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Us Congress House Bill HB1716

Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1716 Compare Versions

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1-IB
2-Union Calendar No. 35
1+I
32 119THCONGRESS
43 1
54 STSESSION H. R. 1716
6-[Report No. 119–48, Part I]
75 To deter Chinese aggression towards Taiwan by requiring the Secretary
86 of the Treasury to publish a report on financial institutions and accounts
97 connected to senior officials of the People’s Republic of China, to restrict
108 financial services for certain immediate family of such officials, and
119 for other purposes.
1210 IN THE HOUSE OF REPRESENTATIVES
1311 FEBRUARY27, 2025
1412 Mrs. M
1513 CCLAIN(for herself and Mr. SHERMAN) introduced the following bill;
1614 which was referred to the Committee on Financial Services, and in addi-
1715 tion to the Committee on Foreign Affairs, for a period to be subsequently
1816 determined by the Speaker, in each case for consideration of such provi-
1917 sions as fall within the jurisdiction of the committee concerned
20-M
21-ARCH27, 2025
22-Reported from the Committee on Financial Services with an amendment
23-[Strike out all after the enacting clause and insert the part printed in italic]
24-MARCH27, 2025
25-Committee on Foreign Affairs discharged; committed to the Committee of the
26-Whole House on the State of the Union and ordered to be printed
27-[For text of introduced bill, see copy of bill as introduced on February 27, 2025]
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3118 A BILL
3219 To deter Chinese aggression towards Taiwan by requiring
3320 the Secretary of the Treasury to publish a report on
3421 financial institutions and accounts connected to senior
3522 officials of the People’s Republic of China, to restrict
3623 financial services for certain immediate family of such
3724 officials, and for other purposes.
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4125 Be it enacted by the Senate and House of Representa-1
4226 tives of the United States of America in Congress assembled, 2
43-SECTION 1. SHORT TITLE. 3
44-This Act may be cited as the ‘‘Taiwan Conflict Deter-4
45-rence Act of 2025’’. 5
46-SEC. 2. REPORT ON FINANCIAL INSTITUTIONS AND AC-6
47-COUNTS CONNECTED TO CERTAIN CHINESE 7
48-GOVERNMENT OFFICIALS. 8
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30+SECTION 1. SHORT TITLE. 1
31+This Act may be cited as the ‘‘Taiwan Conflict Deter-2
32+rence Act of 2025’’. 3
33+SEC. 2. REPORT ON FINANCIAL INSTITUTIONS AND AC-4
34+COUNTS CONNECTED TO CERTAIN CHINESE 5
35+GOVERNMENT OFFICIALS. 6
4936 (a) F
50-INANCIALINSTITUTIONSREPORT.— 9
37+INANCIALINSTITUTIONSREPORT.— 7
5138 (1) I
52-N GENERAL.—Not later than 90 days after 10
53-the date that the President, pursuant to section 3(c) 11
54-of the Taiwan Relations Act (22 U.S.C. 3302(c)), in-12
55-forms the Congress of a threat resulting from actions 13
56-of the People’s Republic of China and any danger to 14
57-the interests of the United States arising therefrom, 15
58-and annually thereafter for 3 years, the Secretary of 16
59-the Treasury shall submit a report to the appropriate 17
60-Members of Congress containing the following: 18
61-(A) With respect to each of at least 10 nat-19
62-ural persons described under subsection (b), at 20
63-least 1 of whom is a natural person listed under 21
64-paragraph (1) of such subsection (b) and at least 22
65-1 of whom is a natural person listed under para-23
66-graph (2) of such subsection (b), the estimated 24
67-total funds that are held in financial institutions 25
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71-and are under direct or indirect control by such 1
72-natural person and a description of such funds. 2
39+N GENERAL.—Not later than 90 days after 8
40+the date that the President, pursuant to section 3(c) 9
41+of the Taiwan Relations Act (22 U.S.C. 3302(c)), 10
42+informs the Congress of a threat resulting from ac-11
43+tions of the People’s Republic of China and any dan-12
44+ger to the interests of the United States arising 13
45+therefrom, and annually thereafter for 3 years, the 14
46+Secretary of the Treasury shall submit a report to 15
47+the appropriate Members of Congress containing the 16
48+following: 17
49+(A) With respect to each of at least 10 18
50+natural persons described under subsection (b), 19
51+at least 1 of whom is a natural person listed 20
52+under paragraph (1) of such subsection (b) and 21
53+at least 1 of whom is a natural person listed 22
54+under paragraph (2) of such subsection (b), the 23
55+estimated total funds that are held in financial 24
56+institutions and are under direct or indirect 25
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60+control by such natural person and a descrip-1
61+tion of such funds. 2
7362 (B) A list of any financial institutions 3
7463 that— 4
7564 (i) maintain an account in connection 5
76-with significant funds described in subpara-6
77-graph (A); or 7
65+with significant funds described in sub-6
66+paragraph (A); or 7
7867 (ii) otherwise provide significant fi-8
79-nancial services to a natural person covered 9
80-by the report. 10
68+nancial services to a natural person cov-9
69+ered by the report. 10
8170 (2) B
8271 RIEFING REQUIRED.—Not later than 30 11
8372 days after submitting a report described under para-12
8473 graph (1), the Secretary of the Treasury, or a des-13
8574 ignee of the Secretary, shall provide to the appro-14
86-priate Members of Congress an unclassified or classi-15
87-fied briefing (as determined appropriate by the Sec-16
88-retary) on the funds covered by the report, including 17
89-a description of how the funds were acquired, and 18
90-any illicit or corrupt means employed to acquire or 19
91-use the funds. 20
75+priate Members of Congress an unclassified or clas-15
76+sified briefing (as determined appropriate by the 16
77+Secretary) on the funds covered by the report, in-17
78+cluding a description of how the funds were ac-18
79+quired, and any illicit or corrupt means employed to 19
80+acquire or use the funds. 20
9281 (3) E
9382 XEMPTIONS.—The requirements described 21
94-under paragraph (1) may not be applied with respect 22
95-to a natural person or a financial institution, as the 23
96-case may be, if the President determines: 24
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83+under paragraph (1) may not be applied with re-22
84+spect to a natural person or a financial institution, 23
85+as the case may be, if the President determines: 24
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10089 (A) The funds described under paragraph 1
10190 (1)(A) were primarily acquired through legal 2
10291 and noncorrupt means. 3
10392 (B) The natural person has agreed to pro-4
104-vide significant cooperation to the United States 5
105-for an important national security purpose with 6
106-respect to China. 7
93+vide significant cooperation to the United 5
94+States for an important national security pur-6
95+pose with respect to China. 7
10796 (C) A financial institution has agreed to— 8
10897 (i) no longer maintain an account de-9
10998 scribed under paragraph (1)(B)(i); 10
11099 (ii) no longer provide significant fi-11
111-nancial services to a natural person covered 12
112-by the report; or 13
100+nancial services to a natural person cov-12
101+ered by the report; or 13
113102 (iii) provide significant cooperation to 14
114-the United States for an important national 15
115-security purpose with respect to China. 16
103+the United States for an important na-15
104+tional security purpose with respect to 16
105+China. 17
116106 (4) W
117-AIVER.—The President may waive any re-17
118-quirement described under paragraph (1) with respect 18
119-to a natural person or a financial institution upon 19
120-reporting to the appropriate Members of Congress 20
121-that— 21
122-(A) the waiver would substantially promote 22
123-the objective of ending the threat described under 23
124-paragraph (1); 24
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107+AIVER.—The President may waive any re-18
108+quirement described under paragraph (1) with re-19
109+spect to a natural person or a financial institution 20
110+upon reporting to the appropriate Members of Con-21
111+gress that— 22
112+(A) the waiver would substantially promote 23
113+the objective of ending the threat described 24
114+under paragraph (1); 25
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128118 (B) the threat described under paragraph 1
129119 (1) is no longer present; or 2
130120 (C) the waiver is essential to the national 3
131121 security interests of the United States. 4
132122 (b) N
133123 ATURALPERSONSDESCRIBED.—The natural 5
134-persons described in this subsection are persons who, at the 6
135-time of a report, are the following: 7
124+persons described in this subsection are persons who, at 6
125+the time of a report, are the following: 7
136126 (1) A member of the Politburo Standing Com-8
137127 mittee of the Chinese Communist Party. 9
138128 (2) A member of the Politburo of the Chinese 10
139129 Communist Party that is not described under para-11
140130 graph (1). 12
141131 (3) A member of the Central Committee of the 13
142132 Chinese Communist Party that— 14
143133 (A) is none of the foregoing; and 15
144134 (B) performs any official duty that directly 16
145135 or indirectly affects Taiwan. 17
146136 (c) F
147137 ORM OFREPORTS; PUBLICAVAILABILITY.— 18
148138 (1) F
149-ORM OF REPORTS.—The reports required 19
150-under paragraphs (1) and (4) of subsection (a) shall 20
151-be submitted in unclassified form but may contain a 21
152-classified annex. 22
139+ORM.—The reports required under para-19
140+graphs (1) and (4) of subsection (a) shall be sub-20
141+mitted in unclassified form but may contain a classi-21
142+fied annex. 22
153143 (2) P
154-UBLIC AVAILABILITY.—The Secretary of the 23
155-Treasury shall make the unclassified portion of the re-24
156-port required under subsection (a)(1) available to the 25
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160-public on the website and social media accounts of the 1
161-Department of the Treasury— 2
144+UBLIC AVAILABILITY.—The Secretary of 23
145+the Treasury shall make the unclassified portion of 24
146+the report required under subsection (a)(1) available 25
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150+to the public on the website and social media ac-1
151+counts of the Department of the Treasury— 2
162152 (A) in English, Chinese, and any other lan-3
163153 guage that the Secretary finds appropriate; and 4
164154 (B) in precompressed, easily downloadable 5
165155 versions that are made available in all appro-6
166156 priate formats. 7
167157 SEC. 3. PROHIBITION ON FINANCIAL SERVICES FOR CER-8
168158 TAIN IMMEDIATE FAMILY. 9
169159 (a) I
170-NGENERAL.—The Secretary of the Treasury shall 10
171-prohibit a United States financial institution, and any per-11
172-son owned or controlled by a United States financial insti-12
173-tution, from engaging in a significant transaction with— 13
174-(1) a natural person covered by a report made 14
175-under section 2(a); and 15
176-(2) the immediate family of a person described 16
177-under paragraph (1), if the Secretary finds that such 17
178-immediate family benefits from funds described in the 18
179-report. 19
160+NGENERAL.—The Secretary of the Treasury 10
161+shall prohibit a United States financial institution, and 11
162+any person owned or controlled by a United States finan-12
163+cial institution, from engaging in a significant transaction 13
164+with— 14
165+(1) a natural person covered by a report made 15
166+under section 2(a); and 16
167+(2) the immediate family of a person described 17
168+under paragraph (1), if the Secretary finds that 18
169+such immediate family benefits from funds described 19
170+in the report. 20
180171 (b) E
181-XCEPTIONS.— 20
172+XCEPTIONS.— 21
182173 (1) E
183-XCEPTION FOR INTELLIGENCE , LAW EN-21
184-FORCEMENT, AND NATIONAL SECURITY ACTIVITIES .— 22
185-Subsection (a) shall not apply with respect to any in-23
186-telligence, law enforcement, or national security activ-24
187-ity of the United States. 25
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191-(2) WAIVER.—The President may waive the ap-1
192-plication of subsection (a) with respect to a person 2
193-upon reporting to the appropriate Members of Con-3
194-gress that— 4
195-(A) the waiver would substantially promote 5
196-the objective of ending the threat described under 6
197-section 2(a)(1); 7
198-(B) the threat described under section 8
199-2(a)(1) is no longer present; or 9
200-(C) the waiver is essential to the national 10
201-security interests of the United States. 11
174+XCEPTION FOR INTELLIGENCE , LAW EN-22
175+FORCEMENT, AND NATIONAL SECURITY ACTIVI -23
176+TIES.—Subsection (a) shall not apply with respect to 24
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180+any intelligence, law enforcement, or national secu-1
181+rity activity of the United States. 2
182+(2) W
183+AIVER.—The President may waive the ap-3
184+plication of subsection (a) with respect to a person 4
185+upon reporting to the appropriate Members of Con-5
186+gress that— 6
187+(A) the waiver would substantially promote 7
188+the objective of ending the threat described 8
189+under section 2(a)(1); 9
190+(B) the threat described under section 10
191+2(a)(1) is no longer present; or 11
192+(C) the waiver is essential to the national 12
193+security interests of the United States. 13
202194 (3) F
203-ORM OF REPORTS.—The reports required 12
204-under paragraph (2) shall be submitted in unclassi-13
205-fied form but may contain a classified annex. 14
195+ORM OF REPORTS.—The reports required 14
196+under paragraph (2) shall be submitted in unclassi-15
197+fied form but may contain a classified annex. 16
206198 (4) R
207-ULE OF CONSTRUCTION.— 15
199+ULE OF CONSTRUCTION .— 17
208200 (A) I
209-N GENERAL.—Nothing in this section 16
210-shall be construed as authorizing or requiring 17
211-any sanction with respect to the importation of 18
212-any good. 19
201+N GENERAL.—Nothing in this section 18
202+shall be construed as authorizing or requiring 19
203+any sanction with respect to the importation of 20
204+any good. 21
213205 (B) G
214-OOD DEFINED.—In this paragraph, 20
215-the term ‘‘good’’ means any article, natural or 21
216-manmade substance, material, supply or manu-22
217-factured product, including inspection and test 23
218-equipment, and excluding technical data. 24
206+OOD DEFINED.—In this paragraph, 22
207+the term ‘‘good’’ means any article, natural or 23
208+manmade substance, material, supply or manu-24
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212+factured product, including inspection and test 1
213+equipment, and excluding technical data. 2
219214 (c) I
220-MPLEMENTATION; PENALTIES.— 25
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223-•HR 1716 RH
224-(1) IMPLEMENTATION.—The President may exer-1
225-cise all authorities provided to the President under 2
226-sections 203 and 205 of the International Emergency 3
227-Economic Powers Act (50 U.S.C. 1702 and 1704) to 4
228-carry out this section. Not later than 60 days after 5
229-issuing a license pursuant to this section, the Presi-6
230-dent shall submit a copy of the license to the appro-7
231-priate Members of Congress. 8
215+MPLEMENTATION; PENALTIES.— 3
216+(1) I
217+MPLEMENTATION.—The President may ex-4
218+ercise all authorities provided to the President under 5
219+sections 203 and 205 of the International Emer-6
220+gency Economic Powers Act (50 U.S.C. 1702 and 7
221+1704) to carry out this section. Not later than 60 8
222+days after issuing a license pursuant to this section, 9
223+the President shall submit a copy of the license to 10
224+the appropriate Members of Congress. 11
232225 (2) P
233-ENALTIES.—A person that violates, at-9
234-tempts to violate, conspires to violate, or causes a vio-10
235-lation of this section or any regulation, license, or 11
236-order issued to carry out this section shall be subject 12
237-to the penalties set forth in subsections (b) and (c) of 13
238-section 206 of the International Emergency Economic 14
239-Powers Act (50 U.S.C. 1705) to the same extent as a 15
240-person that commits an unlawful act described in 16
241-subsection (a) of that section 206. 17
226+ENALTIES.—A person that violates, at-12
227+tempts to violate, conspires to violate, or causes a 13
228+violation of this section or any regulation, license, or 14
229+order issued to carry out this section shall be subject 15
230+to the penalties set forth in subsections (b) and (c) 16
231+of section 206 of the International Emergency Eco-17
232+nomic Powers Act (50 U.S.C. 1705) to the same ex-18
233+tent as a person that commits an unlawful act de-19
234+scribed in subsection (a) of that section 206. 20
242235 (d) T
243-ERMINATION.—This section shall have no force or 18
244-effect on the earlier of— 19
245-(1) the date that is 30 days after the date that 20
246-the President reports to the appropriate Members of 21
247-Congress that the threat described under section 22
248-2(a)(1) is no longer present; or 23
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252-(2) the date that is 25 years after the date that 1
253-the Secretary of the Treasury submits the final report 2
254-required under section 2(a)(1). 3
255-SEC. 4. DEFINITIONS. 4
256-For purposes of this Act: 5
236+ERMINATION.—This section shall have no force 21
237+or effect on the earlier of— 22
238+(1) the date that is 30 days after the date that 23
239+the President reports to the appropriate Members of 24
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243+Congress that the threat described under section 1
244+2(a)(1) is no longer present; or 2
245+(2) the date that is 25 years after the date that 3
246+the Secretary of the Treasury submits the final re-4
247+port required under section 2(a)(1). 5
248+SEC. 4. DEFINITIONS. 6
249+For purposes of this Act: 7
257250 (1) A
258-PPROPRIATE MEMBERS OF CONGRESS .—The 6
259-term ‘‘appropriate Members of Congress’’ means the 7
260-Speaker and minority leader of the House of Rep-8
261-resentatives, the majority leader and minority leader 9
262-of the Senate, the Chairman and Ranking Member of 10
263-the Committee on Financial Services of the House of 11
264-Representatives, and the Chairman and Ranking 12
265-Member of the Committee on Banking, Housing, and 13
266-Urban Affairs of the Senate. 14
251+PPROPRIATE MEMBERS OF CONGRESS .— 8
252+The term ‘‘appropriate Members of Congress’’ 9
253+means the Speaker and minority leader of the House 10
254+of Representatives, the majority leader and minority 11
255+leader of the Senate, the Chairman and Ranking 12
256+Member of the Committee on Financial Services of 13
257+the House of Representatives, and the Chairman 14
258+and Ranking Member of the Committee on Banking, 15
259+Housing, and Urban Affairs of the Senate. 16
267260 (2) F
268-INANCIAL INSTITUTION.—The term ‘‘finan-15
269-cial institution’’ means a United States financial in-16
270-stitution or a foreign financial institution. 17
261+INANCIAL INSTITUTION.—The term ‘‘fi-17
262+nancial institution’’ means a United States financial 18
263+institution or a foreign financial institution. 19
271264 (3) F
272-OREIGN FINANCIAL INSTITUTION.—The term 18
273-‘‘foreign financial institution’’ has the meaning given 19
274-that term in section 561.308 of title 31, Code of Fed-20
275-eral Regulations. 21
276-(4) F
277-UNDS.—The term ‘‘funds’’ has the meaning 22
278-given to such term by the Secretary of the Treasury. 23
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282-(5) IMMEDIATE FAMILY.—The term ‘‘immediate 1
283-family’’ of any natural person means the following 2
284-(whether by the full or half blood or by adoption): 3
285-(A) Such person’s spouse, father, mother, 4
286-children, brothers, sisters, and grandchildren. 5
287-(B) The father, mother, brothers, and sisters 6
288-of such person’s spouse. 7
289-(C) The spouse of a child, brother, or sister 8
290-of such person. 9
265+OREIGN FINANCIAL INSTITUTION .—The 20
266+term ‘‘foreign financial institution’’ has the meaning 21
267+given that term in section 561.308 of title 31, Code 22
268+of Federal Regulations. 23
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272+(4) FUNDS.—The term ‘‘funds’’ has the mean-1
273+ing given to such term by the Secretary of the 2
274+Treasury. 3
275+(5) I
276+MMEDIATE FAMILY.—The term ‘‘immediate 4
277+family’’ of any natural person means the following 5
278+(whether by the full or half blood or by adoption): 6
279+(A) Such person’s spouse, father, mother, 7
280+children, brothers, sisters, and grandchildren. 8
281+(B) The father, mother, brothers, and sis-9
282+ters of such person’s spouse. 10
283+(C) The spouse of a child, brother, or sis-11
284+ter of such person. 12
291285 (6) U
292-NITED STATES FINANCIAL INSTITUTION .— 10
293-The term ‘‘United States financial institution’’ has 11
294-the meaning given the term ‘‘U.S. financial institu-12
295-tion’’ under section 561.309 of title 31, Code of Fed-13
296-eral Regulations. 14
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299-35
300-119
301-TH
302-CONGRESS
303-1
304-ST
305-S
306-ESSION
307-
308-H. R. 1716
309-[Report No. 119–48, Part I]
310-A BILL
311-To deter Chinese aggression towards Taiwan by re-
312-quiring the Secretary of the Treasury to publish
313-a report on financial institutions and accounts
314-connected to senior officials of the People’s Re-
315-public of China, to restrict financial services for
316-certain immediate family of such officials, and
317-for other purposes.
318-M
319-ARCH
320-27, 2025
321-Reported from the Committee on Financial Services with
322-an amendment
323-M
324-ARCH
325-27, 2025
326-Committee on Foreign Affairs discharged; committed to
327-the Committee of the Whole House on the State of the
328-Union and ordered to be printed
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286+NITED STATES FINANCIAL INSTITUTION .— 13
287+The term ‘‘United States financial institution’’ has 14
288+the meaning given the term ‘‘U.S. financial institu-15
289+tion’’ under section 561.309 of title 31, Code of 16
290+Federal Regulations. 17
291+Æ
292+VerDate Sep 11 2014 21:01 Feb 27, 2025 Jkt 059200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6301 E:\BILLS\H1716.IH H1716
293+kjohnson on DSK7ZCZBW3PROD with $$_JOB