The US House of Representatives on Friday passed the Taiwan Non-Discrimination Act of 2023 and the Pressure Regulatory Organizations To End Chinese Threats to Taiwan (PROTECT) Act, aimed at countering China’s efforts to exclude the nation from participating in international financial institutions.
The House Financial Services Committee said in a statement that the non-discrimination act, sponsored by US Representative Young Kim, would require the US to advocate for Taiwan’s membership in the IMF.
The bill says that Taiwan is the 21st-largest economy in the world and the US’ 10th-largest goods trading partner, and that although it is not an IMF member, it is a member of the WTO, the Asian Development Bank and the Asia-Pacific Economic Cooperation forum.
Photo: AFP
“The experience of Taiwan in developing a vibrant and advanced economy under democratic governance and the rule of law should inform the work of the international financial institutions, including through increased participation by Taiwan in the institutions,” it said.
The PROTECT Act, sponsored by US Representative Frank Lucas, is aimed at isolating the Chinese Communist Party from the international financial system by directing the US Federal Reserve, the US Secretary of the Treasury and the US Securities and Exchange Commission to exclude Chinese representatives from the proceedings of international financial groups and organizations if China were to invade Taiwan.
The international financial organizations listed in the bill included the G20, the Bank for International Settlements, the Financial Stability Board, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors and the International Organization of Securities Commissions.
Photo: AFP
In the wake of the House passing the PROTECT bill, Kim wrote on X: “We cannot allow the Chinese Communist Party to keep Taiwan out of international organizations.”
“I’ll always be a voice for our freedom-loving partners across the globe,” she wrote.
The bills are to proceed to the US Senate and if passed there, would be sent to the president to be signed into law.
A magnitude 6.4 earthquake struck off the coast of Hualien County in eastern Taiwan at 7pm yesterday, the Central Weather Administration (CWA) said. The epicenter of the temblor was at sea, about 69.9km south of Hualien County Hall, at a depth of 30.9km, it said. There were no immediate reports of damage resulting from the quake. The earthquake’s intensity, which gauges the actual effect of a temblor, was highest in Taitung County’s Changbin Township (長濱), where it measured 5 on Taiwan’s seven-tier intensity scale. The quake also measured an intensity of 4 in Hualien, Nantou, Chiayi, Yunlin, Changhua and Miaoli counties, as well as
STAY AWAY: An official said people should avoid disturbing snakes, as most do not actively attack humans, but would react defensively if threatened Taitung County authorities yesterday urged the public to stay vigilant and avoid disturbing snakes in the wild, following five reported snakebite cases in the county so far this year. Taitung County Fire Department secretary Lin Chien-cheng (林建誠) said two of the cases were in Donghe Township (東河) and involved the Taiwan habus, one person was bit by a Chinese pit viper near the South Link Railway and the remaining two were caused by unidentified snakes. He advised residents near fields to be cautious of snakes hiding in shady indoor areas, especially when entering or leaving their homes at night. In case of a
Credit departments of farmers’ and fishers’ associations blocked a total of more than NT$180 million (US$6.01 million) from being lost to scams last year, National Police Agency (NPA) data showed. The Agricultural Finance Agency (AFA) said last week that staff of farmers’ and fishers’ associations’ credit departments are required to implement fraud prevention measures when they serve clients at the counter. They would ask clients about personal financial management activities whenever they suspect there might be a fraud situation, and would immediately report the incident to local authorities, which would send police officers to the site to help, it said. NPA data showed
ENERGY RESILIENCE: Although Alaska is open for investments, Taiwan is sourcing its gas from the Middle East, and the sea routes carry risks, Ho Cheng-hui said US government officials’ high-profile reception of a Taiwanese representative at the Alaska Sustainable Energy Conference indicated the emergence of an Indo-Pacific energy resilience alliance, an academic said. Presidential Office Secretary-General Pan Men-an (潘孟安) attended the conference in Alaska on Thursday last week at the invitation of the US government. Pan visited oil and gas facilities with senior US officials, including US Secretary of the Interior Doug Burgum, US Secretary of Energy Chris Wright, Alaska Governor Mike Dunleavy and US Senator Daniel Sullivan. Pan attending the conference on behalf of President William Lai (賴清德) shows a significant elevation in diplomatic representation,
RSS