Lucas Bill to Hold China Accountable Passes

Washington, DC – Yesterday, Congressman Frank D. Lucas’s (OK-03) Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act, or the PROTECT Taiwan Act, passed out of the House.

Currently, under the Taiwan Relations Act, the President is required to notify Congress if China poses an immediate threat to Taiwan’s security. If this notification is triggered, The PROTECT Taiwan Act states that it is U.S. policy to exclude Chinese representatives from key international organizations – such as the G20, the Financial Stability Board, and the Basel Committee on Banking Supervision.

“The United States’ response to an invasion of Taiwan should be robust and include numerous sanctions and economic penalties. Exclusion from international bodies must be part of that response,” Congressman Frank D. Lucas said on the House floor. “If China seeks to disrupt the global order, then China cannot continue to be party to international organizations that seek to preserve that order. China’s position at multilateral economic institutions will be at risk should they engage in hostilities towards Taiwan.”

“The Protect Taiwan Act ensures that there will be significant financial and diplomatic consequences were China to invade Taiwan. Full stop,” Financial Services Committee Chairman French Hill said on the House floor. “The U.S. must send a clear message that China’s aggression toward Taiwan will not and is not tolerated, and the Protect Taiwan Act does just that.”

You can watch Congressman Lucas’s full floor speech by clicking here or on the image below.

BACKGROUND:

• 90% of advanced semiconductor chips are made at the Taiwan Semiconductor Manufacturing Campus (TSMC).
• The PROTECT Taiwan Act passed unanimously out of the House Financial Services Committee last year.
• The bill is cosponsored by Rep. Vicente Gonzalez (TX-34).
• Financial Services Committee Chairman, French Hill (AR-02), spoke in favor of the PROTECT Taiwan Act on the House floor, which you can watch here.

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