Taiwan Conflict Deterrence Act of 2023

HR 554, the Taiwan Conflict Deterrence Act of 2023, requires the U.S. Treasury to report annually for three years on financial assets held by specific Chinese Communist Party officials involved with Taiwan, including Politburo members and certain Central Committee members. It mandates that U.S. financial institutions cannot engage in significant transactions with these officials or their immediate family (spouses, children, parents) if the Treasury finds they benefit from funds detailed in the reports. The prohibition on financial transactions expires either 30 days after the President certifies the threat to U.S. interests has ended or 25 years after the final report is submitted. The law aims to deter actions by China that threaten Taiwan by targeting financial ties of high-level officials.