“To develop economic tools to deter aggression by the People's Republic of China against Taiwan.”
No CRS summary available for this bill.
This section expresses the sense of Congress that the United States must be prepared to impose sanctions on PRC or Chinese Communist Party entities supporting actions to overthrow Taiwan’s governing institutions, occupy its territory, or conduct blockades, seizures, or significant attacks, and that planning by the PRC Sanctions Task Force should complement other U.S. responses without altering long-standing policy. It further states that the United States remains committed to its One China policy under the Taiwan Relations Act, the three U.S.-PRC Joint Communiqués, and the Six Assurances, and that any PRC attempt to resolve Taiwan’s status through force or coercion is contrary to U.S. interests while the future of Taiwan should be determined peacefully and acceptably to the people of Taiwan.
This section defines terms for the Act, including "appropriate congressional committees" as the Senate Committees on Foreign Relations, Banking, Housing, and Urban Affairs, Commerce, Science, and Transportation, and Finance and the House Committees on Foreign Affairs, Financial Services, Energy and Commerce, and Ways and Means; "PRC" as the People's Republic of China; and "PRC Sanctions Task Force" (or "Task Force") as the task force established under section 4.
This section establishes the PRC Sanctions Task Force, to be led by the Coordinator for Sanctions at the Department of State and the Director of the Office of Foreign Assets Control at the Department of the Treasury, in coordination with the Director of National Intelligence and other Federal agencies. The Task Force must be created not later than 180 days after enactment and must identify military and non-military entities that could be subject to U.S. sanctions or other economic actions in response to any PRC action demonstrating an attempt to achieve, or having the significant effect of achieving, physical or political control of Taiwan. Not later than 180 days after its establishment, the Task Force must brief the appropriate congressional committees on a strategy that (1) assesses existing sanctions programs and proposes new authorities as needed; (2) analyzes economic consequences to the United States and its allies and partners, along with mitigation measures such as licenses and carve-outs; (3) coordinates with allies and partners on leveraging sanctions against PRC financial and industrial sectors, resolving impediments, targeting key industries, and providing economic support to Taiwan; (4) assesses resource gaps at the Departments of State, Treasury, and Commerce, the Office of the U.S. Trade Representative, and other agencies; (5) recommends targets for sanctions against PRC individuals, entities, and sectors, taking into account their role in supporting PRC policies, negative implications for the PRC government, and effects on global financial stability; and (6) identifies foreign entities in sectors including shipping, logistics, energy, maritime, aviation, ground transportation, and technology that could be used to achieve control of Taiwan.
This section requires the PRC Sanctions Task Force to submit a classified report to the appropriate congressional committees not later than 180 days after the briefing required under section 4(b), and annually thereafter. The report must address any entities identified for potential sanctions, new authorities needed to impose such sanctions, potential economic impacts on the PRC, the United States, and U.S. allies and partners, mitigation measures to limit adverse effects on the United States and its allies, the status of coordination with allies and partners, resource gaps at the Departments of State and the Treasury, and any additional resources required to implement related strategies.
This section provides rules of construction clarifying that nothing in the Act modifies the One China Policy of the United States, which is guided by the Taiwan Relations Act (22 U.S.C. 3301 et seq.), the three United States-People’s Republic of China Joint Communiqués, and the Six Assurances. The section further specifies that sanctions identified or recommended pursuant to the Act are not self-executing and may be imposed only if explicitly authorized under Federal law in effect the day before enactment or under a subsequently enacted Act of Congress.