US House Panel Advances Bills To Sanction China, Bolster Defense Of Taiwan

WASHINGTON (Pakistan Point News / Sputnik - 01st March, 2023) The US House Financial Services Committee on Tuesday advanced a number of bills sanctioning China and imposing costs on Beijing to protect Taiwan.

The panel passed legislation including the Taiwan Conflict Deterrence Act, which seeks to "deter Chinese aggression towards Taiwan" by requiring the US Treasury Secretary to restrict financial services for certain senior PRC officials and their families, according to the bill text.

Lawmakers also advanced the Pressure Regulatory Organizations To End Chinese Threats to (PROTECT) Taiwan Act, which orders US officials to exclude the PRC from meetings of international organizations such as the Group of Twenty, Financial Stability board and Basel Committee on Banking Supervision.

Other legislation advanced by the committee includes bills to support Taiwanese membership in the International Monetary Fund (IMF), to pressure the IMF to oppose an renminbi increase for the PRC in Special Drawing Rights, and require the Treasury Secretary to study the economic risks posed to the US by the Chinese financial sector.

"Today, we are marking up bills that both Committee Democrats and Republicans have worked on together to reach agreement. Notably, most of these bills aim to hold the Chinese government accountable," top panel Democrat Maxine Waters said in a statement.

China is not an ally or strategic partner of the US, but rather, a competitor, Chairman Patrick McHenry said. McHenry also praised the bipartisan nature of the legislation.