Introduced:
Jan 14, 2025
Policy Area:
Foreign Trade and International Finance
Congress.gov:
Bill Statistics
10
Actions
1
Cosponsors
1
Summaries
6
Subjects
3
Text Versions
Yes
Full Text
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Latest Action
Feb 11, 2025
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Summaries (1)
Introduced in House
- Jan 14, 2025
00
<p><strong>Chinese Currency Accountability Act of 2025</strong></p><p>This bill requires the United States to oppose, absent specified conditions, any increase in the weight of Chinese currency (i.e., the renminbi) in the basket of currencies (currently, a set of five currencies, each with different weightings) used to determine the value of Special Drawing Rights. Special Drawing Rights are international reserve assets created by the International Monetary Fund (IMF) to supplement member countries' official foreign exchange reserves.</p><p>Specifically, the Department of the Treasury must instruct certain U.S. officials at the IMF to oppose any such increase unless Treasury has certified that China is in compliance with certain standards and international agreements, including that (1) China is in compliance with all general obligations of members of the IMF, (2) China has not been found to have manipulated its currency in the preceding 12 months, and (3) China adheres to the rules and principles of the Paris Club and the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits. </p>
Actions (10)
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Type: IntroReferral
| Source: Senate
Feb 11, 2025
Motion to reconsider laid on the table Agreed to without objection.
Type: Floor
| Source: House floor actions
| Code: H38310
Feb 10, 2025
4:32 PM
4:32 PM
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
Type: Floor
| Source: House floor actions
| Code: H37300
Feb 10, 2025
4:32 PM
4:32 PM
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
Type: Floor
| Source: Library of Congress
| Code: 8000
Feb 10, 2025
4:32 PM
4:32 PM
DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
Type: Floor
| Source: House floor actions
| Code: H8D000
Feb 10, 2025
4:19 PM
4:19 PM
Considered under suspension of the rules. (consideration: CR H595-596)
Type: Floor
| Source: House floor actions
| Code: H30000
Feb 10, 2025
4:19 PM
4:19 PM
Mr. Hill (AR) moved to suspend the rules and pass the bill.
Type: Floor
| Source: House floor actions
| Code: H30300
Feb 10, 2025
4:19 PM
4:19 PM
Referred to the House Committee on Financial Services.
Type: IntroReferral
| Source: House floor actions
| Code: H11100
Jan 14, 2025
Introduced in House
Type: IntroReferral
| Source: Library of Congress
| Code: Intro-H
Jan 14, 2025
Introduced in House
Type: IntroReferral
| Source: Library of Congress
| Code: 1000
Jan 14, 2025
Subjects (6)
Asia
China
Congressional oversight
Currency
Foreign Trade and International Finance
(Policy Area)
International monetary system and foreign exchange
Cosponsors (1)
(R-PA)
Feb 7, 2025
Feb 7, 2025
Text Versions (3)
Full Bill Text
Length: 2,571 characters
Version: Referred in Senate
Version Date: Feb 11, 2025
Last Updated: Nov 14, 2025 6:28 AM
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 386 Referred in Senate
(RFS) ]
<DOC>
119th CONGRESS
1st Session
H. R. 386
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 11, 2025
Received; read twice and referred to the Committee on Foreign Relations
_______________________________________________________________________
AN ACT
To require the United States Governor of, and the United States
Executive Director at, the International Monetary Fund to oppose an
increase in the weight of the Chinese renminbi in the Special Drawing
Rights basket of the Fund, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
[From the U.S. Government Publishing Office]
[H.R. 386 Referred in Senate
(RFS) ]
<DOC>
119th CONGRESS
1st Session
H. R. 386
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 11, 2025
Received; read twice and referred to the Committee on Foreign Relations
_______________________________________________________________________
AN ACT
To require the United States Governor of, and the United States
Executive Director at, the International Monetary Fund to oppose an
increase in the weight of the Chinese renminbi in the Special Drawing
Rights basket of the Fund, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1.
This Act may be cited as the ``Chinese Currency Accountability Act
of 2025''.
SEC. 2.
THE CHINESE RENMINBI IN THE SPECIAL DRAWING RIGHTS BASKET
OF THE INTERNATIONAL MONETARY FUND.
The Secretary of the Treasury shall instruct the United States
Governor of, and the United States Executive Director at, the
International Monetary Fund to use the voice and vote of the United
States to oppose any increase in the weight of the Chinese renminbi in
the basket of currencies used to determine the value of Special Drawing
Rights, unless the Secretary of the Treasury has submitted to the
Committee on Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate a
written report which includes a certification that--
(1) the People's Republic of China is in compliance with
all its obligations under Article VIII of the Articles of
Agreement of the Fund;
(2) in the preceding 12 months, there has not been a report
submitted under
OF THE INTERNATIONAL MONETARY FUND.
The Secretary of the Treasury shall instruct the United States
Governor of, and the United States Executive Director at, the
International Monetary Fund to use the voice and vote of the United
States to oppose any increase in the weight of the Chinese renminbi in
the basket of currencies used to determine the value of Special Drawing
Rights, unless the Secretary of the Treasury has submitted to the
Committee on Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate a
written report which includes a certification that--
(1) the People's Republic of China is in compliance with
all its obligations under Article VIII of the Articles of
Agreement of the Fund;
(2) in the preceding 12 months, there has not been a report
submitted under
section 3005 of the Omnibus Trade and
Competitiveness Act of 1988 or
Competitiveness Act of 1988 or
section 701 of the Trade
Facilitation and Trade Enforcement Act of 2015 in which the
People's Republic of China has been found to have manipulated
its currency; and
(3) the People's Republic of China adheres to the rules and
principles of the Paris Club and the OECD Arrangement on
Officially Supported Export Credits.
Facilitation and Trade Enforcement Act of 2015 in which the
People's Republic of China has been found to have manipulated
its currency; and
(3) the People's Republic of China adheres to the rules and
principles of the Paris Club and the OECD Arrangement on
Officially Supported Export Credits.
People's Republic of China has been found to have manipulated
its currency; and
(3) the People's Republic of China adheres to the rules and
principles of the Paris Club and the OECD Arrangement on
Officially Supported Export Credits.
SEC. 3.
Section 2 shall have no force or effect beginning 10 years after
the date of the enactment of this Act.
the date of the enactment of this Act.
Passed the House of Representatives February 10, 2025.
Attest:
KEVIN F. MCCUMBER,
Clerk.
Passed the House of Representatives February 10, 2025.
Attest:
KEVIN F. MCCUMBER,
Clerk.