US HB1716

Secretary of the Treasury must submit a report to Congress within 90 days of a presidential determination of a PRC threat to Taiwan, detailing financial assets of at least 10 senior Chinese Communist Party officials including Politburo Standing Committee and Politburo members, with annual updates for 3 years

Report must identify financial institutions maintaining accounts or providing significant financial services to covered officials, and the unclassified portion must be published on Treasury's website in English, Chinese, and other appropriate languages

U.S. financial institutions are prohibited from engaging in significant transactions with officials named in the report and their immediate family members who benefit from the identified funds

President may grant exemptions or waivers if officials' funds were acquired through legal means, if individuals provide cooperation on national security matters, or if waivers are essential to U.S. national security interests

Provisions terminate 30 days after the President certifies the threat is no longer present, or 25 years after the final Treasury report is submitted