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H.R. 554: Taiwan Conflict Deterrence Act of 2023

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 24, 2023.

Taiwan Conflict Deterrence Act of 2023

This bill requires additional reporting regarding the domestic and foreign financial activity of specified Chinese officials.

Specifically, the bill requires the Department of the Treasury, upon a determination by the President that a threat to the interests of the United States exists resulting from actions by China, to (1) report to Congress on funds held by certain members of the Chinese Communist Party, including the total amount of funds, a description of the funds, and a list of related financial institutions; and (2) brief Congress on how these funds were acquired and any illicit or corrupt means employed to acquire or use the funds.

The bill also allows Treasury to prohibit significant transactions between U.S. financial institutions and these individuals.