119-hr1716

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1716 Referred in Senate

    (RFS) ]

<DOC>
119th CONGRESS
 1st Session
 H. R. 1716

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 July 22, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
 and Urban Affairs

_______________________________________________________________________

 AN ACT

 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Taiwan Conflict Deterrence Act of 
2025''.

SEC. 2. REPORT ON FINANCIAL INSTITUTIONS AND ACCOUNTS CONNECTED TO 
 CERTAIN CHINESE GOVERNMENT OFFICIALS.

    (a) Financial Institutions Report.--

    (1) In general.--Not later than 90 days after the date that 
 the President, pursuant to 

section 3
            (c) of the Taiwan Relations 
 Act (22 U.S.C. 3302
            (c) ), informs the Congress of a threat 
 resulting from actions of the People's Republic of China and 
 any danger to the interests of the United States arising 
 therefrom, and annually thereafter for 3 years, the Secretary 
 of the Treasury shall submit a report to the appropriate 
 Members of Congress containing the following:
        (A) With respect to each of at least 10 natural 
 persons described under subsection

    (b) , at least 1 of 
 whom is a natural person listed under paragraph

    (1) of 
 such subsection

    (b) and at least 1 of whom is a natural 
 person listed under paragraph

    (2) of such subsection

    (b) , the estimated total funds that are held in 
 financial institutions and are under direct or indirect 
 control by such natural person and a description of 
 such funds.
        (B) A list of any financial institutions that--
            (i) maintain an account in connection with 
 significant funds described in subparagraph
        (A) ; or
            (ii) otherwise provide significant 
 financial services to a natural person covered 
 by the report.

    (2) Briefing required.--Not later than 30 days after 
 submitting a report described under paragraph

    (1) , the 
 Secretary of the Treasury, or a designee of the Secretary, 
 shall provide to the appropriate Members of Congress an 
 unclassified or classified briefing (as determined appropriate 
 by the Secretary) on the funds covered by the report, including 
 a description of how the funds were acquired, and any illicit 
 or corrupt means employed to acquire or use the funds.

    (3) Exemptions.--The requirements described under paragraph

    (1) may not be applied with respect to a natural person or a 
 financial institution, as the case may be, if the President 
 determines:
        (A) The funds described under paragraph

    (1)
        (A) were 
 primarily acquired through legal and noncorrupt means.
        (B) The natural person has agreed to provide 
 significant cooperation to the United States for an 
 important national security purpose with respect to 
 China.
            (C) A financial institution has agreed to--
            (i) no longer maintain an account described 
 under paragraph

    (1)
        (B)
            (i) ;
            (ii) no longer provide significant 
 financial services to a natural person covered 
 by the report; or
            (iii) provide significant cooperation to 
 the United States for an important national 
 security purpose with respect to China.

    (4) Waiver.--The President may waive any requirement 
 described under paragraph

    (1) with respect to a natural person 
 or a financial institution upon reporting to the appropriate 
 Members of Congress that--
        (A) the waiver would substantially promote the 
 objective of ending the threat described under 
 paragraph

    (1) ;
        (B) the threat described under paragraph

    (1) is no 
 longer present; or
            (C) the waiver is essential to the national 
 security interests of the United States.

    (b) Natural Persons Described.--The natural persons described in 
this subsection are persons who, at the time of a report, are the 
following:

    (1) A member of the Politburo Standing Committee of the 
 Chinese Communist Party.

    (2) A member of the Politburo of the Chinese Communist 
 Party that is not described under paragraph

    (1) .

    (3) A member of the Central Committee of the Chinese 
 Communist Party that--
        (A) is none of the foregoing; and
        (B) performs any official duty that directly or 
 indirectly affects Taiwan.
            (c) Form of Reports; Public Availability.--

    (1) Form of reports.--The reports required under paragraphs

    (1) and

    (4) of subsection

    (a) shall be submitted in 
 unclassified form but may contain a classified annex.

    (2) Public availability.--The Secretary of the Treasury 
 shall make the unclassified portion of the report required 
 under subsection

    (a)

    (1) available to the public on the website 
 and social media accounts of the Department of the Treasury--
        (A) in English, Chinese, and any other language 
 that the Secretary finds appropriate; and
        (B) in precompressed, easily downloadable versions 
 that are made available in all appropriate formats.

SEC. 3. PROHIBITION ON FINANCIAL SERVICES FOR CERTAIN IMMEDIATE FAMILY.

    (a) In General.--The Secretary of the Treasury shall prohibit a 
United States financial institution, and any person owned or controlled 
by a United States financial institution, from engaging in a 
significant transaction with--

    (1) a natural person covered by a report made under 

section 2

    (a) ; and

    (2) the immediate family of a person described under 
 paragraph

    (1) , if the Secretary finds that such immediate 
 family benefits from funds described in the report.

    (b) Exceptions.--

    (1) Exception for intelligence, law enforcement, and 
 national security activities.--Subsection

    (a) shall not apply 
 with respect to any intelligence, law enforcement, or national 
 security activity of the United States.

    (2) Waiver.--The President may waive the application of 
 subsection

    (a) with respect to a person upon reporting to the 
 appropriate Members of Congress that--
        (A) the waiver would substantially promote the 
 objective of ending the threat described under 

section 2

    (a)

    (1) ;
        (B) the threat described under 

section 2

    (a)

    (1) is 
 no longer present; or
            (C) the waiver is essential to the national 
 security interests of the United States.

    (3) Form of reports.--The reports required under paragraph

    (2) shall be submitted in unclassified form but may contain a 
 classified annex.

    (4) Exception relating to importation of goods.--
        (A) In general.--The authorities and requirements 
 authorized under this section shall not include the 
 authority or requirement to impose sanctions on the 
 importation of goods.
        (B) Good defined.--In this section, the term 
 ``good'' means any article, natural or man-made 
 substance, material, supply or manufactured product, 
 including inspection and test equipment, and excluding 
 technical data.
            (c) Implementation; Penalties.--

    (1) Implementation.--The President may exercise all 
 authorities provided to the President under sections 203 and 
 205 of the International Emergency Economic Powers Act (50 
 U.S.C. 1702 and 1704) to carry out this section. Not later than 
 60 days after issuing a license pursuant to this section, the 
 President shall submit a copy of the license to the appropriate 
 Members of Congress.

    (2) Penalties.--A person that violates, attempts to 
 violate, conspires to violate, or causes a violation of this 
 section or any regulation, license, or order issued to carry 
 out this section shall be subject to the penalties set forth in 
 subsections

    (b) and
            (c) of 

section 206 of the International 
 Emergency Economic Powers Act (50 U.S.C. 1705) to the same 
 extent as a person that commits an unlawful act described in 
 subsection

    (a) of that 

section 206.
            (d) Termination.--This section shall have no force or effect on the 
earlier of--

    (1) the date that is 30 days after the date that the 
 President reports to the appropriate Members of Congress that 
 the threat described under 

section 2

    (a)

    (1) is no longer 
 present; or

    (2) the date that is 25 years after the date that the 
 Secretary of the Treasury submits the final report required 
 under 

section 2

    (a)

    (1) .

SEC. 4. DEFINITIONS.

 For purposes of this Act:

    (1) Appropriate members of congress.--The term 
 ``appropriate Members of Congress'' means the Speaker and 
 minority leader of the House of Representatives, the majority 
 leader and minority leader of the Senate, the Chairman and 
 Ranking Member of the Committee on Financial Services of the 
 House of Representatives, and the Chairman and Ranking Member 
 of the Committee on Banking, Housing, and Urban Affairs of the 
 Senate.

    (2) Financial institution.--The term ``financial 
 institution'' means a United States financial institution or a 
 foreign financial institution.

    (3) Foreign financial institution.--The term ``foreign 
 financial institution'' has the meaning given that term in 
 

section 561.308 of title 31, Code of Federal Regulations.

    (4) Funds.--The term ``funds'' has the meaning given to 
 such term by the Secretary of the Treasury.

    (5) Immediate family.--The term ``immediate family'' of any 
 natural person means the following (whether by the full or half 
 blood or by adoption):
        (A) Such person's spouse, father, mother, children, 
 brothers, sisters, and grandchildren.
        (B) The father, mother, brothers, and sisters of 
 such person's spouse.
            (C) The spouse of a child, brother, or sister of 
 such person.

    (6) United states financial institution.--The term ``United 
 States financial institution'' has the meaning given the term 
 ``U.S. financial institution'' under 

section 561.309 of title 
 31, Code of Federal Regulations.

 Passed the House of Representatives July 21, 2025.

 Attest:

 KEVIN F. MCCUMBER,

 Clerk.