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Chinese Currency Accountability Act of 2025
Summary
This bill requires the United States Governor and Executive Director at the International Monetary Fund to use U.S. voting power to oppose any increase in the weight of the Chinese renminbi in the SDR (Special Drawing Rights) basket, which the IMF uses to determine the value of its reserve currency. The opposition requirement can be waived only if the Treasury Secretary submits a written report certifying that China is complying with its IMF obligations, has not been found to have manipulated its currency in the preceding 12 months, and adheres to international export credit rules. The provision expires 10 years after the bill is enacted.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
1 cosponsor
- Rep. Meuser, Daniel [R-PA-9] (R-PA)
Actions (9)
- Feb 11, 2025 Received in the Senate and Read twice and referred to the Committee on Foreign Relations. · senate
- Feb 10, 2025 Motion to reconsider laid on the table Agreed to without objection. · house
- Feb 10, 2025 On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595) · house
- Feb 10, 2025 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
- Feb 10, 2025 DEBATE - The House proceeded with forty minutes of debate on H.R. 386. · house
- Feb 10, 2025 Considered under suspension of the rules. (consideration: CR H595-596) · house
- Feb 10, 2025 Mr. Hill (AR) moved to suspend the rules and pass the bill. · house
- Jan 14, 2025 Referred to the House Committee on Financial Services. · house
- Jan 14, 2025 Introduced in House
More bills on these subjects (8)
Other bills that carry the most legislative subjects in common with this one (topical discovery — distinct from the procedural related bills above).
Text versions (3)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
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. SHORT TITLE.
This Act may be cited as the “Chinese Currency Accountability Act of 2025”.
SEC. 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 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 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.
SEC. 3. SUNSET.
Section 2 shall have no force or effect beginning 10 years after the date of the enactment of this Act.
Passed the House of Representatives February 10, 2025.
Attest:
Clerk. 119th CONGRESS
1st Session
H. R. 386
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.
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