Did the US House Just Pass a Bill to Exclude China Over Taiwan?
Synopsis
Key Takeaways
Washington, Feb 11 (NationPress) The US House of Representatives has enacted a bill aimed at potentially excluding China from prominent global financial organizations if Beijing presents an immediate threat to Taiwan.
The proposed legislation, spearheaded by Rep. Frank D. Lucas from Oklahoma, is termed the PROTECT Taiwan Act. It establishes a US policy to advocate for the removal of Chinese representatives from vital multilateral entities when the president notifies Congress of an imminent threat to Taiwan's security.
According to the Taiwan Relations Act, the president is required to inform Congress should such a threat occur. Upon such notification, the bill mandates the exclusion of China from organizations like the Group of 20, the Financial Stability Board, and the Basel Committee on Banking Supervision.
“The response of the United States to any invasion of Taiwan ought to be strong and comprise multiple sanctions and economic penalties. Exclusion from international bodies must be a component of that response,” Lucas articulated on the House floor.
He further emphasized that if China “attempts to disrupt the global order,” it “should not remain a member of international organizations dedicated to maintaining that order.”
Rep. French Hill of Arkansas, who chairs the House Financial Services Committee, also endorsed the initiative.
“The Protect Taiwan Act guarantees that there will be substantial financial and diplomatic repercussions if China were to invade Taiwan. Period,” Hill commented. “The US has to convey a clear message that China’s hostility towards Taiwan is unacceptable and will face consequences.”
The bill previously received unanimous approval from the House Financial Services Committee and is co-sponsored by Rep. Vicente Gonzalez from Texas.
Supporters highlighted Taiwan's crucial role in the global semiconductor sector. Approximately 90% of the world’s most advanced semiconductor chips are manufactured by Taiwan Semiconductor Manufacturing Co., a key provider for technology and defense industries worldwide. The legislation will now move to the Senate.
China regards Taiwan as part of its territory and has not dismissed the possibility of employing force to bring the self-governing island under its authority. The United States has no formal diplomatic ties with Taiwan but serves as its primary security ally under the Taiwan Relations Act.