Description:
H.R. 554 would require the Department of the Treasury to publish a report listing estimated total funds held by certain Chinese leaders and the financial institutions where significant portions of the funds are held. The report would be due within 90 days of the Congress receiving a notice from the President concerning a threat to Taiwan by China. That list would be updated every three years unless the threat is deemed no longer present. The bill also would direct the department to prohibit the listed Chinese leaders or their families from using any U.S. financial services. Finally, H.R. 554 would terminate either 30 days after the President deems that Taiwan is no longer under threat or 25 years after the department submits a final report. The 1979 Taiwan Relations Act directs the President to promptly inform the Congress of any threat to the security or the social or economic systems of the people of Taiwan and of any danger to the interests of the United States that arises from that threat. CBO cannot determine when actions by China could result in the President providing such notice and thus invoking the bill’s reporting requirements. In the event of such a notice, CBO estimates that the required report and other actions would cost less than $500,000 over the 2023‑2028 period; any spending would be subject to the availability of appropriated funds.
