TAIPEI (Taiwan News) — U.S. lawmakers introduced the Taiwan Policy Act of 2022 on Friday (June 17) to reset the Taiwan relationship and potentially send billions of dollars in funding for “security assistance.”

The bipartisan legislation was introduced by Democratic Party Senator and Chair of the Senate Foreign Relations Committee Bob Menendez and Republican Senator Lindsey Graham, per The Hill. They said the proposed bill would upgrade the Taiwan Relations Act of 1979 and represented the most dramatic change in U.S. policy on Taiwan in over 40 years.

Menendez was quoted as saying: “As Beijing continues to seek to coerce and isolate Taiwan, there should be no doubt or ambiguity about the depth and strength of our determination to stand with the people of Taiwan and their democracy."

The Act will be accompanied by a proposed cash injection of US$4.5 billion (NT$133.7 billion) over four years to boost Taiwan’s defense capabilities. There will also be a push to make Taiwan a “Major Non-NATO Ally,” which would provide defense, trade, and security cooperation advantages, according to The Hill.

The publication quoted intelligence officials as saying Beijing represents an “acute threat” to Taiwan. It also mentioned the precedent set by Russia and its invasion of Ukraine.

Lindsey Graham was quoted as saying: “We live in dangerous times. China is sizing up America and our commitment to Taiwan. The danger will only grow worse if we show weakness in the face of Chinese threats and aggression toward Taiwan.”