PROTECT Taiwan Act

What this does

This bill sets a US policy of shutting Chinese officials out of global financial bodies if Beijing threatens Taiwan. If the President notifies Congress under the Taiwan Relations Act of a threat to Taiwan's security or its social or economic system, and a danger to US interests, arising from actions of the People's Republic of China, it becomes US policy to seek to exclude PRC representatives, to the maximum extent practicable, from the Group of Twenty, the Bank for International Settlements, the Financial Stability Board, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, and the International Organization of Securities Commissions. The Treasury Secretary, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission must take all necessary steps to advance that policy. The President may waive the policy for a given organization by reporting to the House Financial Services Committee and the Senate Banking Committee that the waiver is in the national interest, with reasons. The Act sunsets five years after enactment, or 30 days after the President notifies Congress that ending it is in the national interest, whichever comes first.