HR 803 United States House · 118th Congress

PROTECT Taiwan Act

HR 803, the PROTECT Taiwan Act, requires U.S. financial regulators to bar representatives of China from participating in key international financial organizations (like the G20, Bank for International Settlements, and Financial Stability Board) within 10 days of the President notifying Congress about a threat to Taiwan's security or economy from China. The exclusion applies to meetings and activities of these specific groups, triggered by a presidential declaration under the Taiwan Relations Act. The President may waive this requirement with a report explaining the national interest, and the law automatically expires after 5 years or if the President declares termination. This bill directly affects China's representation in global financial governance when the U.S. declares a Taiwan-related threat.

Bill status passed 3 of 5 stages cleared

Introduction

Feb 2023

Committee Review

Jan 2024

House Passage

Jan 2024

Senate Passage

President

Introduced Feb 2, 2023 Last action Jan 16, 2024

Maddy AI version diff · 1 comparison

What changed between versions

Introduced in House → Engrossed in House · 3 edits · Jan 12, 2024

MINOR

The Engrossed version significantly weakens the PROTECT Taiwan Act by converting the core provision from a mandatory directive with a 10-day compliance deadline into a non-binding statement of U.S. policy. The old text required Treasury, the Fed, and the SEC to 'take all necessary steps to exclude' Chinese representatives within 10 days; the new text merely declares it is 'the policy of the United States to seek to exclude' them 'to the maximum extent practicable.' A new subsection (b) partially offsets this by requiring those agencies to take steps to advance the policy, and the waiver provision was refined to allow organization-by-organization waivers rather than a blanket one.

REQUIREMENT

The core obligation changed from a mandatory command ('shall take all necessary steps to exclude') with a 10-day deadline to a non-binding statement of policy ('it is the policy of the United States to seek to exclude... to the maximum extent practicable'). This removes any enforceable deadline and makes compliance discretionary.

New subsection (b) requires the Secretary of the Treasury, the Federal Reserve Board, and the SEC to 'take all necessary steps to advance the policy set forth in subsection (a),' creating a duty to pursue the policy goal even though the policy itself is not mandatory.

ENFORCEMENT

The presidential waiver provision was changed from allowing a blanket waiver of the entire section to allowing waivers 'with respect to an organization,' enabling the President to exclude China from some banking organizations while permitting participation in others.

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 16, 2024

Committee

Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

upper

Jan 12, 2024

Introduced

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H33-34)

lower

Jan 12, 2024

Lower · Passed

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 1/10/2024 CR H33-34)

lower

Jan 10, 2024

Introduced

Mr. McHenry moved to suspend the rules and pass the bill, as amended.

lower

Dec 1, 2023

Lower · Passed

Committee on Foreign Affairs discharged.

lower

Dec 1, 2023

Lower · Passed

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-286, Part I.

lower

Feb 28, 2023

Introduced

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 37 - 0.

lower

Feb 28, 2023

Lower · Passed

Committee Consideration and Mark-up Session Held.

lower

Feb 2, 2023

Committee

Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

lower

Feb 2, 2023

Introduced

Introduced in House

lower

1 primary · 3 co-sponsors