H.R. 1716

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1716 Referred in Senate (RFS)]

<DOC>
119th CONGRESS
1st Session
H. R. 1716

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

July 22, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
and Urban Affairs

_______________________________________________________________________

AN ACT

To deter Chinese aggression towards Taiwan by requiring the Secretary 
of the Treasury to publish a report on financial institutions and 
accounts connected to senior officials of the People's Republic of 
China, to restrict financial services for certain immediate family of 
such officials, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Taiwan Conflict Deterrence Act of 
2025''.

SEC. 2. REPORT ON FINANCIAL INSTITUTIONS AND ACCOUNTS CONNECTED TO 
CERTAIN CHINESE GOVERNMENT OFFICIALS.

(a) Financial Institutions Report.--
(1) In general.--Not later than 90 days after the date that 
the President, pursuant to section 3(c) of the Taiwan Relations 
Act (22 U.S.C. 3302(c)), informs the Congress of a threat 
resulting from actions of the People's Republic of China and 
any danger to the interests of the United States arising 
therefrom, and annually thereafter for 3 years, the Secretary 
of the Treasury shall submit a report to the appropriate 
Members of Congress containing the following:
(A) With respect to each of at least 10 natural 
persons described under subsection (b), at least 1 of 
whom is a natural person listed under paragraph (1) of 
such subsection (b) and at least 1 of whom is a natural 
person listed under paragraph (2) of such subsection 
(b), the estimated total funds that are held in 
financial institutions and are under direct or indirect 
control by such natural person and a description of 
such funds.
(B) A list of any financial institutions that--
(i) maintain an account in connection with 
significant funds described in subparagraph 
(A); or
(ii) otherwise provide significant 
financial services to a natural person covered 
by the report.
(2) Briefing required.--Not later than 30 days after 
submitting a report described under paragraph (1), the 
Secretary of the Treasury, or a designee of the Secretary, 
shall provide to the appropriate Members of Congress an 
unclassified or classified briefing (as determined appropriate 
by the Secretary) on the funds covered by the report, including 
a description of how the funds were acquired, and any illicit 
or corrupt means employed to acquire or use the funds.
(3) Exemptions.--The requirements described under paragraph 
(1) may not be applied with respect to a natural person or a 
financial institution, as the case may be, if the President 
determines:
(A) The funds described under paragraph (1)(A) were 
primarily acquired through legal and noncorrupt means.
(B) The natural person has agreed to provide 
significant cooperation to the United States for an 
important national security purpose with respect to 
China.
(C) A financial institution has agreed to--
(i) no longer maintain an account described 
under paragraph (1)(B)(i);
(ii) no longer provide significant 
financial services to a natural person covered 
by the report; or
(iii) provide significant cooperation to 
the United States for an important national 
security purpose with respect to China.
(4) Waiver.--The President may waive any requirement 
described under paragraph (1) with respect to a natural person 
or a financial institution upon reporting to the appropriate 
Members of Congress that--
(A) the waiver would substantially promote the 
objective of ending the threat described under 
paragraph (1);
(B) the threat described under paragraph (1) is no 
longer present; or
(C) the waiver is essential to the national 
security interests of the United States.
(b) Natural Persons Described.--The natural persons described in 
this subsection are persons who, at the time of a report, are the 
following:
(1) A member of the Politburo Standing Committee of the 
Chinese Communist Party.
(2) A member of the Politburo of the Chinese Communist 
Party that is not described under paragraph (1).
(3) A member of the Central Committee of the Chinese 
Communist Party that--
(A) is none of the foregoing; and
(B) performs any official duty that directly or 
indirectly affects Taiwan.
(c) Form of Reports; Public Availability.--
(1) Form of reports.--The reports required under paragraphs 
(1) and (4) of subsection (a) shall be submitted in 
unclassified form but may contain a classified annex.
(2) Public availability.--The Secretary of the Treasury 
shall make the unclassified portion of the report required 
under subsection (a)(1) available to the public on the website 
and social media accounts of the Department of the Treasury--
(A) in English, Chinese, and any other language 
that the Secretary finds appropriate; and
(B) in precompressed, easily downloadable versions 
that are made available in all appropriate formats.

SEC. 3. PROHIBITION ON FINANCIAL SERVICES FOR CERTAIN IMMEDIATE FAMILY.

(a) In General.--The Secretary of the Treasury shall prohibit a 
United States financial institution, and any person owned or controlled 
by a United States financial institution, from engaging in a 
significant transaction with--
(1) a natural person covered by a report made under section 
2(a); and
(2) the immediate family of a person described under 
paragraph (1), if the Secretary finds that such immediate 
family benefits from funds described in the report.
(b) Exceptions.--
(1) Exception for intelligence, law enforcement, and 
national security activities.--Subsection (a) shall not apply 
with respect to any intelligence, law enforcement, or national 
security activity of the United States.
(2) Waiver.--The President may waive the application of 
subsection (a) with respect to a person upon reporting to the 
appropriate Members of Congress that--
(A) the waiver would substantially promote the 
objective of ending the threat described under section 
2(a)(1);
(B) the threat described under section 2(a)(1) is 
no longer present; or
(C) the waiver is essential to the national 
security interests of the United States.
(3) Form of reports.--The reports required under paragraph 
(2) shall be submitted in unclassified form but may contain a 
classified annex.
(4) Exception relating to importation of goods.--
(A) In general.--The authorities and requirements 
authorized under this section shall not include the 
authority or requirement to impose sanctions on the 
importation of goods.
(B) Good defined.--In this section, the term 
``good'' means any article, natural or man-made 
substance, material, supply or manufactured product, 
including inspection and test equipment, and excluding 
technical data.
(c) Implementation; Penalties.--
(1) Implementation.--The President may exercise all 
authorities provided to the President under sections 203 and 
205 of the International Emergency Economic Powers Act (50 
U.S.C. 1702 and 1704) to carry out this section. Not later than 
60 days after issuing a license pursuant to this section, the 
President shall submit a copy of the license to the appropriate 
Members of Congress.
(2) Penalties.--A person that violates, attempts to 
violate, conspires to violate, or causes a violation of this 
section or any regulation, license, or order issued to carry 
out this section shall be subject to the penalties set forth in 
subsections (b) and (c) of section 206 of the International 
Emergency Economic Powers Act (50 U.S.C. 1705) to the same 
extent as a person that commits an unlawful act described in 
subsection (a) of that section 206.
(d) Termination.--This section shall have no force or effect on the 
earlier of--
(1) the date that is 30 days after the date that the 
President reports to the appropriate Members of Congress that 
the threat described under section 2(a)(1) is no longer 
present; or
(2) the date that is 25 years after the date that the 
Secretary of the Treasury submits the final report required 
under section 2(a)(1).

SEC. 4. DEFINITIONS.

For purposes of this Act:
(1) Appropriate members of congress.--The term 
``appropriate Members of Congress'' means the Speaker and 
minority leader of the House of Representatives, the majority 
leader and minority leader of the Senate, the Chairman and 
Ranking Member of the Committee on Financial Services of the 
House of Representatives, and the Chairman and Ranking Member 
of the Committee on Banking, Housing, and Urban Affairs of the 
Senate.
(2) Financial institution.--The term ``financial 
institution'' means a United States financial institution or a 
foreign financial institution.
(3) Foreign financial institution.--The term ``foreign 
financial institution'' has the meaning given that term in 
section 561.308 of title 31, Code of Federal Regulations.
(4) Funds.--The term ``funds'' has the meaning given to 
such term by the Secretary of the Treasury.
(5) Immediate family.--The term ``immediate family'' of any 
natural person means the following (whether by the full or half 
blood or by adoption):
(A) Such person's spouse, father, mother, children, 
brothers, sisters, and grandchildren.
(B) The father, mother, brothers, and sisters of 
such person's spouse.
(C) The spouse of a child, brother, or sister of 
such person.
(6) United states financial institution.--The term ``United 
States financial institution'' has the meaning given the term 
``U.S. financial institution'' under section 561.309 of title 
31, Code of Federal Regulations.

Passed the House of Representatives July 21, 2025.

Attest:

KEVIN F. MCCUMBER,

Clerk.