R. 803
IN THE SENATE OF THE UNITED STATES
JANUARY 16, 2024
Received; read twice and referred to the Committee on Foreign Relations
AN ACT
To direct certain financial regulators to exclude representa-
tives of the People’s Republic of China from certain
banking organizations upon notice of certain threats or
danger, and for other purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
VerDate Sep 11 2014
00:45 Jan 17, 2024
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H803.RFS
H803
2
HR 803 RFS
SECTION 1. SHORT TITLE.
1
This Act may be cited as the ‘‘Pressure Regulatory
2
Organizations To End Chinese Threats to Taiwan Act’’
3
or the ‘‘PROTECT Taiwan Act’’.
4
SEC. 2. STATEMENT OF POLICY REGARDING THE EXCLU-
5
SION OF REPRESENTATIVES OF THE PEO-
6
PLE’S REPUBLIC OF CHINA FROM CERTAIN
7
BANKING ORGANIZATIONS UPON NOTICE OF
8
CERTAIN THREATS OR DANGER.
9
(a) IN GENERAL.—If the President, pursuant to sec-
10
tion 3(c) of the Taiwan Relations Act (22 U.S.C. 3302(c)),
11
informs the Congress of any threat to the security or the
12
social or economic system of the people on Taiwan and
13
any danger to the interests of the United States arising
14
therefrom resulting from actions of the People’s Republic
15
of China, it is the policy of the United States to seek to
16
exclude representatives of the People’s Republic of China,
17
to the maximum extent practicable, from participation in
18
meetings, proceedings, and other activities of the following
19
organizations—
20
(1) the Group of Twenty;
21
(2) the Bank for International Settlements;
22
(3) the Financial Stability Board;
23
(4) the Basel Committee on Banking Super-
24
vision;
25
VerDate Sep 11 2014
00:45 Jan 17, 2024
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H803.RFS
H803
3
HR 803 RFS
(5) the International Association of Insurance
1
Supervisors; and
2
(6) the International Organization of Securities
3
Commissions.
4
(b) POLICY ADVANCEMENT.—The Secretary of the
5
Treasury, the Board of Governors of the Federal Reserve
6
System, and the Securities and Exchange Commission,
7
shall take all necessary steps to advance the policy set
8
forth in subsection (a).
9
(c) WAIVER.—The President may waive the applica-
10
tion of subsection (a) with respect to an organization upon
11
submission of a report to the Committee on Financial
12
Services of the House of Representatives and the Com-
13
mittee on Banking, Housing, and Urban Affairs of the
14
Senate—
15
(1) that such waiver is in the national interest
16
of the United States; and
17
(2) that contains an explanation of the reasons
18
therefor.
19
(d) SUNSET.—This Act and the requirements of this
20
Act shall have no force or effect on the date that is the
21
earlier of—
22
(1) 5 years after the date of the enactment of
23
this Act; or
24
VerDate Sep 11 2014
00:45 Jan 17, 2024
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H803.RFS
H803
4
HR 803 RFS
(2) 30 days after the date on which the Presi-
1
dent notifies Congress that the termination of this
2
Act is in the national interest of the United States.
3
Passed the House of Representatives January 12,
2024.
Attest:
KEVIN F. MCCUMBER,
Clerk.
VerDate Sep 11 2014
00:45 Jan 17, 2024
Jkt 049200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H803.RFS
H803