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H.R. 554 118th Congress House

Taiwan Conflict Deterrence Act of 2023

Official title: To deter Chinese aggression towards Taiwan by requiring the Secretary of the Treasury to publish a report on financial institutions and accounts connected to s… Show full official titleShow less

Official title: 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.

Introduced: January 26, 2023 Introduced by: J. French Hill Republican · Arkansas See on congress.gov
Finance and Financial Sector AsiaBank accounts, deposits, capitalBanking and financial institutions regulationChina
More subjectsShow fewer subjects
Congressional oversightDiplomacy, foreign officials, Americans abroadForeign and international bankingFraud offenses and financial crimesMilitary operations and strategyTaiwan
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 13 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 10, 2024
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 9, 2024
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5042-5043)
Sep 9, 2024
Motion to reconsider laid on the table Agreed to without objection.
Sep 9, 2024
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5042-5043)
Sep 9, 2024
DEBATE - The House proceeded with forty minutes of debate on H.R. 554.
Sep 9, 2024
Considered under suspension of the rules. (consideration: CR H5042-5046)
Sep 9, 2024
Mrs. Kim (CA) moved to suspend the rules and pass the bill, as amended.
Dec 1, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-292.
Dec 1, 2023
Placed on the Union Calendar, Calendar No. 236.
Feb 28, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 41 - 0.
Feb 28, 2023
Committee Consideration and Mark-up Session Held.
Jan 26, 2023
Introduced in House
Jan 26, 2023
Referred to the House Committee on Financial Services.
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 Latest action September 10, 2024

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

Taiwan Conflict Deterrence Act of 2023

This bill, in the event of a threat to U.S. interests by China, (1) requires additional reporting on the domestic and foreign financial activity of specified Chinese officials, and (2) prohibits certain financial transactions with specified Chinese officials.

Upon a determination by the President that such a threat exists, the bill requires the Department of the Treasury 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.

After such a report is made, Treasury must prohibit significant transactions between U.S. financial institutions and these individuals (and their immediate family, if appropriate). The bill provides exceptions for intelligence, law enforcement, and national security activities. The President may waive the prohibition under certain circumstances.

 Related & companion bills 1
  • HR 7704 Reintroduction of Taiwan Conflict Deterrence Act of 2022
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 8
All 8 Democratic 4 Republican 4
R
Wagner, Ann
Missouri · Jul 11, 2023
 R
De La Cruz, Monica
Texas · Jul 3, 2023
 R
Kim, Young
California · Jun 20, 2023
 D
Pappas, Chris
New Hampshire · May 25, 2023
 D
Ryan, Patrick
New York · Mar 10, 2023
 D
Lee, Susie
Nevada · Mar 9, 2023
 R
Lawler, Michael
New York · Feb 27, 2023
 D
Sherman, Brad
California · Jan 26, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 554: Taiwan Conflict Deterrence Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-554/
MLA
"H.R. 554: Taiwan Conflict Deterrence Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-554/.
Bluebook (legal)
H.R. 554, 118th Cong. (2026), https://openamerica.io/bill/118-HR-554/.
Markdown link
[H.R. 554: Taiwan Conflict Deterrence Act of 2023](https://openamerica.io/bill/118-HR-554/)
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