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Chinese Currency Accountability Act of 2025
H.R. 386, 119th Congress
- Status
- Passed one chamber
- Introduced
- 01/14/2025
- Cosponsors
- 1
- Latest action
- 02/11/2025
About this bill
- Official title
- Chinese Currency Accountability Act of 2025
- Sponsor
- Warren Davidson (R-OH)
- Introduced in
- House
- Policy area
- Foreign Trade and International Finance
- Committees
- Foreign Relations Committee, Financial Services Committee
- Latest action
- Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Summary
Congressional Research Service, Introduced in House (01/14/2025)
Chinese Currency Accountability Act of 2025
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 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.
Actions
Newest first
- 02/11/2025 · Senate
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
- 02/10/2025 · House
Motion to reconsider laid on the table Agreed to without objection.
- 02/10/2025 · House
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
- 02/10/2025
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
- 02/10/2025 · House
DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
- 02/10/2025 · House
Considered under suspension of the rules. (consideration: CR H595-596)
- 02/10/2025 · House
Mr. Hill (AR) moved to suspend the rules and pass the bill.
- 01/14/2025 · House
Referred to the House Committee on Financial Services.
- 01/14/2025
Introduced in House
Subjects: Asia, China, Congressional oversight, Currency, International monetary system and foreign exchange.
Source: U.S. Government Publishing Office, GovInfo Bill Status; Congressional Research Service summaries · Last updated 02/11/2025