,,ib ,union ,calendar ,no4 #bcf #aahth ,,congress #ast ,session ,h4 ,r4 #eed ,report ,no4 #aah-bib ,,in ,,the ,,house ,,of ,,representatives ,january #bf1 #bjbc,mr4 ,hill 7for himself and ,mr4 ,sherman7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,december #a1 #bjbc;,additional sponsors3 ,mr4 ,lawler1 ,ms4 ,lee of ,nevada1 ,mr4 ,ryan1 ,mr4 ,pappas1 ,mrs4 ,kim of ,california1 ,ms4 ,de ,la ,cruz1 and ,mrs4 ,wagner ,december #a1 #bjbc,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,january #bf1 #bjbc ,a ,,bill ,to deter ,chinese aggression towards ,taiwan by requiring the ,secretary of the ,treasury to publish a report on financial institutions and accounts connected to senior officials of the ,people's ,republic of ,china1 to restrict financial services for certain immediate family of such officials1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,taiwan ,conflict ,deterrence ,act of #bjbc4 #b4 ,report on financial institutions and accounts connected to certain ,chinese government officials 7a7 ,financial institutions report 7#a7 ,in general ,not later than #ij days after the date that the ,president1 pursuant to section #c7;c7 of the ,taiwan ,relations ,act 7#bb ,u4,s4,c4 #ccjb7;c771 informs the ,congress of a threat resulting from actions of the ,people's ,republic of ,china and any danger to the interests of the ,united ,states arising therefrom1 and annually thereafter for #c years1 the ,secretary of the ,treasury shall submit a report to the appropriate ,members of ,congress containing the following3 7,a7 ,with respect to each of at least #aj natural persons described under subsection 7b71 at least #a of whom is a natural person listed under paragraph 7#a7 of such subsection 7b7 and at least #a of whom is a natural person listed under paragraph 7#b7 of such subsection 7b71 the estimated total funds that are held in financial institutions and are under direct or indirect control by such natural person and a description of such funds4 7,b7 ,a list of any financial institutions that-- 7i7 maintain an account in connection with significant funds described in subparagraph 7,a72 or 7ii7 otherwise provide significant financial services to a natural person covered by the report4 7#b7 ,briefing required ,not later than #cj days after submitting a report described under paragraph 7#a71 the ,secretary of the ,treasury1 or a designee of the ,secretary1 shall provide to the appropriate ,members of ,congress an unclassified or classified briefing 7as determined appropriate by the ,secretary7 on the funds covered by the report1 including a description of how the funds were acquired1 and any illicit or corrupt means employed to acquire or use the funds4 7#c7 ,exemptions ,the requirements described under paragraph 7#a7 may not be applied with respect to a natural person or a financial institution1 as the case may be1 if the ,president determines3 7,a7 ,the funds described under paragraph 7#a77;,a7 were primarily acquired through legal and noncorrupt means4 7,b7 ,the natural person has agreed to provide significant cooperation to the ,united ,states for an important national security purpose with respect to ,china4 7,c7 ,a financial institution has agreed to-- 7i7 no longer maintain an account described under paragraph 7#a77;,b77i72 7ii7 no longer provide significant financial services to a natural person covered by the report2 or 7iii7 provide significant cooperation to the ,united ,states for an important national security purpose with respect to ,china4 7#d7 ,waiver ,the ,president may waive any requirement described under paragraph 7#a7 with respect to a natural person or a financial institution upon reporting to the appropriate ,members of ,congress that-- 7,a7 the waiver would substantially promote the objective of ending the threat described under paragraph 7#a72 7,b7 the threat described under paragraph 7#a7 is no longer present2 or 7,c7 the waiver is essential to the national security interests of the ,united ,states4 7b7 ,natural persons described ,the natural persons described in this subsection are persons who1 at the time of a report1 are the following3 7#a7 ,a member of the ,politburo ,standing ,committee of the ,chinese ,communist ,party4 7#b7 ,a member of the ,politburo of the ,chinese ,communist ,party that is not described under paragraph 7#a74 7#c7 ,a member of the ,central ,committee of the ,chinese ,communist ,party that-- 7,a7 is none of the foregoing2 and 7,b7 performs any official duty that directly or indirectly affects ,taiwan4 7c7 ,form of reports2 public availability 7#a7 ,form ,the reports required under paragraphs 7#a7 and 7#d7 of subsection 7a7 shall be submitted in unclassified form but may contain a classified annex4 7#b7 ,public availability ,the ,secretary of the ,treasury shall make the unclassified portion of the report required under subsection 7a77#a7 available to the public on the website and social media accounts of the ,department of the ,treasury-- 7,a7 in ,english1 ,chinese1 and any other language that the ,secretary finds appropriate2 and 7,b7 in precompressed1 easily downloadable versions that are made available in all appropriate formats4 #c4 ,prohibition on financial services for certain immediate family 7a7 ,in general ,the ,secretary of the ,treasury shall prohibit a ,united ,states financial institution1 and any person owned or controlled by a ,united ,states financial institution1 from engaging in a significant transaction with-- 7#a7 a natural person covered by a report made under section #b7;a72 and 7#b7 the immediate family of a person described under paragraph 7#a71 if the ,secretary finds that such immediate family benefits from funds described in the report4 7b7 ,exceptions 7#a7 ,exception for intelligence1 law enforcement1 and national security activities ,subsection 7a7 shall not apply with respect to any intelligence1 law enforcement1 or national security activity of the ,united ,states4 7#b7 ,waiver ,the ,president may waive the application of subsection 7a7 with respect to a person upon reporting to the appropriate ,members of ,congress that-- 7,a7 the waiver would substantially promote the objective of ending the threat described under section #b7;a77#a72 7,b7 the threat described under section #b7;a77#a7 is no longer present2 or 7,c7 the waiver is essential to the national security interests of the ,united ,states4 7#c7 ,form of reports ,the reports required under paragraph 7#b7 shall be submitted in unclassified form but may contain a classified annex4 7#d7 ,rule of construction 7,a7 ,in general ,nothing in this section shall be construed as authorizing or requiring any sanction with respect to the importation of any good4 7,b7 ,good defined ,in this paragraph1 the term good means any article1 natural or manmade substance1 material1 supply or manufactured product1 including inspection and test equipment1 and excluding technical data4 7c7 ,implementation2 penalties 7#a7 ,implementation ,the ,president may exercise all authorities provided to the ,president under sections #bjc and #bje of the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agjb and #agjd7 to carry out this section4 ,not later than #fj days after issuing a license pursuant to this section1 the ,president shall submit a copy of the license to the appropriate ,members of ,congress4 7#b7 ,penalties ,a person that violates1 attempts to violate1 conspires to violate1 or causes a violation of this section or any regulation1 license1 or order issued to carry out this section shall be subject to the penalties set forth in subsections 7b7 and 7c7 of section #bjf of the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agje7 to the same extent as a person that commits an unlawful act described in subsection 7a7 of that section #bjf4 7d7 ,termination ,this section shall have no force or effect on the earlier of-- 7#a7 the date that is #cj days after the date that the ,president reports to the appropriate ,members of ,congress that the threat described under section #b7;a77#a7 is no longer present2 or 7#b7 the date that is #be years after the date that the ,secretary of the ,treasury submits the final report required under section #b7;a77#a74 #d4 ,definitions ,for purposes of this ,act3 7#a7 ,appropriate ,members of ,congress ,the term appropriate ,members of ,congress means the ,speaker and minority leader of the ,house of ,representatives1 the majority leader and minority leader of the ,senate1 the ,chairman and ,ranking ,member of the ,committee on ,financial ,services of the ,house of ,representatives1 and the ,chairman and ,ranking ,member of the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 7#b7 ,financial institution ,the term financial institution means a ,united ,states financial institution or a foreign financial institution4 7#c7 ,foreign financial institution ,the term foreign financial institution has the meaning given that term in section #efa4cjh of title #ca1 ,code of ,federal ,regulations4 7#d7 ,funds ,the term funds has the meaning given to such term by the ,secretary of the ,treasury4 7#e7 ,immediate family ,the term immediate family of any natural person means the following 7whether by the full or half blood or by adoption73 7,a7 ,such person's spouse1 father1 mother1 children1 brothers1 sisters1 and grandchildren4 7,b7 ,the father1 mother1 brothers1 and sisters of such person's spouse4 7,c7 ,the spouse of a child1 brother1 or sister of such person4 7#f7 ,united ,states financial institution ,the term ,united ,states financial institution has the meaning given the term ,u4,s4 financial institution under section #efa4cji of title #ca1 ,code of ,federal ,regulations4 ,december #a1 #bjbc,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed