Vote Smart's Synopsis:

Vote to pass a bill that requires certain federal entities to seek to exclude China from certain international financial organizations if its actions threated Taiwan and pose a danger to U.S. interests.

Highlights:

• Requires certain federal entities to seek to exclude China from six international financial organizations if the President informs Congress that China's actions threaten Taiwan and pose a danger to U.S. interests (Sec. 2).

• Specifies that it is U.S. policy to seek to exclude Chinese representatives from participating in the activities of six international organizations if the President informs Congress that China's actions pose any (Sec. 2):

• Threat to Taiwan's security, economic system, or social system; and

• Danger to U.S. interests.

• Specifies that the six organizations previously mentioned are the following (Sec. 2):

• the Group of Twenty;

• the Bank for International Settlements;

• the Financial Stability Board;

• the Basel Committee on Banking Supervision;

• the International Association of Insurance Supervisors; and

• the International Organization of Securities Commissions.

• Requires the Department of the Treasury, the Federal Reserve, and the Securities and Exchange Commission to take all necessary steps to advance the exclusion policy in the event that the President informs Congress of a triggering event by China (Sec. 2).

• Authorizes the President to waive the application of this policy to an organization if doing so is in the national interest of the United States (Sec. 2).

Full Bill Text

Full Bill Text