Us Congress 2023-2024 Regular Session

Us Congress House Bill HB510

Introduced
1/25/23  
Refer
1/25/23  
Report Pass
2/28/23  

Caption

Chinese Currency Accountability Act of 2023

Impact

The enactment of HB 510 would potentially influence U.S.-China economic relations and the broader international financial system. By establishing the criteria for opposing any adjustment to the RMB’s status in the SDR, the bill reinforces the U.S. stance on ensuring fair currency practices. Furthermore, it demonstrates a commitment to monitor and regulate foreign currency manipulation, which could have repercussions for trade agreements and diplomatic relations between the two nations. The bill is designed to uphold accountability standards for China, a significant player in global economics.

Summary

House Bill 510, known as the Chinese Currency Accountability Act of 2023, aims to formalize the United States government's position against increasing the weight of the Chinese renminbi (RMB) within the Special Drawing Rights (SDR) basket of the International Monetary Fund (IMF). This legislative action reflects concerns regarding China's compliance with international monetary practices and the potential implications such a change could have on global trading dynamics. The bill mandates that the U.S. Secretary of the Treasury instruct the U.S. Governor and Executive Director at the IMF to oppose any increase in the RMB's weight unless specific compliance certifications are presented to Congress.

Sentiment

The legislative sentiment surrounding HB 510 is predominantly cautious and protective of U.S. economic interests. Proponents argue that the bill is crucial for maintaining a level playing field in international trade and preventing China from gaining undue leverage in global finance. Conversely, critics may view such actions as overly aggressive or counterproductive to broader cooperation on economic challenges. This bill reflects a broader bipartisan concern over the impact of China’s economic practices on the U.S. and global economy.

Contention

While the bill aims to assert U.S. economic sovereignty and provide checks against potential currency manipulation by China, it may also generate debates regarding diplomatic relations and global cooperation. Critics could argue that an overly hostile stance against China might hinder effective dialogue and collaboration on global economic issues, while supporters may contend that vigilance is necessary to protect American financial interests. The tension between economic policy and foreign relations remains a pivotal point of contention in discussions surrounding HB 510.

Companion Bills

US SB1919

Same As Chinese Currency Accountability Act of 2023

US HB7476

Related Countering Communist China Act Stop CCP Fentanyl Act Countering Atrocities through Currency Accountability Act of 2024 Sanctioning Supporters of Slave Labor Act DATA Act Deterring America’s Technological Adversaries Act DITCH Act Dump Investments in Troublesome Communist Holdings Act ENABLERS Act Establishing New Authorities for Businesses Laundering and Enabling Risks to Security Act STOP CCP Act Sanctioning Tyrannical and Oppressive People within the Chinese Communist Party Act Disclosing Investments in Foreign Adversaries Act of 2024 PARSA Protecting Americans’ Retirement Savings Act Preventing Adversaries from Developing Critical Capabilities Act

Previously Filed As

US SB1919

Chinese Currency Accountability Act of 2023

US HB386

Chinese Currency Accountability Act of 2025This 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 international reserve assets created by the International Monetary Fund (IMF) to supplement member countries' official foreign exchange reserves.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, (2) China has not been found to have manipulated its currency in the preceding 12 months, and (3) China adheres to the rules and principles of the Paris Club and the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits. 

US HB685

Chinese Government COVID–19 Accountability Act

US HB3203

Stop Chinese Fentanyl Act of 2023

US HB804

Chinese CBDC Prohibition Act of 2023

US SB481

Deterring Communist Chinese Aggression against Taiwan through Financial Sanctions Act of 2023

US HB551

No Taxpayer Funding for the Chinese Communist Party Act of 2023

US HB4658

STOP CCP Act of 2023 Sanction Transactions Originating from Pernicious Chinese Companies and Policies Act of 2023

US HB688

CCP Visa Disclosure Act of 2023 Chinese Communist Party Visa Disclosure Act of 2023

US HB747

Stop Chinese Fentanyl Act of 2025

Similar Bills

No similar bills found.