H.R. 7704House117th Congress (2021-2023)In Committee

Taiwan Conflict Deterrence Act of 2022

Introduced May 10, 2022

AI-Generated Summary

Updated February 8, 2026 at 11:16 AM UTC

The Taiwan Conflict Deterrence Act of 2022 seeks to discourage Chinese aggression toward Taiwan by targeting the finances of senior Chinese officials and their families. It requires the Treasury Secretary to publish reports on assets held by certain high‑ranking Chinese Communist Party members and to make the unclassified portion publicly available. The Treasury may also bar U.S. financial institutions from dealing with those officials or their immediate family if they benefit from the reported funds. The measures apply to Politburo Standing Committee members, other Politburo members, and Central Committee members who influence Taiwan policy.

Key Provisions

  • Treasury must submit a report within 90 days after a presidential threat notice and annually for three years, detailing assets of at least 10 senior Chinese officials and listing financial institutions that hold or service those assets.
  • The unclassified portion of the report must be posted on the Treasury’s website and social‑media channels in English, Chinese, and other languages as appropriate.
  • Treasury may prohibit U.S. financial institutions and their affiliates from significant transactions with the listed officials or their immediate family if the family benefits from the reported funds.
  • The prohibition ends either 30 days after the President declares the threat no longer present or 25 years after the final required report, whichever comes first.
  • The President can waive reporting or prohibitions if the funds were legally acquired, the person cooperates on national‑security matters, or a financial institution agrees to cease services or cooperate.

Legislative Activity

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2 earlier actions
HouseIntro Referral Latest Action

Sponsor introductory remarks on measure. (CR H5092)

May 17, 2022

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HouseIntro Referral

Introduced in House

May 10, 2022

HouseIntro Referral

Referred to the House Committee on Financial Services.

May 10, 2022

HouseIntro Referral

Sponsor introductory remarks on measure. (CR H5092)

May 17, 2022

Floor Debate

3 members

What members said about H.R. 7704 on the floor

3 Republicans
Chip Roy
Rep. Chip RoyR-TX-21 · May 17, 2022

Madam Speaker, I yield to the gentleman from Arkansas (Mr. Hill), my neighbor. Week of Prayer for China Madam Speaker, I thank the gentleman from Arkansas for his comments and for his tireless…

Scott Perry
Rep. Scott PerryR-PA-10 · May 17, 2022

Madam Speaker, I thank my friend, the good gentleman from Texas for yielding. I think that what most people don't understand--and some even in this body--is that when you think about operational…

J. French Hill
Rep. J. French HillR-AR-2 · May 17, 2022

Madam Speaker, I thank my good friend from Texas for yielding. Madam Speaker, I rise today to bring attention to the continued death of freedom and personal rights occurring in greater China. Last…

Bill Text

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Introduced in HouseIssued May 10, 2022

I

117th CONGRESS

2d Session

H. R. 7704

IN THE HOUSE OF REPRESENTATIVES

May 10, 2022

Mr. Hill (for himself and Mr. Sherman) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To deter Chinese aggression towards Taiwan by requiring the Secretary of the Treasury to publish a report on financial 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.

1.

Short title

This Act may be cited as the Taiwan Conflict Deterrence Act of 2022.

2.

Report on financial institutions and accounts connected to certain Chinese 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 annually thereafter for 3 years, the Secretary of the Treasury shall submit a report 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 paragraph (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 control 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

(ii)

otherwise provide significant financial services to a natural person covered by the report.

(2)

Briefing required

Not later than 30 days after submitting a report described under paragraph (1), the Secretary of the Treasury, or a designee of the Secretary, shall brief the appropriate Members of Congress on the funds covered by the report, including a description of how the funds were acquired, and any illicit or corrupt means employed to acquire or use the funds.

(3)

Exemptions

The requirements described under paragraph (1) may not be applied with respect to a natural person or a financial institution, as the case may be, if the President determines:

(A)

The funds described under paragraph (1)(A) were primarily acquired through legal and noncorrupt means.

(B)

The natural person has agreed to provide significant cooperation to the United States for an important national security purpose with respect to China.

(C)

A financial institution has agreed to—

(i)

no longer maintain an account described under paragraph (1)(B)(i);

(ii)

no longer provide significant financial services to a natural person covered by the report; or

(iii)

provide significant cooperation to the United States for an important national security purpose with respect to China.

(4)

Waiver

The President may waive any requirement described under paragraph (1) with respect to a natural person or a financial institution upon reporting to the appropriate Members of Congress that—

(A)

the waiver would substantially promote the objective of ending the threat described under paragraph (1);

(B)

the threat described under paragraph (1) is no longer present; or

(C)

the waiver is essential to the national security interests of the United States.

(b)

Natural persons described

The natural persons described in this subsection are persons who, at the time of a report, are the following:

(1)

A member of the Politburo Standing Committee of the Chinese Communist Party.

(2)

A member of the Politburo of the Chinese Communist Party that is not described under paragraph (1).

(3)

A member of the Central Committee of the Chinese Communist Party that—

(A)

is none of the foregoing; and

(B)

performs any official duty that directly or indirectly affects Taiwan.

(c)

Form of report; public availability

(1)

Form

The report required under subsection (a) shall be submitted in unclassified form but may contain a classified annex.

(2)

Public availability

The Secretary of the Treasury shall make the unclassified portion of the report required under subsection (a) available to the public on the website and social media accounts of the Department of the Treasury—

(A)

in English, Chinese, and any other language that the Secretary finds appropriate; and

(B)

in precompressed, easily downloadable versions that are made available in all appropriate formats.

3.

Prohibition on financial services for certain immediate family

(a)

In general

The Secretary of the Treasury may prohibit a United States financial institution, and any person owned or controlled by a United States financial institution, from engaging in a significant transaction with—

(1)

a natural person covered by a report made under section 2(a); or

(2)

the immediate family of a person described under paragraph (1), if the Secretary finds that such immediate family benefits from funds described in the report.

(b)

Termination

Subsection (a) shall have no force or effect on the earlier of—

(1)

the date that is 30 days after the date that the President reports to the appropriate Members of Congress that the threat described under section 2(a)(1) is no longer present; or

(2)

the date that is 25 years after the date that the Secretary of the Treasury submits the final report required under section 2(a)(1).

4.

Definitions

For purposes of this Act:

(1)

Appropriate Members of Congress

The term appropriate Members of Congress means the Speaker and minority leader of the House of Representatives, the majority leader and minority leader of the Senate, the Chairman and Ranking Member of the Committee on Financial Services of the House of Representatives, and the Chairman and Ranking Member of the Committee on Banking, Housing, and Urban Affairs of the Senate.

(2)

Financial institution

The term financial institution means a United States financial institution or a foreign financial institution.

(3)

Foreign financial institution

The term foreign financial institution has the meaning given that term in section 561.308 of title 31, Code of Federal Regulations.

(4)

Funds

The term funds has the meaning given to such term by the Secretary of the Treasury.

(5)

Immediate family

The term immediate family of any natural person means the following (whether by the full or half blood or by adoption):

(A)

Such person’s spouse, father, mother, children, brothers, sisters, and grandchildren.

(B)

The father, mother, brothers, and sisters of such person’s spouse.

(C)

The spouse of a child, brother, or sister of such person.

(6)

United States financial institution

The term United States financial institution has the meaning given the term U.S. financial institution under section 561.309 of title 31, Code of Federal Regulations.