Chinese Currency Accountability Act of 2023

Bill: 118-s-1919
Sponsor: full_name: Sen. Budd, Ted [R-NC]
Introduced: 2023-06-08
Policy area: Foreign Trade and International Finance
Latest action: action_date: 2023-06-08
text: Read twice and referred to the Committee on Foreign Relations.

Summaries:
action_date: 2023-06-08
action_desc: Introduced in Senate
text: <p><b>Chinese Currency Accountability Act of 2023</b></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 a currency support tool available to members of the International Monetary Fund (IMF).</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 (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.</p>

tv_txt: II 118th CONGRESS 1st Session S. 1919 IN THE SENATE OF THE UNITED STATES June 8, 2023 Mr. Budd (for himself, Mr. Manchin , Mrs. Britt , Mr. Braun , Mr. Barrasso , and Ms. Ernst ) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations A BILL 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.

1. Short title This Act may be cited as the Chinese Currency Accountability Act of 2023 . 2. Opposition of the United States to an increase in the weight of 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 that 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 ( 22 U.S.C. 5305 ) or section 701 of the Trade Facilitation and Trade Enforcement Act of 2015 ( 19 U.S.C. 4421 ) in which the People’s Republic of China has been found to have manipulated its currency; (3) the People’s Republic of China has instituted and is implementing the policies and practices necessary to ensure that the renminbi is freely usable (within the meaning of Article XXX(f) of the Articles of Agreement of the Fund); and (4) the People’s Republic of China adheres to the rules and principles of the Paris Club and the Arrangement on Officially Supported Export Credits of the Organisation for Economic Co-operation and Development. 3. Sunset Section 2 shall have no force or effect beginning 10 years after the date of the enactment of this Act.