IB
Union Calendar No. 35
119THCONGRESS
1
STSESSION H. R. 1716
[Report No. 119–48, Part I]
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
M
ARCH27, 2025
Reported from the Committee on Financial Services with an amendment
[Strike out all after the enacting clause and insert the part printed in italic]
MARCH27, 2025
Committee on Foreign Affairs discharged; committed to the Committee of the
Whole House on the State of the Union and ordered to be printed
[For text of introduced bill, see copy of bill as introduced on February 27, 2025]
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6652 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS 2
•HR 1716 RH
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.
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6652 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS 3
•HR 1716 RH
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Taiwan Conflict Deter-4
rence Act of 2025’’. 5
SEC. 2. REPORT ON FINANCIAL INSTITUTIONS AND AC-6
COUNTS CONNECTED TO CERTAIN CHINESE 7
GOVERNMENT OFFICIALS. 8
(a) F
INANCIALINSTITUTIONSREPORT.— 9
(1) I
N GENERAL.—Not later than 90 days after 10
the date that the President, pursuant to section 3(c) 11
of the Taiwan Relations Act (22 U.S.C. 3302(c)), in-12
forms the Congress of a threat resulting from actions 13
of the People’s Republic of China and any danger to 14
the interests of the United States arising therefrom, 15
and annually thereafter for 3 years, the Secretary of 16
the Treasury shall submit a report to the appropriate 17
Members of Congress containing the following: 18
(A) With respect to each of at least 10 nat-19
ural persons described under subsection (b), at 20
least 1 of whom is a natural person listed under 21
paragraph (1) of such subsection (b) and at least 22
1 of whom is a natural person listed under para-23
graph (2) of such subsection (b), the estimated 24
total funds that are held in financial institutions 25
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6203 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS 4
•HR 1716 RH
and are under direct or indirect control by such 1
natural person and a description 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 subpara-6
graph (A); or 7
(ii) otherwise provide significant fi-8
nancial services to a natural person covered 9
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 classi-15
fied briefing (as determined appropriate by the Sec-16
retary) on the funds covered by the report, including 17
a description of how the funds were acquired, and 18
any illicit or corrupt means employed to acquire or 19
use the funds. 20
(3) E
XEMPTIONS.—The requirements described 21
under paragraph (1) may not be applied with respect 22
to a natural person or a financial institution, as the 23
case may be, if the President determines: 24
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6203 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS 5
•HR 1716 RH
(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 States 5
for an important national security purpose with 6
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 covered 12
by the report; or 13
(iii) provide significant cooperation to 14
the United States for an important national 15
security purpose with respect to China. 16
(4) W
AIVER.—The President may waive any re-17
quirement described under paragraph (1) with respect 18
to a natural person or a financial institution upon 19
reporting to the appropriate Members of Congress 20
that— 21
(A) the waiver would substantially promote 22
the objective of ending the threat described under 23
paragraph (1); 24
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6203 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS 6
•HR 1716 RH
(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 the 6
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 OF REPORTS.—The reports required 19
under paragraphs (1) and (4) of subsection (a) shall 20
be submitted in unclassified form but may contain a 21
classified annex. 22
(2) P
UBLIC AVAILABILITY.—The Secretary of the 23
Treasury shall make the unclassified portion of the re-24
port required under subsection (a)(1) available to the 25
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6203 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS 7
•HR 1716 RH
public on the website and social media accounts of the 1
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 shall 10
prohibit a United States financial institution, and any per-11
son owned or controlled by a United States financial insti-12
tution, from engaging in a significant transaction with— 13
(1) a natural person covered by a report made 14
under section 2(a); and 15
(2) the immediate family of a person described 16
under paragraph (1), if the Secretary finds that such 17
immediate family benefits from funds described in the 18
report. 19
(b) E
XCEPTIONS.— 20
(1) E
XCEPTION FOR INTELLIGENCE , LAW EN-21
FORCEMENT, AND NATIONAL SECURITY ACTIVITIES .— 22
Subsection (a) shall not apply with respect to any in-23
telligence, law enforcement, or national security activ-24
ity of the United States. 25
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6203 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS 8
•HR 1716 RH
(2) WAIVER.—The President may waive the ap-1
plication of subsection (a) with respect to a person 2
upon reporting to the appropriate Members of Con-3
gress that— 4
(A) the waiver would substantially promote 5
the objective of ending the threat described under 6
section 2(a)(1); 7
(B) the threat described under section 8
2(a)(1) is no longer present; or 9
(C) the waiver is essential to the national 10
security interests of the United States. 11
(3) F
ORM OF REPORTS.—The reports required 12
under paragraph (2) shall be submitted in unclassi-13
fied form but may contain a classified annex. 14
(4) R
ULE OF CONSTRUCTION.— 15
(A) I
N GENERAL.—Nothing in this section 16
shall be construed as authorizing or requiring 17
any sanction with respect to the importation of 18
any good. 19
(B) G
OOD DEFINED.—In this paragraph, 20
the term ‘‘good’’ means any article, natural or 21
manmade substance, material, supply or manu-22
factured product, including inspection and test 23
equipment, and excluding technical data. 24
(c) I
MPLEMENTATION; PENALTIES.— 25
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6203 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS 9
•HR 1716 RH
(1) IMPLEMENTATION.—The President may exer-1
cise all authorities provided to the President under 2
sections 203 and 205 of the International Emergency 3
Economic Powers Act (50 U.S.C. 1702 and 1704) to 4
carry out this section. Not later than 60 days after 5
issuing a license pursuant to this section, the Presi-6
dent shall submit a copy of the license to the appro-7
priate Members of Congress. 8
(2) P
ENALTIES.—A person that violates, at-9
tempts to violate, conspires to violate, or causes a vio-10
lation of this section or any regulation, license, or 11
order issued to carry out this section shall be subject 12
to the penalties set forth in subsections (b) and (c) of 13
section 206 of the International Emergency Economic 14
Powers Act (50 U.S.C. 1705) to the same extent as a 15
person that commits an unlawful act described in 16
subsection (a) of that section 206. 17
(d) T
ERMINATION.—This section shall have no force or 18
effect on the earlier of— 19
(1) the date that is 30 days after the date that 20
the President reports to the appropriate Members of 21
Congress that the threat described under section 22
2(a)(1) is no longer present; or 23
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6203 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS 10
•HR 1716 RH
(2) the date that is 25 years after the date that 1
the Secretary of the Treasury submits the final report 2
required under section 2(a)(1). 3
SEC. 4. DEFINITIONS. 4
For purposes of this Act: 5
(1) A
PPROPRIATE MEMBERS OF CONGRESS .—The 6
term ‘‘appropriate Members of Congress’’ means the 7
Speaker and minority leader of the House of Rep-8
resentatives, the majority leader and minority leader 9
of the Senate, the Chairman and Ranking Member of 10
the Committee on Financial Services of the House of 11
Representatives, and the Chairman and Ranking 12
Member of the Committee on Banking, Housing, and 13
Urban Affairs of the Senate. 14
(2) F
INANCIAL INSTITUTION.—The term ‘‘finan-15
cial institution’’ means a United States financial in-16
stitution or a foreign financial institution. 17
(3) F
OREIGN FINANCIAL INSTITUTION.—The term 18
‘‘foreign financial institution’’ has the meaning given 19
that term in section 561.308 of title 31, Code of Fed-20
eral Regulations. 21
(4) F
UNDS.—The term ‘‘funds’’ has the meaning 22
given to such term by the Secretary of the Treasury. 23
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6203 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS 11
•HR 1716 RH
(5) IMMEDIATE FAMILY.—The term ‘‘immediate 1
family’’ of any natural person means the following 2
(whether by the full or half blood or by adoption): 3
(A) Such person’s spouse, father, mother, 4
children, brothers, sisters, and grandchildren. 5
(B) The father, mother, brothers, and sisters 6
of such person’s spouse. 7
(C) The spouse of a child, brother, or sister 8
of such person. 9
(6) U
NITED STATES FINANCIAL INSTITUTION .— 10
The term ‘‘United States financial institution’’ has 11
the meaning given the term ‘‘U.S. financial institu-12
tion’’ under section 561.309 of title 31, Code of Fed-13
eral Regulations. 14
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6203 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS Union Calendar No.
35
119
TH
CONGRESS
1
ST
S
ESSION
H. R. 1716
[Report No. 119–48, Part I]
A BILL
To deter Chinese aggression towards Taiwan by re-
quiring the Secretary of the Treasury to publish
a report on financial institutions and accounts
connected to senior officials of the People’s Re-
public of China, to restrict financial services for
certain immediate family of such officials, and
for other purposes.
M
ARCH
27, 2025
Reported from the Committee on Financial Services with
an amendment
M
ARCH
27, 2025
Committee on Foreign Affairs discharged; committed to
the Committee of the Whole House on the State of the
Union and ordered to be printed
VerDate Sep 11 2014 22:30 Mar 27, 2025 Jkt 059200 PO 00000 Frm 00012 Fmt 6651 Sfmt 6651 E:\BILLS\H1716.RH H1716
ssavage on LAPJG3WLY3PROD with BILLS