PROTECT Taiwan Act

The PROTECT Taiwan Act would establish U.S. policy to exclude Chinese representatives from participating in six major international financial organizations if the President notifies Congress that China's actions threaten Taiwan's security or economic system, or pose danger to U.S. interests. These organizations include 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.

If triggered by presidential notification, the bill would require the Department of the Treasury, the Federal Reserve, and the Securities and Exchange Commission to take all necessary steps to advance China's exclusion from these organizations. The President could waive the exclusion requirement if he determines it serves the national interest and reports this decision to Congress. The bill would automatically expire five years after enactment or sooner if the President notifies Congress that termination is in the national interest.