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H.R. 510 118th Congress House

Chinese Currency Accountability Act of 2023

Official title: 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 t… Show full official titleShow less

Official title: 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.

Introduced: March 9, 2023 Introduced by: Warren Davidson Republican · Ohio See on congress.gov
Foreign Trade and International Finance AsiaChinaCongressional oversightCurrencyInternational monetary system and foreign exchange
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 13 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 10, 2024
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Sep 9, 2024
Motion to reconsider laid on the table Agreed to without objection.
Sep 9, 2024
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)
Sep 9, 2024
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)
Sep 9, 2024
DEBATE - The House proceeded with forty minutes of debate on H.R. 510.
Sep 9, 2024
Considered under suspension of the rules. (consideration: CR H5041-5042)
Sep 9, 2024
Mrs. Kim (CA) moved to suspend the rules and pass the bill, as amended.
Dec 1, 2023
Placed on the Union Calendar, Calendar No. 238.
Dec 1, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-294.
Feb 28, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 40 - 0.
Feb 28, 2023
Committee Consideration and Mark-up Session Held.
Jan 25, 2023
Referred to the House Committee on Financial Services.
Jan 25, 2023
Introduced in House
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 Latest action September 10, 2024

Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 2
  • S 1919 Identical bill Chinese Currency Accountability Act of 2023
  • HR 7476 Countering Communist China Act
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 1 Republican 1
D
Lee, Susie
Nevada · Mar 9, 2023
 R
Lawler, Michael
New York · Feb 27, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 510: Chinese Currency Accountability Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-510/
MLA
"H.R. 510: Chinese Currency Accountability Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-510/.
Bluebook (legal)
H.R. 510, 118th Cong. (2026), https://openamerica.io/bill/118-HR-510/.
Markdown link
[H.R. 510: Chinese Currency Accountability Act of 2023](https://openamerica.io/bill/118-HR-510/)
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