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AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill says that if the President tells Congress that China’s actions are threatening Taiwan’s security or its social or economic system, and also harming U.S. interests, the United States should try to keep representatives of the People’s Republic of China out of certain major international finance groups and meetings as much as possible. The goal is to use U.S. financial and regulatory influence to push back against threats to Taiwan. It also directs key U.S. agencies to help carry out this policy, while giving the President a way to waive the rule if doing so is in the national interest. The bill would expire after 5 years, or sooner if the President tells Congress that ending it would be better for the country.
- The policy would apply only after the President makes a formal notice to Congress under the Taiwan Relations Act about a threat from actions by China.
- The groups targeted include the G20, 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 Federal Reserve Board, and the Securities and Exchange Commission would have to take steps needed to carry out this policy.
- The President could waive the policy for a group by sending Congress a report saying the waiver is in the national interest and explaining why.
Official Summaries
Pressure Regulatory Organizations To End Chinese Threats to Taiwan Act or the PROTECT Taiwan Act
This bill requires certain federal entities to seek to exclude China from six international financial organizations if the President informs Congress that China's actions threaten Taiwan and pose a danger to U.S. interests.
Specifically, the bill establishes that it is U.S. policy to seek to exclude Chinese representatives from participating in the activities of six international organizations if the President informs Congress that China's actions pose any (1) threat to Taiwan's security, economic system, or social system; and (2) danger to U.S. interests.
The six specified organizations are
- 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.
In the event that the President so informs Congress, the bill requires the Department of the Treasury, the Federal Reserve, and the Securities and Exchange Commission to take all necessary steps to advance the exclusion policy.
The President may waive the application of this policy to an organization if doing so is in the national interest of the United States.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1531 Referred in Senate (RFS)]
<DOC>
119th CONGRESS
2d Session
H. R. 1531
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 11, 2026
Received; read twice and referred to the Committee on Foreign Relations
_______________________________________________________________________
AN ACT
To direct certain financial regulators to exclude representatives of
the People's Republic of China from certain banking organizations upon
notice of certain threats or danger, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Pressure Regulatory Organizations To
End Chinese Threats to Taiwan Act'' or the ``PROTECT Taiwan Act''.
SEC. 2. STATEMENT OF POLICY REGARDING THE EXCLUSION OF REPRESENTATIVES
OF THE PEOPLE'S REPUBLIC OF CHINA FROM CERTAIN BANKING
ORGANIZATIONS UPON NOTICE OF CERTAIN THREATS OR DANGER.
(a) In General.--If the President, pursuant to section 3(c) of the
Taiwan Relations Act (22 U.S.C. 3302(c)), informs the Congress of any
threat to the security or the social or economic system of the people
on Taiwan and any danger to the interests of the United States arising
therefrom resulting from actions of the People's Republic of China, it
is the policy of the United States to seek to exclude representatives
of the People's Republic of China, to the maximum extent practicable,
from participation in meetings, proceedings, and other activities of
the following organizations:
(1) The Group of Twenty.
(2) The Bank for International Settlements.
(3) The Financial Stability Board.
(4) The Basel Committee on Banking Supervision.
(5) The International Association of Insurance Supervisors.
(6) The International Organization of Securities
Commissions.
(b) Policy Advancement.--The Secretary of the Treasury, the Board
of Governors of the Federal Reserve System, and the Securities and
Exchange Commission shall take all necessary steps to advance the
policy set forth in subsection (a).
(c) Waiver.--The President may waive the application of subsection
(a) with respect to an organization upon submission of a report to the
Committee on Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate--
(1) that such waiver is in the national interest of the
United States; and
(2) that contains an explanation of the reasons therefor.
(d) Sunset.--This Act and the requirements of this Act shall have
no force or effect on the date that is the earlier of--
(1) 5 years after the date of the enactment of this Act; or
(2) 30 days after the date on which the President notifies
Congress that the termination of this Act is in the national
interest of the United States.
Passed the House of Representatives February 9, 2026.
Attest:
KEVIN F. MCCUMBER,
Clerk.