Bill > HR1716

This bill aims to deter potential Chinese aggression towards Taiwan by requiring the Secretary of the Treasury to publish detailed financial reports on senior Chinese Communist Party officials and their financial networks. The bill mandates an initial report within 90 days after the President identifies a threat from China, with subsequent annual reports for three years. These reports must detail the estimated funds held by top-ranking party members from the Politburo Standing Committee, Politburo, and Central Committee, specifically those with duties affecting Taiwan. The reports will include a list of financial institutions maintaining significant accounts or providing services to these officials. The bill also prohibits U.S. financial institutions from engaging in significant transactions with these officials and their immediate family members if they benefit from potentially illicit funds. The Secretary of Treasury must make unclassified portions of these reports publicly available in multiple languages. The bill includes exemptions and presidential waiver options if cooperation or national security interests are at stake. Importantly, the financial restrictions will automatically terminate either 30 days after the President declares the threat is gone or 25 years after the final report, whichever comes first. The legislation defines "immediate family" broadly to include spouses, children, parents, siblings, and their extended relations, ensuring comprehensive coverage of potential financial networks.

Business and Industry, Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/house-bill/1716/all-info