TAIPEI (Taiwan News) — Passage of the Protect Taiwan Act in the House of Representatives demonstrates bipartisan US support for Taiwan, the head of the party’s policy committee DPP Legislator Wu Szu-yao (吳思瑤) said Wednesday.

The bill seeks to exclude China from participating in six global financial organizations if the president notifies Congress that China’s actions threaten Taiwan and run counter to US interests. The six organizations are: 

1. Group of Twenty
2. Bank for International Settlements
3. Financial Stability Board
4. Basel Committee on Banking Supervision
5. International Association of Insurance Supervisors
6. International Organization of Securities Commissions

Once the president notifies Congress, the bill requires the Department of the Treasury, the Federal Reserve, and the Securities and Exchange Commission to implement the measures.

Wu said Taiwan’s security is linked to Indo-Pacific security, per CNA. It also concerns US interests and has serious implications for the world order, she added. 

Wu thanked the US for supporting Taiwan and expressed gratitude to House representatives for their bipartisan backing. She added that Taiwan’s ruling and opposition parties should reflect on the significance of the bill’s passage.