I
119THCONGRESS
1
STSESSION H. R. 1716
To deter Chinese aggression towards Taiwan by requiring the Secretary
of the Treasury to 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.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY27, 2025
Mrs. M
CCLAIN(for herself and Mr. SHERMAN) introduced the following bill;
which was referred to the Committee on Financial Services, and in addi-
tion to the Committee on Foreign Affairs, for a period to be subsequently
determined by the Speaker, in each case for consideration of such provi-
sions as fall within the jurisdiction of the committee concerned
A BILL
To deter Chinese aggression towards Taiwan by requiring
the Secretary of the Treasury to 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.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
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SECTION 1. SHORT TITLE. 1
This Act may be cited as the ‘‘Taiwan Conflict Deter-2
rence Act of 2025’’. 3
SEC. 2. REPORT ON FINANCIAL INSTITUTIONS AND AC-4
COUNTS CONNECTED TO CERTAIN CHINESE 5
GOVERNMENT OFFICIALS. 6
(a) F
INANCIALINSTITUTIONSREPORT.— 7
(1) I
N GENERAL.—Not later than 90 days after 8
the date that the President, pursuant to section 3(c) 9
of the Taiwan Relations Act (22 U.S.C. 3302(c)), 10
informs the Congress of a threat resulting from ac-11
tions of the People’s Republic of China and any dan-12
ger to the interests of the United States arising 13
therefrom, and annually thereafter for 3 years, the 14
Secretary of the Treasury shall submit a report to 15
the appropriate Members of Congress containing the 16
following: 17
(A) With respect to each of at least 10 18
natural persons described under subsection (b), 19
at least 1 of whom is a natural person listed 20
under paragraph (1) of such subsection (b) and 21
at least 1 of whom is a natural person listed 22
under paragraph (2) of such subsection (b), the 23
estimated total funds that are held in financial 24
institutions and are under direct or indirect 25
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control by such natural person and a descrip-1
tion of such funds. 2
(B) A list of any financial institutions 3
that— 4
(i) maintain an account in connection 5
with significant funds described in sub-6
paragraph (A); or 7
(ii) otherwise provide significant fi-8
nancial services to a natural person cov-9
ered by the report. 10
(2) B
RIEFING REQUIRED.—Not later than 30 11
days after submitting a report described under para-12
graph (1), the Secretary of the Treasury, or a des-13
ignee of the Secretary, shall provide to the appro-14
priate Members of Congress an unclassified or clas-15
sified briefing (as determined appropriate by the 16
Secretary) on the funds covered by the report, in-17
cluding a description of how the funds were ac-18
quired, and any illicit or corrupt means employed to 19
acquire or use the funds. 20
(3) E
XEMPTIONS.—The requirements described 21
under paragraph (1) may not be applied with re-22
spect to a natural person or a financial institution, 23
as the case may be, if the President determines: 24
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(A) The funds described under paragraph 1
(1)(A) were primarily acquired through legal 2
and noncorrupt means. 3
(B) The natural person has agreed to pro-4
vide significant cooperation to the United 5
States for an important national security pur-6
pose with respect to China. 7
(C) A financial institution has agreed to— 8
(i) no longer maintain an account de-9
scribed under paragraph (1)(B)(i); 10
(ii) no longer provide significant fi-11
nancial services to a natural person cov-12
ered by the report; or 13
(iii) provide significant cooperation to 14
the United States for an important na-15
tional security purpose with respect to 16
China. 17
(4) W
AIVER.—The President may waive any re-18
quirement described under paragraph (1) with re-19
spect to a natural person or a financial institution 20
upon reporting to the appropriate Members of Con-21
gress that— 22
(A) the waiver would substantially promote 23
the objective of ending the threat described 24
under paragraph (1); 25
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(B) the threat described under paragraph 1
(1) is no longer present; or 2
(C) the waiver is essential to the national 3
security interests of the United States. 4
(b) N
ATURALPERSONSDESCRIBED.—The natural 5
persons described in this subsection are persons who, at 6
the time of a report, are the following: 7
(1) A member of the Politburo Standing Com-8
mittee of the Chinese Communist Party. 9
(2) A member of the Politburo of the Chinese 10
Communist Party that is not described under para-11
graph (1). 12
(3) A member of the Central Committee of the 13
Chinese Communist Party that— 14
(A) is none of the foregoing; and 15
(B) performs any official duty that directly 16
or indirectly affects Taiwan. 17
(c) F
ORM OFREPORTS; PUBLICAVAILABILITY.— 18
(1) F
ORM.—The reports required under para-19
graphs (1) and (4) of subsection (a) shall be sub-20
mitted in unclassified form but may contain a classi-21
fied annex. 22
(2) P
UBLIC AVAILABILITY.—The Secretary of 23
the Treasury shall make the unclassified portion of 24
the report required under subsection (a)(1) available 25
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to the public on the website and social media ac-1
counts of the Department of the Treasury— 2
(A) in English, Chinese, and any other lan-3
guage that the Secretary finds appropriate; and 4
(B) in precompressed, easily downloadable 5
versions that are made available in all appro-6
priate formats. 7
SEC. 3. PROHIBITION ON FINANCIAL SERVICES FOR CER-8
TAIN IMMEDIATE FAMILY. 9
(a) I
NGENERAL.—The Secretary of the Treasury 10
shall prohibit a United States financial institution, and 11
any person owned or controlled by a United States finan-12
cial institution, from engaging in a significant transaction 13
with— 14
(1) a natural person covered by a report made 15
under section 2(a); and 16
(2) the immediate family of a person described 17
under paragraph (1), if the Secretary finds that 18
such immediate family benefits from funds described 19
in the report. 20
(b) E
XCEPTIONS.— 21
(1) E
XCEPTION FOR INTELLIGENCE , LAW EN-22
FORCEMENT, AND NATIONAL SECURITY ACTIVI -23
TIES.—Subsection (a) shall not apply with respect to 24
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any intelligence, law enforcement, or national secu-1
rity activity of the United States. 2
(2) W
AIVER.—The President may waive the ap-3
plication of subsection (a) with respect to a person 4
upon reporting to the appropriate Members of Con-5
gress that— 6
(A) the waiver would substantially promote 7
the objective of ending the threat described 8
under section 2(a)(1); 9
(B) the threat described under section 10
2(a)(1) is no longer present; or 11
(C) the waiver is essential to the national 12
security interests of the United States. 13
(3) F
ORM OF REPORTS.—The reports required 14
under paragraph (2) shall be submitted in unclassi-15
fied form but may contain a classified annex. 16
(4) R
ULE OF CONSTRUCTION .— 17
(A) I
N GENERAL.—Nothing in this section 18
shall be construed as authorizing or requiring 19
any sanction with respect to the importation of 20
any good. 21
(B) G
OOD DEFINED.—In this paragraph, 22
the term ‘‘good’’ means any article, natural or 23
manmade substance, material, supply or manu-24
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factured product, including inspection and test 1
equipment, and excluding technical data. 2
(c) I
MPLEMENTATION; PENALTIES.— 3
(1) I
MPLEMENTATION.—The President may ex-4
ercise all authorities provided to the President under 5
sections 203 and 205 of the International Emer-6
gency Economic Powers Act (50 U.S.C. 1702 and 7
1704) to carry out this section. Not later than 60 8
days after issuing a license pursuant to this section, 9
the President shall submit a copy of the license to 10
the appropriate Members of Congress. 11
(2) P
ENALTIES.—A person that violates, at-12
tempts to violate, conspires to violate, or causes a 13
violation of this section or any regulation, license, or 14
order issued to carry out this section shall be subject 15
to the penalties set forth in subsections (b) and (c) 16
of section 206 of the International Emergency Eco-17
nomic Powers Act (50 U.S.C. 1705) to the same ex-18
tent as a person that commits an unlawful act de-19
scribed in subsection (a) of that section 206. 20
(d) T
ERMINATION.—This section shall have no force 21
or effect on the earlier of— 22
(1) the date that is 30 days after the date that 23
the President reports to the appropriate Members of 24
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Congress that the threat described under section 1
2(a)(1) is no longer present; or 2
(2) the date that is 25 years after the date that 3
the Secretary of the Treasury submits the final re-4
port required under section 2(a)(1). 5
SEC. 4. DEFINITIONS. 6
For purposes of this Act: 7
(1) A
PPROPRIATE MEMBERS OF CONGRESS .— 8
The term ‘‘appropriate Members of Congress’’ 9
means the Speaker and minority leader of the House 10
of Representatives, the majority leader and minority 11
leader of the Senate, the Chairman and Ranking 12
Member of the Committee on Financial Services of 13
the House of Representatives, and the Chairman 14
and Ranking Member of the Committee on Banking, 15
Housing, and Urban Affairs of the Senate. 16
(2) F
INANCIAL INSTITUTION.—The term ‘‘fi-17
nancial institution’’ means a United States financial 18
institution or a foreign financial institution. 19
(3) F
OREIGN FINANCIAL INSTITUTION .—The 20
term ‘‘foreign financial institution’’ has the meaning 21
given that term in section 561.308 of title 31, Code 22
of Federal Regulations. 23
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(4) FUNDS.—The term ‘‘funds’’ has the mean-1
ing given to such term by the Secretary of the 2
Treasury. 3
(5) I
MMEDIATE FAMILY.—The term ‘‘immediate 4
family’’ of any natural person means the following 5
(whether by the full or half blood or by adoption): 6
(A) Such person’s spouse, father, mother, 7
children, brothers, sisters, and grandchildren. 8
(B) The father, mother, brothers, and sis-9
ters of such person’s spouse. 10
(C) The spouse of a child, brother, or sis-11
ter of such person. 12
(6) U
NITED STATES FINANCIAL INSTITUTION .— 13
The term ‘‘United States financial institution’’ has 14
the meaning given the term ‘‘U.S. financial institu-15
tion’’ under section 561.309 of title 31, Code of 16
Federal Regulations. 17
Æ
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