This bill would set up an interagency "PRC Sanctions Task Force" to identify military and non-military entities that could be subject to sanctions or other economic actions if the People's Republic of China (PRC) takes actions to try to control Taiwan. The task force must be created within 180 days by the State Department sanctions coordinator and the Treasury Department's Office of Foreign Assets Control, with coordination from the Director of National Intelligence and other agencies. Within 180 days after it is formed, the task force must brief key congressional committees with plans that assess existing sanctions, propose any new authorities needed, analyze economic effects on the United States and allies, suggest mitigation steps (like licenses or carve-outs), and recommend ways to coordinate with allies. The task force must identify likely foreign military or civilian entities and industries (for example shipping, logistics, energy, maritime, aviation, ground transportation, and technology) that could be involved in an effort to control Taiwan. The bill requires a classified report to Congress 180 days after that briefing and annually afterward. The bill also states it does not change the United States' One China policy and that any sanctions recommended by the task force are not self-executing and would need existing law or new laws to be imposed.
If enacted, the bill would create planning and reporting that could lead to future sanctions or economic actions targeted at specific foreign entities if the PRC takes aggressive actions against Taiwan. Businesses and industries named in the bill (for example shipping, logistics, energy, aviation, ground transport, technology, and financial firms) could be studied or listed as potential targets in contingency plans. Any actual sanctions would require separate legal steps before they take effect. The bill also calls for coordination with U.S. allies and for the task force to look at ways to reduce harm to U.S. and allied economies if sanctions are used.
No publicly available information on the estimated costs to create or run the task force, prepare briefings and classified reports, or on costs to federal agencies or other parties.
The bill's authors and supporters state the United States must be prepared to take immediate economic action against PRC entities that support actions to overthrow Taiwan's governing institutions, occupy Taiwanese territory, violate Taiwan's territorial integrity, or take major military or cyber actions such as blockades or seizures. They say planning sanctions and other economic tools in advance, and coordinating with allies, will help deter or respond to such aggression while not changing U.S. One China policy.
No publicly available information.