On the 9th, the U.S. House of Representatives passed the 'Taiwan Protection Act' by a vote of 395 in favor and 2 against. The act states that if the mainland threatens Taiwan's security, the U.S. may exclude China from the international financial system. However, the act must still be passed by the Senate and signed into law by President Trump before it takes effect. As of press time, China has not responded.
According to foreign media reports, the full name of the 'Taiwan Protection Act' is the 'Act to Pressure Regulatory Organizations to End China's Threats to Taiwan.'
The triggering condition of the bill is that once the U.S. government determines that China has taken actions that constitute "any threat to the safety of the people of Taiwan, to its society or economic system," as well as "any danger to the interests of the United States" as a result, the U.S. may, to the greatest extent practicable, seek to exclude China's representatives from the Group of 20 (G20), the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), and the International Organization of Securities Commissions (IOSCO).
The act also requires the Treasury Department, the Federal Reserve, and the Securities and Exchange Commission to take "all necessary steps" to promote the implementation of these policies.