H.R. 1531 — PROTECT Taiwan Act

This section establishes a U.S. policy, triggered if the President notifies Congress under section 3(c) of the Taiwan Relations Act (22 U.S.C. 3302(c)) of any threat by the People's Republic of China (PRC) to Taiwan's security or social or economic system or danger to U.S. interests arising therefrom, to exclude PRC representatives to the maximum extent practicable from participation in specified international financial organizations (i.e., the Group of Twenty, Bank for International Settlements, Financial Stability Board, Basel Committee on Banking Supervision, International Association of Insurance Supervisors, and International Organization of Securities Commissions). The Secretary of the Treasury, Board of Governors of the Federal Reserve System, and Securities and Exchange Commission must take all necessary steps to advance this policy. The President may waive the policy for an organization upon submitting a national interest determination and explanation to the House Committee on Financial Services and Senate Committee on Banking, Housing, and Urban Affairs; the provision sunsets after five years or 30 days after a presidential national interest termination notice to Congress.