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![handle is hein.congrecreports/crptxafuw0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-292
TAIWAN CONFLICT DETERRENCE ACT OF 2023
DECEMBER 1, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 554]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 554) to deter Chinese aggression towards Taiwan by re-
quiring the Secretary of the Treasury to publish a report on finan-
cial institutions and accounts connected to senior officials of the
People's Republic of China, to restrict financial services for certain
immediate family of such officials, and for other purposes, having
considered the same, reports favorably thereon with an amendment
and recommends that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Taiwan Conflict Deterrence Act of 2023.
SEC. 2. REPORT ON FINANCIAL INSTITUTIONS AND ACCOUNTS CONNECTED TO CERTAIN CHI-
NESE GOVERNMENT OFFICIALS.
(a) FINANCIAL INSTITUTIONS REPORT.-
(1) IN GENERAL.-Not later than 90 days after the date that the President,
pursuant to section 3(c) of the Taiwan Relations Act (22 U.S.C. 3302(c)), 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 therefrom, and an-
nually thereafter for 3 years, the Secretary of the Treasury shall submit a re-
port to the appropriate Members of Congress containing the following:
(A) With respect to each of at least 10 natural persons described under
subsection (b), at least 1 of whom is a natural person listed under para-
graph (1) of such subsection (b) and at least 1 of whom is a natural person
listed under paragraph (2) of such subsection (b), the estimated total funds
that are held in financial institutions and are under direct or indirect con-
trol by such natural person and a description of such funds.
(B) A list of any financial institutions that-
(i) maintain an account in connection with significant funds described
in subparagraph (A); or
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