Today, the U.S. House of Representatives passed bipartisan financial services legislation aimed at countering the economic threat from China. The measures are designed to deter Chinese Communist Party (CCP) aggression towards Taiwan and prevent the CCP from influencing international financial institutions such as the International Monetary Fund (IMF).
The legislative package includes two key bills:
H.R. 554, the Taiwan Conflict Deterrence Act of 2023, sponsored by Rep. French Hill (AR-02), aims to dissuade Chinese aggression towards Taiwan by publicizing the assets of top Chinese leaders and cutting them and their family members off from the U.S. financial system if Beijing acts against Taiwan.
H.R. 510, the Chinese Currency Accountability Act of 2023, sponsored by Rep. Warren Davidson (OH-08), seeks to prevent the CCP from leveraging critical international institutions like the IMF by requiring the Treasury Secretary to oppose any increase in the weight of China's renminbi in the basket of currencies that determine the value of Special Drawing Rights.
Rep. Hill's remarks in support of H.R. 554 can be viewed [here](#). Similarly, Rep. Davidson's remarks in support of H.R. 510 can be viewed [here](#).