Pontiac Times

Rep. Lisa McClain's bill, the Taiwan Conflict Deterrence Act, has advanced from the House Financial Services Committee with unanimous support. The committee voted 48-0 in favor of the legislation, which aims to address financial corruption linked to the Chinese Communist Party (CCP).

"In the face of mounting aggression, deterring our adversaries from putting global stability and American security at risk is vital," McClain stated. "I am pleased to see my bipartisan bill move out of committee so quickly. It is crucial we protect our national security and push back on the Chinese Communist Party’s unwarranted threats, and this legislation is one step closer to becoming law."

The bill was introduced by McClain last week as her first legislative effort in this Congress. Key provisions include requiring the Treasury Secretary to publish illegal assets held by CCP officials within 90 days following any threat from China towards Taiwan. Additionally, it allows for prohibiting CCP officials from using funds at U.S. financial institutions.

Furthermore, the Treasury Secretary would be required to brief Congress within 30 days after publishing such a report. The report must also be made available in an unclassified form to the public.