Legis Daily

Chinese Currency Accountability Act of 2025

USA119th CongressHR-386| House 
| Updated: 2/11/2025
Warren Davidson

Warren Davidson

Republican Representative

Ohio

Cosponsors (1)
Daniel Meuser (Republican)

Foreign Relations Committee, Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This legislation mandates that the United States Governor and Executive Director at the International Monetary Fund (IMF) use their voice and vote to oppose any increase in the weight of the Chinese renminbi within the Fund's Special Drawing Rights (SDR) basket. This opposition is a standing directive unless certain conditions are met and certified by the Secretary of the Treasury. The Secretary must provide a written report certifying that the People's Republic of China complies with all its obligations under Article VIII of the IMF's Articles of Agreement and has not been found to have manipulated its currency in the preceding 12 months. Furthermore, the certification requires China's adherence to the rules and principles of the Paris Club and the OECD Arrangement on Officially Supported Export Credits. This requirement will cease to have effect 10 years after the Act's enactment.

Bill Text Versions

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3 versions available

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Timeline

Bill from Previous Congress

HR 117-3866
Chinese Currency Accountability Act of 2021

Bill from Previous Congress

HR 118-510
Chinese Currency Accountability Act of 2023
Jan 14, 2025
Introduced in House
Jan 14, 2025
Referred to the House Committee on Financial Services.
Feb 10, 2025
Mr. Hill (AR) moved to suspend the rules and pass the bill.
Feb 10, 2025
Considered under suspension of the rules. (consideration: CR H595-596)
Feb 10, 2025
DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
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
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
Feb 10, 2025
Motion to reconsider laid on the table Agreed to without objection.
Feb 11, 2025
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
  • Bill from Previous Congress

    HR 117-3866
    Chinese Currency Accountability Act of 2021


  • Bill from Previous Congress

    HR 118-510
    Chinese Currency Accountability Act of 2023


  • January 14, 2025
    Introduced in House


  • January 14, 2025
    Referred to the House Committee on Financial Services.


  • February 10, 2025
    Mr. Hill (AR) moved to suspend the rules and pass the bill.


  • February 10, 2025
    Considered under suspension of the rules. (consideration: CR H595-596)


  • February 10, 2025
    DEBATE - The House proceeded with forty minutes of debate on H.R. 386.


  • February 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)


  • February 10, 2025
    On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)


  • February 10, 2025
    Motion to reconsider laid on the table Agreed to without objection.


  • February 11, 2025
    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 2025

USA119th CongressHR-386| House 
| Updated: 2/11/2025
This legislation mandates that the United States Governor and Executive Director at the International Monetary Fund (IMF) use their voice and vote to oppose any increase in the weight of the Chinese renminbi within the Fund's Special Drawing Rights (SDR) basket. This opposition is a standing directive unless certain conditions are met and certified by the Secretary of the Treasury. The Secretary must provide a written report certifying that the People's Republic of China complies with all its obligations under Article VIII of the IMF's Articles of Agreement and has not been found to have manipulated its currency in the preceding 12 months. Furthermore, the certification requires China's adherence to the rules and principles of the Paris Club and the OECD Arrangement on Officially Supported Export Credits. This requirement will cease to have effect 10 years after the Act's enactment.

Bill Text Versions

View Text
3 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 117-3866
Chinese Currency Accountability Act of 2021

Bill from Previous Congress

HR 118-510
Chinese Currency Accountability Act of 2023
Jan 14, 2025
Introduced in House
Jan 14, 2025
Referred to the House Committee on Financial Services.
Feb 10, 2025
Mr. Hill (AR) moved to suspend the rules and pass the bill.
Feb 10, 2025
Considered under suspension of the rules. (consideration: CR H595-596)
Feb 10, 2025
DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
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
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
Feb 10, 2025
Motion to reconsider laid on the table Agreed to without objection.
Feb 11, 2025
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
  • Bill from Previous Congress

    HR 117-3866
    Chinese Currency Accountability Act of 2021


  • Bill from Previous Congress

    HR 118-510
    Chinese Currency Accountability Act of 2023


  • January 14, 2025
    Introduced in House


  • January 14, 2025
    Referred to the House Committee on Financial Services.


  • February 10, 2025
    Mr. Hill (AR) moved to suspend the rules and pass the bill.


  • February 10, 2025
    Considered under suspension of the rules. (consideration: CR H595-596)


  • February 10, 2025
    DEBATE - The House proceeded with forty minutes of debate on H.R. 386.


  • February 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)


  • February 10, 2025
    On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)


  • February 10, 2025
    Motion to reconsider laid on the table Agreed to without objection.


  • February 11, 2025
    Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Warren Davidson

Warren Davidson

Republican Representative

Ohio

Cosponsors (1)
Daniel Meuser (Republican)

Foreign Relations Committee, Financial Services Committee

Foreign Trade and International Finance

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
AsiaChinaCongressional oversightCurrencyInternational monetary system and foreign exchange