I
119THCONGRESS
1
STSESSION H. R. 386
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.
IN THE HOUSE OF REPRESENTATIVES
JANUARY14, 2025
Mr. D
AVIDSONintroduced the following bill; which was referred to the
Committee on Financial Services
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.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Chinese Currency Ac-4
countability Act of 2025’’. 5
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•HR 386 IH
SEC. 2. OPPOSITION OF THE UNITED STATES TO AN IN-1
CREASE IN THE WEIGHT OF THE CHINESE 2
RENMINBI IN THE SPECIAL DRAWING RIGHTS 3
BASKET OF THE INTERNATIONAL MONETARY 4
FUND. 5
The Secretary of the Treasury shall instruct the 6
United States Governor of, and the United States Execu-7
tive Director at, the International Monetary Fund to use 8
the voice and vote of the United States to oppose any in-9
crease in the weight of the Chinese renminbi in the basket 10
of currencies used to determine the value of Special Draw-11
ing Rights, unless the Secretary of the Treasury has sub-12
mitted to the Committee on Financial Services of the 13
House of Representatives and the Committee on Banking, 14
Housing, and Urban Affairs of the Senate a written report 15
which includes a certification that— 16
(1) the People’s Republic of China is in compli-17
ance with all its obligations under Article VIII of the 18
Articles of Agreement of the Fund; 19
(2) in the preceding 12 months, there has not 20
been a report submitted under section 3005 of the 21
Omnibus Trade and Competitiveness Act of 1988 or 22
section 701 of the Trade Facilitation and Trade En-23
forcement Act of 2015 in which the People’s Repub-24
lic of China has been found to have manipulated its 25
currency; and 26
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•HR 386 IH
(3) the People’s Republic of China adheres to 1
the rules and principles of the Paris Club and the 2
OECD Arrangement on Officially Supported Export 3
Credits. 4
SEC. 3. SUNSET. 5
Section 2 shall have no force or effect beginning 10 6
years after the date of the enactment of this Act. 7
Æ
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