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S 1919 118th Congress Senate Foreign Trade and International Finance Asia China Congressional oversight Currency International monetary system and foreign exchange

Chinese Currency Accountability Act of 2023

Introduced: June 8, 2023 Introduced by: Budd, Ted Republican · North Carolina See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 8, 2023
Read twice and referred to the Committee on Foreign Relations.
Jun 8, 2023
Introduced in Senate
 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 (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 is implementing policies and practices necessary to ensure that the renminbi is freely usable.

What's happening now June 8, 2023

Read twice and referred to the Committee on Foreign Relations.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Republican 4