A bill that could impose severe economic sanctions on the Chinese Communist Party (CCP) if it launches a military invasion of Taiwan has passed the House of Representatives.

On Monday, the 21st, the House of Representatives unanimously passed the "Taiwan Conflict Deterrence Act (HR 1716)" via voice vote. The bill mandates the tracking and disclosure of financial assets within the United States belonging to the seven members of the Politburo Standing Committee, including Chinese President Xi Jinping, and other CCP Central Committee members responsible for Taiwan-related affairs.

The bill states that if China poses a threat to U.S. interests, it will (1) require additional reporting on the domestic and international financial activities of specific Chinese officials, and (2) prohibit certain financial transactions with those specific Chinese officials.

The bill requires the President to report to Congress on the funds held by specific members of the CCP if the President determines such a threat exists. This includes reporting total assets, details of the funds, and a list of related financial institutions.

Furthermore, it stipulates that Congress must be informed about the methods by which these funds were acquired and any illegal or corrupt means used in their acquisition or use.

It further specifies, "Following such reporting, the Treasury Department shall prohibit significant transactions between U.S. financial institutions and the relevant individuals (and, where applicable, their immediate family members)."

The bill was introduced by Representative Lisa McClain, who also chairs the Republican House Steering Committee from Michigan, and was co-sponsored by Representative Brad Sherman, a prominent pro-Taiwan figure from the Democratic Party.

In a statement following the bill's passage in the House, Representative McClain said, "Congress has taken an important step to protect peace, defend democracy, and deter an attack on our ally Taiwan. The Taiwan Conflict Deterrence Act clearly shows the CCP that invading Taiwan will come with immense and immediate consequences. I am proud to have introduced this bill that solidifies our commitment to achieving peace through strength in the Indo-Pacific region."

The House Financial Services Committee had previously passed the bill unanimously on March 4 with a vote of 48-0.

Around the same time, the Office of the Director of National Intelligence (ODNI) released a report titled "Wealth and Corruption Activities of the CCP Leadership," which stated that although Xi Jinping's family may have divested some assets since he came to power in 2012, they still hold investment assets and commercial interests worth millions of dollars.

The bill will now move to the Senate for consideration. According to Epoch Times, a similar bill from the previous session did not make it to a Senate vote and automatically expired.

By Sung Ku Hong, Chief Reporter, US NNP info@newsandpost.com