[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7411 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7411

 To direct certain financial regulators to exclude representatives of 
the People's Republic of China from certain banking organizations upon 
      notice of certain threats or danger, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 6, 2022

  Mr. Lucas introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
  Foreign Affairs, 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

_______________________________________________________________________

                                 A BILL


 
 To direct certain financial regulators to exclude representatives of 
the People's Republic of China from certain banking organizations upon 
      notice of certain threats or danger, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Ostracize China Act of 2022''.

SEC. 2. EXCLUSION OF REPRESENTATIVES OF THE PEOPLE'S REPUBLIC OF CHINA 
              FROM CERTAIN BANKING ORGANIZATIONS UPON NOTICE OF CERTAIN 
              THREATS OR DANGER.

    (a) In General.--Not later than 10 days after the date that the 
President, pursuant to section 3(c) of the Taiwan Relations Act (22 
U.S.C. 3302(c)), informs the Congress of any threat to the security or 
the social or economic system of the people on Taiwan and any danger to 
the interests of the United States arising therefrom resulting from 
actions of the People's Republic of China, the Secretary of the 
Treasury, the Board of Governors of the Federal Reserve System, and the 
Securities and Exchange Commission (as appropriate) shall take all 
necessary steps to exclude representatives of the People's Republic of 
China from participation in meetings, proceedings, and other activities 
of the following organizations:
            (1) The Group of Twenty.
            (2) The Bank for International Settlements.
            (3) The Financial Stability Board.
            (4) The Basel Committee on Banking Supervision.
            (5) The International Association of Insurance Supervisors.
            (6) The International Organization of Securities 
        Commissions.
    (b) Waiver.--The President may waive the application of subsection 
(a) upon submission of a report to the Committee on Financial Services 
of the House of Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate--
            (1) that such waiver is in the national interest of the 
        United States; and
            (2) that contains an explanation of the reasons therefor.
    (c) Sunset.--This Act and the requirements of this Act shall have 
no force or effect on the date that is the earlier of--
            (1) 5 years after the date of the enactment of this Act; or
            (2) 30 days after the date on which the President notifies 
        Congress that the termination of this Act is in the national 
        interest of the United States.
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