Chinese Currency Accountability Act of 2023
USA118th CongressHR-510| House
| Updated: 9/10/2024
Warren Davidson
Republican Representative
Ohio
Cosponsors (2)
Foreign Relations Committee, Financial Services Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 40 - 0.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 238.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-294.
Mrs. Kim (CA) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H5041-5042)
DEBATE - The House proceeded with forty minutes of debate on H.R. 510.
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)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Foreign Trade and International Finance
AsiaChinaCongressional oversightCurrencyInternational monetary system and foreign exchange
Chinese Currency Accountability Act of 2023
USA118th CongressHR-510| House
| Updated: 9/10/2024
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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 40 - 0.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 238.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-294.
Mrs. Kim (CA) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H5041-5042)
DEBATE - The House proceeded with forty minutes of debate on H.R. 510.
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)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Warren Davidson
Republican Representative
Ohio
Cosponsors (2)
Foreign Relations Committee, Financial Services Committee
Foreign Trade and International Finance
Related Bills
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
AsiaChinaCongressional oversightCurrencyInternational monetary system and foreign exchange