Directs the State and Treasury Departments to set up a task force that identifies Chinese military and non-military entities that could face economic sanctions if China tries to take control of Taiwan.

• Creates a PRC Sanctions Task Force, led by the State Department's Coordinator for Sanctions and the Treasury Department's Office of Foreign Assets Control, to identify potential sanctions targets, including entities in the shipping, energy, maritime, aviation, and technology sectors.
• Requires a briefing to Congress within 180 days after the task force is established, covering proposed targets, potential economic consequences for the U.S. and its allies, and coordination with allies and partners.
• Requires an annual classified report to the appropriate congressional committees on identified entities, new sanctions authorities, and resource gaps.
• States the sense of Congress that the U.S. should be prepared to sanction entities that support a Taiwan blockade, seizure of an outlying island, or a significant cyber attack, and that no sanctions are self-executing without explicit legal authority.

• Foreign Relations Committee (Senate)

International Affairs