For more information on pursuing trade policy interests through the legislative process, please contact Nicole Bivens Collinson at (202) 730-4956 or via email.
Three bills were recently passed by the full House of Representatives and forwarded to the Senate, which referred them to the Senate Foreign Relations Committee for consideration.
Pressure Regulatory Organizations to End Chinese Threats to Taiwan Act or the PROTECT Taiwan Act. (previously called the “Ostracize China Act”; H.R. 803) would direct U.S. agencies to seek to ostracize China from international organizations in the event that China threatens Taiwan's security or social or economic system or endangers U.S. interests vis-à-vis Taiwan. Specifically, U.S. agencies would be directed to take all necessary steps to exclude China's representatives from the activities of specified international organizations, including the Group of 20, the Financial Stability Board, and the Basel Committee on Banking Supervision. The President could waive these actions if doing so is found to be in the US national interest.
The Taiwan Non-Discrimination Act of 2023 (H.R. 504) directs the U.S. Governor for the International Monetary Fund to advocate for Taiwan to 1) be admitted as a member to the IMF, assuming Taiwan applies; 2) participate in IMF activities; 3) receive IMF technical assistance and training; and 4) provide for Taiwanese nationals to be authorized for employment at the IMF.
The China Exchange Rate Transparency Act of 2023 (H.R. 839) directs the U.S. Executive Director at the IMF to use the voice and vote of the United States to advocate for increased exchange rate transparency from China, for 7 years. Not only does it reference considering whether China is engaging in indirect foreign exchange market intervention through Chinese financial institutions or state-owned enterprises and advocate for “enhanced multilateral and bilateral surveillance by the IMF, but it also suggests that the US advocate for evaluating quota and voting shares at the IMF for China based on whether or not China is acting as what it calls “a responsible stakeholder in the international monetary system.”
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