WASHINGTON – Today, Reps. Lisa McClain (R-Mich.) and Brad Sherman (D-Calif.) introduced bipartisan legislation, the Taiwan Conflict Deterrence Act, to expose the financial corruption of the Chinese Communist Party (CCP) in the event of military action against Taiwan.
“China’s aggression against Taiwan is not just a threat to our ally but also to democracy around the world,” McClain said. “This action is one I do not want our country to have to take but should the CCP attack Taiwan, we must consider this escalatory option. I am proud to introduce this bill that will safeguard our national security and the strategic interests of our regional partners in the Indo-Pacific.”
“I am pleased to join Rep. McClain in introducing this commonsense bipartisan legislation to put the government of China on notice that the U.S. Congress is closely watching its increasing aggression towards Taiwan,” Sherman said. “This bill will be a deterrent which puts pressure on China to reduce these growing tensions, and choose a more peaceful path, by requiring a response of forceful sanctions by the U.S. government if China’s intimidation and coercion of Taiwan go too far.”
The Act would require public disclosure of the financial assets of top Chinese leaders if the CCP invades Taiwan.
The Act would also:
- Require the Treasury Secretary to publish the illegal assets of CCP officials no later than 90 days after China threatens Taiwan.
- Permit the Treasury Secretary to prohibit CCP officials from using funds at U.S. financial institutions.
- Require the Treasury Secretary to brief Congress no later than 30 days after publishing the report.
- Mandate the report be published in unclassified form to the American public.
This is McClain’s first bill introduction of the 119th Congress.
Read the full bill text here.
