Washington, DC – Today, 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 Financial Services Committee and heads to the House floor.
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 Chinese Communist Party poses an enormous economic, political, and national security threat to the United States,” said Congressman Frank D. Lucas. “We must take the necessary steps to ensure Beijing would be subject to significant financial, diplomatic, and economic consequences should it threaten our allies in Taiwan. The PROTECT Taiwan Act will do exactly that.”
“The escalating threats against Taiwan are unacceptable,” said Congressman Vicente Gonzalez. “I’m proud to work alongside Congressman Lucas on the bipartisan PROTECT Taiwan Act, which makes clear to Beijing that the United States will cut off financial lifelines to China if it moves against Taiwan. America must remain steadfast in defending Taiwan’s security and sovereignty.”
The PROTECT Taiwan Act passed the House in the 118th Congress.
Congressman Lucas spoke in favor of his bill in the House Financial Service Committee today, which you can watch by clicking here or on the image below.
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