Washington, DC – Congressman Frank Lucas (OK-03), the longest-serving Republican on the House Financial Services Committee, today introduced H.R. 7411- the Ostracize China Act. The bill would, upon notice to Congress from the President of the United States declaring any threat to the people on Taiwan, exclude government officials of the Chinese Communist Party from financial and intergovernmental forums.
“The greatest generational challenge the United States faces is the economic, political, and national security threat of the Chinese Communist Party. In order to deter China from emulating the rogue aggression shown by Russia, Congress should take the necessary steps to ensure the People’s Republic of China would be subject to significant financial and economic sanctions should Beijing threaten the security, social, or economic system of the people on Taiwan,” said Congressman Lucas. “China’s coercive and increasing efforts leveraging their economic influence and military strength to reshape the Indo-Pacific region must not go unchecked- the Ostracize China Act sends a signal to Beijing that China would be held accountable, both economically and financially, for its aggression towards Taiwan.”
Under current law, set forth by the Taiwan Relations Act of 1979 signed by President Jimmy Carter, 22 U.S. Code § 3302 (c) states it is the policy of the United States that, “The President is directed to inform the Congress promptly of any threat to the security or the social or economic system of the people on Taiwan and any danger to the interests of the United States arising therefrom. The President and the Congress shall determine, in accordance with constitutional processes, appropriate action by the United States in response to any such danger.”
The Ostracize China Act would make it the policy of the United States to seek to exclude government officials of the People’s Republic of China from participating in meetings, proceeds, and other activities of certain international banking organizations, including the G-20, the Bank for International Settlements, the Financial Stability Board, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, and the International Organization of Securities Commissions.
Read the bill text here.