TAIPEI (Taiwan News) — The US House of Representatives on Monday unanimously passed the Taiwan Non-Discrimination Act, which backs Taiwan’s bid to join the International Monetary Fund.

Co-sponsored by Representatives Young Kim and Al Green, the bill directs the US Treasury to support Taiwan’s inclusion in the IMF, participation in its economic surveillance, access to technical assistance, and Taiwanese citizen employment at the IMF, per CNA. Taiwan was one of the IMF’s founding members but was forced out after China joined in April 1980.

Before the vote, Kim said China has repeatedly blocked Taiwan’s involvement in the IMF and other international forums. “China pursues these tactics because they know that financial security is just as important as military security,” she said.

Kim said defense experts have warned China could seek to destabilize Taiwan’s financial system by raising tariffs, shorting stocks, or freezing bank transfers. She said IMF membership would give Taiwan the tools to strengthen its financial resilience and resist China’s economic coercion.

Kim emphasized that US policy has long supported Taiwan’s participation in organizations that do not require statehood. “We must continue to advocate for Taiwan's voice to be heard where membership is not possible,” she added.

The bill argues that Taiwan already belongs to the World Trade Organization, Asian Development Bank, and Asia-Pacific Economic Cooperation. It also cites a 2020 US Treasury report showing Taiwan held US$471.9 billion (NT$13.96 trillion) in foreign exchange reserves, more than India, South Korea, or Brazil.

While some claim IMF members must also be in the UN, the bill notes Kosovo joined the IMF and World Bank in 2009 despite not being a UN member. It also cites former IMF legal director Joseph Gold, who wrote that the IMF generally avoids using “independence” or “sovereignty” as membership criteria.

Gold said that while the IMF may consider whether an entity is recognized as a state, there are no formal rules or even informal consensus on how much recognition by other member states or international organizations is needed for an applicant to be considered eligible.

After passing the House, the bill must clear the Senate in identical form before reaching the president’s desk. The Senate Committee on Foreign Relations approved a counterpart version earlier this month, which now awaits a full vote.