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HR 386 119th Congress House Foreign Trade and International Finance Asia China Congressional oversight Currency International monetary system and foreign exchange

Chinese Currency Accountability Act of 2025

Introduced: January 14, 2025 Introduced by: Davidson, Warren Republican · Ohio See on congress.gov
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 Everywhere this bill has been 9 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 11, 2025
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Feb 10, 2025
Motion to reconsider laid on the table Agreed to without objection.
Feb 10, 2025
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
Feb 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)
Feb 10, 2025
DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
Feb 10, 2025
Considered under suspension of the rules. (consideration: CR H595-596)
Feb 10, 2025
Mr. Hill (AR) moved to suspend the rules and pass the bill.
Jan 14, 2025
Referred to the House Committee on Financial Services.
Jan 14, 2025
Introduced in House
 Plain-English summary Congressional Research Service

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. 

What's happening now February 11, 2025

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

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1