Chinese Currency Accountability Act of 2025
Introduced Jan 14, 2025 by Rep. Warren Davidson
The House passed it. The Senate has to pass it before it can reach the President.
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.
No recorded roll-call vote on this bill — it may have passed by voice vote or unanimous consent, which don't record individual votes.
- Feb 11, 2025Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
- Feb 10, 2025Motion to reconsider laid on the table Agreed to without objection.
- Feb 10, 2025On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
- Feb 10, 2025Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
- Feb 10, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
- Feb 10, 2025Considered under suspension of the rules. (consideration: CR H595-596)
- Feb 10, 2025Mr. Hill (AR) moved to suspend the rules and pass the bill.
- Jan 14, 2025Referred to the House Committee on Financial Services.
- Jan 14, 2025Introduced in House