117th CONGRESS 2d Session |
To require the imposition of sanctions with respect to the People s Republic of China if the People s Liberation Army initiates a military invasion of Taiwan, and for other purposes.
Mr. Gallagher introduced the following bill; which was referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, Ways and Means, the Judiciary, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
To require the imposition of sanctions with respect to the People s Republic of China if the People s Liberation Army initiates a military invasion of Taiwan, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
(a) Short title. This Act may be cited as the Sanctions Targeting Aggressors of Neighboring Democracies with Taiwan Act of 2022 or the STAND with Taiwan Act of 2022 .
(b) Table of contents. The table of contents for this Act is as follows:
Congress makes the following findings:
(1) Taiwan is a free and prosperous democracy of nearly 24,000,000 people, an important contributor to peace and stability around the world, and continues to embody and promote democratic values, freedom, and human rights in Asia.
(2) The policy of the United States toward Taiwan is guided by the Taiwan Relations Act (22 U.S.C. 3301 et seq.), the United States-People's Republic of China joint communiqu s concluded in 1972, 1978, and 1982, and the Six Assurances that President Ronald Reagan communicated to Taiwan in 1982.
(3) Under section 2 of the Taiwan Relations Act (22 U.S.C. 3301), it is the policy of the United States
(A) to preserve and promote extensive, close, and friendly commercial, cultural, and other relations between the people of the United States and the people on Taiwan, as well as the people on the China mainland and all other peoples of the Western Pacific area
(B) to declare that peace and stability in the area are in the political, security, and economic interests of the United States, and are matters of international concern
(C) to make clear that the United States decision to establish diplomatic relations with the People s Republic of China rests upon the expectation that the future of Taiwan will be determined by peaceful means
(D) to consider any effort to determine the future of Taiwan by other than peaceful means, including by boycotts or embargoes, a threat to the peace and security of the Western Pacific area and of grave concern to the United States
(E) to provide Taiwan with arms of a defensive character and
(F) to maintain the capacity of the United States to resist any resort to force or other forms of coercion that would jeopardize the security, or the social or economic system, of the people on Taiwan .
(4) Since the election of President Tsai Ing-wen as President of Taiwan in 2016, the Chinese Communist Party has employed a variety of coercive military and nonmilitary tactics short of armed conflict in its efforts to exert existential pressure on Taiwan, including through diplomatic isolation, restricting tourism, cyberattacks, spreading disinformation, and controlling the ability of Taiwan to purchase COVID 19 vaccines from other countries.
(5) In 2021, there was a notable increase in military provocations by the People s Liberation Army against Taiwan, including increased flights of military aircraft within Taiwan s air defense identification zone, holding military exercises in the vicinity of Taiwan s controlled waters, and performing live-fire exercises in the South China Sea.
(6) In March 2021, then Commander of the United States Indo-Pacific Command Admiral Philip Davidson testified that the threat of a military invasion of Taiwan by the People s Liberation Army is manifest during this decade, in fact in the next six years .
(7) In March 2021, then Commander of the United States Pacific Fleet Admiral John Aquilino testified that the threat of a military invasion by the People s Liberation Army of Taiwan is much closer to us than most think and could materialize well before 2035.
(8) In October 2021, President Joseph R. Biden publicly affirmed that the United States would come to the defense of Taiwan, saying, yes, we have a commitment to do that .
(9) In addition to military power, economic and financial instruments of United States power and their potential use can have an important deterrent effect on the actions of other countries.
It is the sense of Congress that
(1) it is in the interests of the United States to maintain a free and open Indo-Pacific region, with peace and stability in the Taiwan Strait as a critical component;
(2) efforts by the Chinese Communist Party to unilaterally determine the future of Taiwan through non-peaceful means, including threats and the direct use of force, military coercion, economic boycotts or embargoes, and efforts to internationally isolate or annex Taiwan
(A) directly undermine the spirit, intent, and purpose of the Taiwan Relations Act (22 U.S.C. 3301 et seq.);
(B) undermine peace and stability in the Taiwan Strait;
(C) limit a free and open Indo-Pacific region; and
(D) are of grave concern to the Government of the United States;
(3) the initiation of a military invasion of Taiwan by the People s Liberation Army would
(A) disrupt the peace and stability of the region and threaten the peace and stability of the entire globe; and
(B) undermine the political, security, and economic interests of the United States; and
(4) as an important deterrent measure against a military invasion of Taiwan, the Chinese Communist Party must understand that initiating such an invasion will result in catastrophic economic and financial consequences for the People s Republic of China.
The policy of the Government of the United States on Taiwan is guided by the Taiwan Relations Act (22 U.S.C. 3301 et seq.), the United States-People s Republic of China joint communiqu s concluded in 1972, 1978, and 1982, and the Six Assurances that President Ronald Reagan communicated to Taiwan in 1982, but in the event of the initiation of a military invasion of Taiwan by the People s Liberation Army, it is the policy of the United States
(1) to use and deploy all economic, commercial, and financial instruments and levers of power, including
(A) the imposition of sanctions with respect to members of the Chinese Communist Party and financial institutions;
(B) prohibiting the listing or trading of the securities of Chinese entities on United States securities exchanges;
(C) prohibiting investments by United States financial institutions in economic sectors of the People s Republic of China; and
(D) prohibiting the importation of certain goods mined, produced, or manufactured in the People s Republic of China into the United States; and
(2) to work in close coordination with allies and partners of the United States to encourage those allies and partners to undertake similar economic, commercial, and financial actions against the Chinese Communist Party.
In this Act:
(1) ACCOUNT; CORRESPONDENT ACCOUNT; PAYABLE-THROUGH ACCOUNT. The terms account , correspondent account , and payable-through account have the meanings given those terms in section 5318A of title 31, United States Code.
(2) ADMISSION; ADMITTED; ALIEN. The terms admission , admitted , and alien have the meanings given those terms in section 101 of the Immigration and Nationality Act (8 U.S.C. 1101).
(3) APPROPRIATE CONGRESSIONAL COMMITTEES. The term appropriate congressional committees means
(A) the Committee on Foreign Relations, the Committee on Armed Services, and the Committee on Banking, Housing, and Urban Affairs of the Senate; and
(B) the Committee on Foreign Affairs, the Committee on Armed Services, and the Committee on Financial Services of the House of Representatives.
(4) COVERED DETERMINATION. The term covered determination has the meaning given that term in section 6(a).
(5) FINANCIAL INSTITUTION. The term financial institution means a financial institution specified in subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (M), or (Y) of section 5312(a)(2) of title 31, United States Code.
(6) FOREIGN FINANCIAL INSTITUTION. The term foreign financial institution has the meaning given that term in regulations prescribed by the Secretary of the Treasury.
(7) FOREIGN PERSO