Hoping to deter the Chinese Communist Party (CCP) from invading the neighboring self-ruled island of Taiwan, the U.S. House Financial Services Committee has approved several pieces of legislation that would impose economic restrictions on CCP officials and influence international bodies to put pressure on China.
Of the seven bills that pertained to China and Taiwan at Tuesday’s committee hearing, all passed without opposition. The bills still must be voted on by the House and Senate.
A Strategy of Deterrence
Some of the proposed bills—even if passed—would not take effect unless the President were to declare a threat to Taiwan originating from China. If that declaration were made, the Taiwan Conflict Deterrence Act would authorize the Department of the Treasury to bar U.S. financial institutions from doing business with top CCP officials and their family members….