H.R. 386 Passed the House Foreign Trade and International Finance

Chinese Currency Accountability Act of 2025

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.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Davidson, Warren [R-OH-8] Introduced January 14, 2025 Cosponsors 1 (1 R) Latest action February 11, 2025

Summary

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. 

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Feb 11, 2025 Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
  2. Feb 10, 2025 Motion to reconsider laid on the table Agreed to without objection.
  3. Feb 10, 2025 On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
  4. Feb 10, 2025 DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
  5. Feb 10, 2025 Considered under suspension of the rules. (consideration: CR H595-596)
  6. Feb 10, 2025 Mr. Hill (AR) moved to suspend the rules and pass the bill.
  7. Jan 14, 2025 Referred to the House Committee on Financial Services.
  8. Jan 14, 2025 Introduced in House

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