Us Congress 2025-2026 Regular Session

Us Congress House Bill HB386 Compare Versions

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Version 2 (New)

Old	New		Differences
	1	+	I
1	2		119THCONGRESS
2	3		1
3	4		STSESSION H. R. 386
4		-	AN ACT
	5	+	To require the United States Governor of, and the United States Executive
	6	+	Director at, the International Monetary Fund to oppose an increase
	7	+	in the weight of the Chinese renminbi in the Special Drawing Rights
	8	+	basket of the Fund, and for other purposes.
	9	+	IN THE HOUSE OF REPRESENTATIVES
	10	+	JANUARY14, 2025
	11	+	Mr. D
	12	+	AVIDSONintroduced the following bill; which was referred to the
	13	+	Committee on Financial Services
	14	+	A BILL
5	15		To require the United States Governor of, and the United
6	16		States Executive Director at, the International Monetary
7	17		Fund to oppose an increase in the weight of the Chinese
8	18		renminbi in the Special Drawing Rights basket of the
9	19		Fund, and for other purposes.
10	20		Be it enacted by the Senate and House of Representa-1
11		-	tives of the United States of America in Congress assembled, 2 2
12		-	•HR 386 EH
13		-	SECTION 1. SHORT TITLE. 1
14		-	This Act may be cited as the ‘‘Chinese Currency Ac-2
15		-	countability Act of 2025’’. 3
16		-	SEC. 2. OPPOSITION OF THE UNITED STATES TO AN IN-4
17		-	CREASE IN THE WEIGHT OF THE CHINESE 5
18		-	RENMINBI IN THE SPECIAL DRAWING RIGHTS 6
19		-	BASKET OF THE INTERNATIONAL MONETARY 7
20		-	FUND. 8
21		-	The Secretary of the Treasury shall instruct the 9
22		-	United States Governor of, and the United States Execu-10
23		-	tive Director at, the International Monetary Fund to use 11
24		-	the voice and vote of the United States to oppose any in-12
25		-	crease in the weight of the Chinese renminbi in the basket 13
26		-	of currencies used to determine the value of Special Draw-14
27		-	ing Rights, unless the Secretary of the Treasury has sub-15
28		-	mitted to the Committee on Financial Services of the 16
29		-	House of Representatives and the Committee on Banking, 17
30		-	Housing, and Urban Affairs of the Senate a written report 18
31		-	which includes a certification that— 19
32		-	(1) the People’s Republic of China is in compli-20
33		-	ance with all its obligations under Article VIII of the 21
34		-	Articles of Agreement of the Fund; 22
35		-	(2) in the preceding 12 months, there has not 23
36		-	been a report submitted under section 3005 of the 24
37		-	Omnibus Trade and Competitiveness Act of 1988 or 25
38		-	section 701 of the Trade Facilitation and Trade En-26 3
39		-	•HR 386 EH
40		-	forcement Act of 2015 in which the People’s Repub-1
41		-	lic of China has been found to have manipulated its 2
42		-	currency; and 3
43		-	(3) the People’s Republic of China adheres to 4
44		-	the rules and principles of the Paris Club and the 5
45		-	OECD Arrangement on Officially Supported Export 6
46		-	Credits. 7
47		-	SEC. 3. SUNSET. 8
48		-	Section 2 shall have no force or effect beginning 10 9
49		-	years after the date of the enactment of this Act. 10
50		-	Passed the House of Representatives February 10,
51		-	2025.
52		-	Attest:
53		-	Clerk. 119
54		-	TH
55		-	CONGRESS
56		-	1
57		-	ST
58		-	S
59		-	ESSION
60		-
61		-	H. R. 386
62		-	AN ACT
63		-	To require the United States Governor of, and the
64		-	United States Executive Director at, the Inter-
65		-	national Monetary Fund to oppose an increase in
66		-	the weight of the Chinese renminbi in the Special
67		-	Drawing Rights basket of the Fund, and for
68		-	other purposes.
	21	+	tives of the United States of America in Congress assembled, 2
	22	+	SECTION 1. SHORT TITLE. 3
	23	+	This Act may be cited as the ‘‘Chinese Currency Ac-4
	24	+	countability Act of 2025’’. 5
	25	+	VerDate Sep 11 2014 02:38 Feb 06, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H386.IH H386
	26	+	ssavage on LAPJG3WLY3PROD with BILLS 2
	27	+	•HR 386 IH
	28	+	SEC. 2. OPPOSITION OF THE UNITED STATES TO AN IN-1
	29	+	CREASE IN THE WEIGHT OF THE CHINESE 2
	30	+	RENMINBI IN THE SPECIAL DRAWING RIGHTS 3
	31	+	BASKET OF THE INTERNATIONAL MONETARY 4
	32	+	FUND. 5
	33	+	The Secretary of the Treasury shall instruct the 6
	34	+	United States Governor of, and the United States Execu-7
	35	+	tive Director at, the International Monetary Fund to use 8
	36	+	the voice and vote of the United States to oppose any in-9
	37	+	crease in the weight of the Chinese renminbi in the basket 10
	38	+	of currencies used to determine the value of Special Draw-11
	39	+	ing Rights, unless the Secretary of the Treasury has sub-12
	40	+	mitted to the Committee on Financial Services of the 13
	41	+	House of Representatives and the Committee on Banking, 14
	42	+	Housing, and Urban Affairs of the Senate a written report 15
	43	+	which includes a certification that— 16
	44	+	(1) the People’s Republic of China is in compli-17
	45	+	ance with all its obligations under Article VIII of the 18
	46	+	Articles of Agreement of the Fund; 19
	47	+	(2) in the preceding 12 months, there has not 20
	48	+	been a report submitted under section 3005 of the 21
	49	+	Omnibus Trade and Competitiveness Act of 1988 or 22
	50	+	section 701 of the Trade Facilitation and Trade En-23
	51	+	forcement Act of 2015 in which the People’s Repub-24
	52	+	lic of China has been found to have manipulated its 25
	53	+	currency; and 26
	54	+	VerDate Sep 11 2014 02:38 Feb 06, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H386.IH H386
	55	+	ssavage on LAPJG3WLY3PROD with BILLS 3
	56	+	•HR 386 IH
	57	+	(3) the People’s Republic of China adheres to 1
	58	+	the rules and principles of the Paris Club and the 2
	59	+	OECD Arrangement on Officially Supported Export 3
	60	+	Credits. 4
	61	+	SEC. 3. SUNSET. 5
	62	+	Section 2 shall have no force or effect beginning 10 6
	63	+	years after the date of the enactment of this Act. 7
	64	+	Æ
	65	+	VerDate Sep 11 2014 02:38 Feb 06, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H386.IH H386
	66	+	ssavage on LAPJG3WLY3PROD with BILLS