Active
Bill · 119th Congress · HR 386
Chinese Currency Accountability Act of 2025
Refreshed 3 h ago
Introduced 2025-01-14Topic: economy jobsSummary
Summary by the Congressional Research ServiceChinese 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.
Sponsors
- Warren Davidson Republican sponsor
- 1 cosponsors
Action history
| Date | Chamber | Action | Status effect |
|---|---|---|---|
| 2025-02-11 | Senate | Received in the Senate and Read twice and referred to the Committee on Foreign Relations. | refer |
| 2025-02-10 | House | Motion to reconsider laid on the table Agreed to without objection. | |
| 2025-02-10 | House | On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595) | |
| 2025-02-10 | Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595) | floor pass | |
| 2025-02-10 | House | DEBATE - The House proceeded with forty minutes of debate on H.R. 386. | |
| 2025-02-10 | House | Considered under suspension of the rules. (consideration: CR H595-596) | |
| 2025-02-10 | House | Mr. Hill (AR) moved to suspend the rules and pass the bill. | |
| 2025-01-14 | House | Referred to the House Committee on Financial Services. | refer |
| 2025-01-14 | Introduced in House | introduce | |
| 2025-01-14 | Introduced in House | introduce |