WASHINGTON – Rep. Lisa McClain (R-Mich.) today released the following statement after her bill, the Taiwan Conflict Deterrence Act, was marked up and passed out of the House Financial Services Committee unanimously with a strong bipartisan vote of 48-0.
“In the face of mounting aggression, deterring our adversaries from putting global stability and American security at risk is vital,” McClain said. “I am pleased to see my bipartisan bill move out of committee so quickly. It is crucial we protect our national security and push back on the Chinese Communist Party’s unwarranted threats, and this legislation is one step closer to becoming law.”
Background:
McClain introduced the bill last week as her first piece of legislation this Congress.
The bill would:
- 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.
