TAIPEI (TVBS News) — The U.S. House of Representatives passed the "Taiwan Conflict Deterrence Act of 2023" (台灣衝突嚇阻法案) on Monday (Sept. 9), aiming to deter mainland China from invading Taiwan by exposing the global assets of Chinese leaders and freezing their access to the U.S. financial system.
The U.S. Congress convened Monday, and the House discussed the bill introduced by Rep. French Hill and Rep. Brad Sherman last January. After several committee members spoke, the House passed the bill without objection.
Hill emphasized that if China attacks Taiwan, the U.S. Department of the Treasury will reveal Beijing officials' illicit assets. China would then have to explain to its people, amid high unemployment and a debt crisis, how it accumulated such wealth.
Hill further noted that the bill aims to publicly shame corrupt officials and cut off their access to U.S. financial services. He mentioned that the U.S. recognized Beijing in 1979 based on the premise that Taiwan's future must be resolved peacefully, and any blockade or aggressive measures threaten peace and security.
Sherman highlighted that the bill seeks to weaken Chinese officials' support for invading Taiwan. He explained that if the U.S. President, acting under the Taiwan Relations Act (台灣關係法), decides to respond to the Taiwan Strait situation, U.S. financial institutions will have the authority to disclose and freeze the assets of specific officials and their families globally.
The passage of this act marks a significant step in U.S. efforts to deter potential aggression in the Taiwan Strait, signaling a robust stance against threats to regional stability.