PROTECT Taiwan Act
If the President warns Congress that China is threatening Taiwan’s security or economy, U.S. officials would be required to try to expel Chinese representatives from major global economic groups, including the G20 and key international banking committees. This move aims to strip China of its influence over global financial rules if it acts against Taiwan. The President could waive the requirement for specific groups or end it early if doing so serves U.S. national interests, and the policy expires automatically after five years.
What this bill touches.
Who it helps · who it burdens.
Who it burdens
- Department of the Treasury, Federal Reserve Board, and Securities and Exchange CommissionMust take all necessary steps to seek to exclude Chinese representatives from the G20, Bank for International Settlements, Financial Stability Board, Basel Committee on Banking Supervision, International Association of Insurance Supervisors, and International Organization of Securities Commissions if the President notifies Congress of a Chinese threat to Taiwan (Sec. 2(b)).
Who opposes it
- Government of the People's Republic of ChinaFaces U.S. policy efforts to exclude its representatives from meetings, proceedings, and activities across six major international economic and financial regulatory organizations if the President reports a threat to Taiwan's security or systems (Sec. 2(a)).
The provisions, in plain language.
Requires the Department of the Treasury, the Federal Reserve Board, and the Securities and Exchange Commission to seek to exclude representatives of China from the Group of Twenty (G20) and five other international financial regulatory bodies if the President notifies Congress that China threatens the security or the social or economic system of Taiwan.
Authorizes the President to waive the exclusion of Chinese representatives from any of these organizations by reporting to Congress that the waiver is in the U.S. national interest and explaining the reasons.
Ends the exclusion requirements five years after enactment, or 30 days after the President notifies Congress that termination serves the U.S. national interest, whichever comes first.