TAIPEI (Taiwan News) — The US House of Representatives on Monday passed a bill calling on the government to disclose the US-held assets of top Chinese Communist Party officials if China invades Taiwan.
The Taiwan Conflict Deterrence Act, introduced in February by House Republican Conference Chair Lisa McClain and Representative Brad Sherman, passed by unanimous voice vote, per CNA. It targets members of the CCP Politburo Standing Committee and Central Committee members with responsibilities related to Taiwan.
The legislation requires the US Department of the Treasury to submit a report to Congress detailing the assets held by these officials, including the amount, nature of the assets, and the names of associated financial institutions. It also mandates briefings on how the assets were acquired and whether any illicit or corrupt means were involved.
The bill authorizes the Treasury Secretary to block CCP officials from accessing funds in US financial institutions. It also mandates the publication of unclassified summaries or portions of the report in Mandarin, English, or any other appropriate language on the department’s website and social media platforms.
In addition, the bill prohibits major financial transactions between US institutions and immediate family members of the listed officials.
A US intelligence report released in March titled Wealth and Corrupt Activities of the Leadership of the Chinese Communist Party found that even after Xi Jinping came to power in 2012 and some of his relatives reportedly sold off assets, his family still holds commercial and financial interests worth millions of dollars. Although the data does not directly tie the investments to Xi, they are likely controlled through intermediaries acting on his behalf.
“The United States cannot afford to be complacent in the face of growing Chinese aggression,” McClain said ahead of the vote. She stressed the importance of manufacturing, trade, and global stability, and how vital Indo-Pacific peace is to US jobs and the economy.
She said the bill sends a clear, bipartisan message: “If the CCP wages war against Taiwan, there will be consequences.” She underscored that “We are talking real, targeted consequences for corrupt CCP elites.”
“Their financial dealings and offshore accounts will be exposed and published for the Chinese people to see,” she explained. “We are not provoking conflict, we are actually working to prevent it.”
