Chinese Currency Accountability Act of 2023

Bill: 118-hr-510
Sponsor: Rep. Davidson, Warren [R-OH-8]
Introduced: 2023-01-25 in the House
Policy area: Foreign Trade and International Finance
Subjects: Asia
China
Congressional oversight
Currency
International monetary system and foreign exchange

Summary:
action_date: 2023-01-25
text: 

Chinese Currency Accountability Act of 2023

 
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 a currency support tool available to members of the International Monetary Fund (IMF).
 
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 (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 is implementing policies and practices necessary to ensure that the renminbi is freely usable.

action_date: 2023-12-01
text: 

Chinese Currency Accountability Act of 2023

 
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 a currency support tool available to members of the International Monetary Fund (IMF).
 
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, and (2) China has not been found to have manipulated its currency in the preceding 12 months.


Legislative actions:
action_date: 2024-09-10
text: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
action_date: 2024-09-09
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2024-09-09
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)
action_date: 2024-09-09
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)
action_date: 2024-09-09
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 510.
action_date: 2024-09-09
text: Considered under suspension of the rules. (consideration: CR H5041-5042)
action_date: 2024-09-09
text: Mrs. Kim (CA) moved to suspend the rules and pass the bill, as amended.
action_date: 2023-12-01
text: Placed on the Union Calendar, Calendar No. 238.
action_date: 2023-12-01
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-294.
action_date: 2023-12-01
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-294.
action_date: 2023-02-28
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 40 - 0.
action_date: 2023-02-28
text: Committee Consideration and Mark-up Session Held.
action_date: 2023-01-25
text: Referred to the House Committee on Financial Services.
action_date: 2023-01-25
text: Introduced in House
action_date: 2023-01-25
text: Introduced in House