Us Congress 2025-2026 Regular Session

Us Congress House Bill HB692 Compare Versions

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Old	New		Differences
	1	+	I
1	2		119THCONGRESS
2	3		1
3	4		STSESSION H. R. 692
4		-	AN ACT
	5	+	To require the United States Executive Director at the International Mone-
	6	+	tary Fund to advocate for increased transparency with respect to ex-
	7	+	change rate policies of the People’s Republic of China, and for other
	8	+	purposes.
	9	+	IN THE HOUSE OF REPRESENTATIVES
	10	+	JANUARY23, 2025
	11	+	Mr. M
	12	+	EUSER(for himself, Mr. LOUDERMILK, Ms. LEEof Nevada, Ms. DELA
	13	+	C
	14	+	RUZ, Mr. MOOLENAAR, and Mr. MESSMER) introduced the following bill;
	15	+	which was referred to the Committee on Financial Services
	16	+	A BILL
5	17		To require the United States Executive Director at the Inter-
6	18		national Monetary Fund to advocate for increased trans-
7	19		parency with respect to exchange rate policies of the
8	20		People’s Republic of China, and for other purposes.
9	21		Be it enacted by the Senate and House of Representa-1
10		-	tives of the United States of America in Congress assembled, 2 2
11		-	•HR 692 EH
12		-	SECTION 1. SHORT TITLE. 1
13		-	This Act may be cited as the ‘‘China Exchange Rate 2
14		-	Transparency Act of 2025’’. 3
15		-	SEC. 2. FINDINGS. 4
16		-	The Congress finds as follows: 5
17		-	(1) Under Article IV of the Articles of Agree-6
18		-	ment of the International Monetary Fund (IMF), 7
19		-	the People’s Republic of China has committed to or-8
20		-	derly exchange rate arrangements, the avoidance of 9
21		-	exchange rate manipulation, and cooperation with 10
22		-	the IMF to ensure ‘‘firm surveillance’’ of the ex-11
23		-	change rate policies of the People’s Republic of 12
24		-	China. Pursuant to Article VIII of the Articles of 13
25		-	Agreement of the IMF, the IMF may require the 14
26		-	People’s Republic of China to furnish data on gold 15
27		-	and foreign exchange holdings, including assets held 16
28		-	by non-official agencies of the People’s Republic of 17
29		-	China. 18
30		-	(2) In its November 2022 report, entitled 19
31		-	‘‘Macroeconomic and Foreign Exchange Policies of 20
32		-	Major Trading Partners of the United States’’, the 21
33		-	Department of the Treasury concluded, ‘‘China pro-22
34		-	vides very limited transparency regarding key fea-23
35		-	tures of its exchange rate mechanism, including the 24
36		-	policy objectives of its exchange rate management 25
37		-	regime and its activities in the offshore RMB mar-26 3
38		-	•HR 692 EH
39		-	ket.’’. The Department continued: ‘‘China’s lack of 1
40		-	transparency and use of a wide array of tools com-2
41		-	plicate Treasury’s ability to assess the degree to 3
42		-	which official actions are designed to impact the ex-4
43		-	change rate.’’. 5
44		-	(3) In that report, the Department further 6
45		-	noted that ‘‘China’s failure to publish foreign ex-7
46		-	change intervention and broader lack of trans-8
47		-	parency around key features of its exchange rate 9
48		-	mechanism make it an outlier among major econo-10
49		-	mies and warrants Treasury’s close monitoring.’’. 11
50		-	SEC. 3. ADVOCACY FOR INCREASED EXCHANGE RATE 12
51		-	TRANSPARENCY FROM CHINA. 13
52		-	The Secretary of the Treasury shall instruct the 14
53		-	United States Executive Director at the International 15
54		-	Monetary Fund (in this Act referred to as the ‘‘IMF’’) 16
55		-	to use the voice and vote of the United States to advocate 17
56		-	for— 18
57		-	(1) increased transparency from the People’s 19
58		-	Republic of China, and enhanced multilateral and bi-20
59		-	lateral surveillance by the IMF, with respect to the 21
60		-	exchange rate arrangements of the People’s Republic 22
61		-	of China, including any indirect foreign exchange 23
62		-	market intervention through Chinese financial insti-24
63		-	tutions or state-owned enterprises; 25 4
64		-	•HR 692 EH
65		-	(2) in connection with consultations with the 1
66		-	People’s Republic of China under Article IV of the 2
67		-	Articles of Agreement of the IMF, the inclusion of 3
68		-	any significant divergences by the People’s Republic 4
69		-	of China from the exchange rate policies of other 5
70		-	issuers of currencies used in determining the value 6
71		-	of Special Drawing Rights; and 7
72		-	(3) during governance reviews of the IMF, 8
73		-	stronger consideration by IMF members and man-9
74		-	agement of the performance of China as a respon-10
75		-	sible stakeholder in the international monetary sys-11
76		-	tem when evaluating quota and voting shares at the 12
77		-	IMF. 13
78		-	SEC. 4. SUNSET. 14
79		-	This Act shall have no force or effect on or after the 15
80		-	date that is 30 days after the earlier of— 16
81		-	(1) the date that the United States Governor of 17
82		-	the IMF reports to the Congress that the People’s 18
83		-	Republic of China— 19
84		-	(A) is in substantial compliance with obli-20
85		-	gations of the People’s Republic of China under 21
86		-	the Articles of Agreement of the IMF regarding 22
87		-	orderly exchange rate arrangements; and 23
88		-	(B) has undertaken exchange rate policies 24
89		-	and practices consistent with those of other 25 5
90		-	•HR 692 EH
91		-	issuers of currencies used in determining the 1
92		-	value of Special Drawing Rights; and 2
93		-	(2) the date that is 7 years after the date of the 3
94		-	enactment of this Act. 4
95		-	Passed the House of Representatives February 10,
96		-	2025.
97		-	Attest:
98		-	Clerk. 119
99		-	TH
100		-	CONGRESS
101		-	1
102		-	ST
103		-	S
104		-	ESSION
105		-
106		-	H. R. 692
107		-	AN ACT
108		-	To require the United States Executive Director at
109		-	the International Monetary Fund to advocate for
110		-	increased transparency with respect to exchange
111		-	rate policies of the People’s Republic of China,
112		-	and for other purposes.
	22	+	tives of the United States of America in Congress assembled, 2
	23	+	SECTION 1. SHORT TITLE. 3
	24	+	This Act may be cited as the ‘‘China Exchange Rate 4
	25	+	Transparency Act of 2023’’. 5
	26	+	SEC. 2. FINDINGS. 6
	27	+	The Congress finds as follows: 7
	28	+	VerDate Sep 11 2014 22:38 Feb 07, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H692.IH H692
	29	+	ssavage on LAPJG3WLY3PROD with BILLS 2
	30	+	•HR 692 IH
	31	+	(1) Under Article IV of the Articles of Agree-1
	32	+	ment of the International Monetary Fund (IMF), 2
	33	+	the People’s Republic of China has committed to or-3
	34	+	derly exchange rate arrangements, the avoidance of 4
	35	+	exchange rate manipulation, and cooperation with 5
	36	+	the IMF to ensure ‘‘firm surveillance’’ of the ex-6
	37	+	change rate policies of the People’s Republic of 7
	38	+	China. Pursuant to Article VIII of the Articles of 8
	39	+	Agreement of the IMF, the IMF may require the 9
	40	+	People’s Republic of China to furnish data on gold 10
	41	+	and foreign exchange holdings, including assets held 11
	42	+	by non-official agencies of the People’s Republic of 12
	43	+	China. 13
	44	+	(2) In its November 2022 report, entitled 14
	45	+	‘‘Macroeconomic and Foreign Exchange Policies of 15
	46	+	Major Trading Partners of the United States’’, the 16
	47	+	Department of the Treasury concluded, ‘‘China pro-17
	48	+	vides very limited transparency regarding key fea-18
	49	+	tures of its exchange rate mechanism, including the 19
	50	+	policy objectives of its exchange rate management 20
	51	+	regime and its activities in the offshore RMB mar-21
	52	+	ket.’’. The Department continued: ‘‘China’s lack of 22
	53	+	transparency and use of a wide array of tools com-23
	54	+	plicate Treasury’s ability to assess the degree to 24
	55	+	VerDate Sep 11 2014 22:38 Feb 07, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H692.IH H692
	56	+	ssavage on LAPJG3WLY3PROD with BILLS 3
	57	+	•HR 692 IH
	58	+	which official actions are designed to impact the ex-1
	59	+	change rate.’’. 2
	60	+	(3) In that report, the Department further 3
	61	+	noted that ‘‘China’s failure to publish foreign ex-4
	62	+	change intervention and broader lack of trans-5
	63	+	parency around key features of its exchange rate 6
	64	+	mechanism make it an outlier among major econo-7
	65	+	mies and warrants Treasury’s close monitoring.’’. 8
	66	+	SEC. 3. ADVOCACY FOR INCREASED EXCHANGE RATE 9
	67	+	TRANSPARENCY FROM CHINA. 10
	68	+	The Secretary of the Treasury shall instruct the 11
	69	+	United States Executive Director at the International 12
	70	+	Monetary Fund (in this Act referred to as the ‘‘IMF’’) 13
	71	+	to use the voice and vote of the United States to advocate 14
	72	+	for— 15
	73	+	(1) increased transparency from the People’s 16
	74	+	Republic of China, and enhanced multilateral and bi-17
	75	+	lateral surveillance by the IMF, with respect to the 18
	76	+	exchange rate arrangements of the People’s Republic 19
	77	+	of China, including any indirect foreign exchange 20
	78	+	market intervention through Chinese financial insti-21
	79	+	tutions or state-owned enterprises; 22
	80	+	(2) in connection with consultations with the 23
	81	+	People’s Republic of China under Article IV of the 24
	82	+	Articles of Agreement of the IMF, the inclusion of 25
	83	+	VerDate Sep 11 2014 22:38 Feb 07, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H692.IH H692
	84	+	ssavage on LAPJG3WLY3PROD with BILLS 4
	85	+	•HR 692 IH
	86	+	any significant divergences by the People’s Republic 1
	87	+	of China from the exchange rate policies of other 2
	88	+	issuers of currencies used in determining the value 3
	89	+	of Special Drawing Rights; and 4
	90	+	(3) during governance reviews of the IMF, 5
	91	+	stronger consideration by IMF members and man-6
	92	+	agement of the performance of China as a respon-7
	93	+	sible stakeholder in the international monetary sys-8
	94	+	tem when evaluating quota and voting shares at the 9
	95	+	IMF. 10
	96	+	SEC. 4. SUNSET. 11
	97	+	This Act shall have no force or effect on or after the 12
	98	+	date that is 30 days after the earlier of— 13
	99	+	(1) the date that the United States Governor of 14
	100	+	the IMF reports to the Congress that the People’s 15
	101	+	Republic of China— 16
	102	+	(A) is in substantial compliance with obli-17
	103	+	gations of the People’s Republic of China under 18
	104	+	the Articles of Agreement of the IMF regarding 19
	105	+	orderly exchange rate arrangements; and 20
	106	+	(B) has undertaken exchange rate policies 21
	107	+	and practices consistent with those of other 22
	108	+	issuers of currencies used in determining the 23
	109	+	value of Special Drawing Rights; and 24
	110	+	VerDate Sep 11 2014 22:38 Feb 07, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H692.IH H692
	111	+	ssavage on LAPJG3WLY3PROD with BILLS 5
	112	+	•HR 692 IH
	113	+	(2) the date that is 7 years after the date of the 1
	114	+	enactment of this Act. 2
	115	+	Æ
	116	+	VerDate Sep 11 2014 22:38 Feb 07, 2025 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H692.IH H692
	117	+	ssavage on LAPJG3WLY3PROD with BILLS