Skip to main content
HR 510 118th Congress House Foreign Trade and International Finance Asia China Congressional oversight Currency International monetary system and foreign exchange

Chinese Currency Accountability Act of 2023

Introduced: January 25, 2023 Introduced by: Davidson, Warren Republican · Ohio See on congress.gov
Sign in to write a letter Sign in to watch
 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
 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.

What's happening now September 10, 2024

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

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 1 Republican 1