H.R. 510
Referred to CommitteeChinese Currency Accountability Act of 2023
Latest Action
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
9/10/2024 • Senate
Summary
Chinese Currency Accountability Act of 2023
This 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 a currency support tool available to members of the International Monetary Fund (IMF).
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, and (2) China has not been found to have manipulated its currency in the preceding 12 months.
Reported to House • 12/1/2023
Topics & Subjects
CBO Cost Estimates (1)
Congressional Votes (0)
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Related Federal Spending
Sponsor & Cosponsors (3)
Party Breakdown
Sponsor
Cosponsors (2)
Bill Journey
Originated in the House
Introduced
January 25, 2023
Committee Review
February 28, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 40 - 0.
Floor Debate
September 9, 2024
Passed Chamber
September 9, 2024
Other Chamber
President
Enacted into Law