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H.R. 2372: STAND with Taiwan Act of 2023

Mike Gallagher

Quick Facts

Bill Sponsor: Rep. Mike Gallagher (R-WI-8)

Congress: 118th

Date Introduced: March 29, 2023

Last Action: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, Ways and Means, the Judiciary, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (March 29, 2023)

Bill Summary

Sanctions Targeting Aggressors of Neighboring Democracies with Taiwan Act of 2023 or the STAND with Taiwan Act of 2023

This bill requires the imposition of sanctions in the event of a military invasion of Taiwan by China and addresses related issues.

If the President determines that China or any of its proxies has initiated a military invasion of Taiwan, or if a joint resolution making such a determination is enacted, the bill requires

  • the President to impose visa- and property-blocking sanctions on certain senior officials of China's government and the Chinese Communist Party (CCP);
  • the Department of the Treasury to impose property-blocking sanctions on specified foreign financial institutions, including banks under the jurisdiction of China and in which China's government holds an interest;
  • Treasury to impose property-blocking sanctions on any entity affiliated with China's government or the CCP;
  • the Securities and Exchange Commission (SEC) to prohibit the trading of the securities of an issuer affiliated with China's government or the CCP on a national securities exchange;
  • Treasury to prohibit U.S. financial institutions from making certain investments, such as investments in an entity owned or controlled by China's government, the CCP, or China's military;
  • the prohibition of the importation of certain goods, including goods produced wholly or in part in China or by certain entities owned or financed by China's government or the CCP; and
  • a prohibition on any depository institution or SEC-registered securities broker or dealer processing funds transfers to or from China or for the benefit of Chinese government officials or CCP members.