118th Congress Foreign Trade and International Finance
S. 1919: Chinese Currency Accountability Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- John Barrasso R-WYOriginal
- Mike Braun R-INOriginal
- Katie Britt R-ALOriginal
- Joni Ernst R-IAOriginal
- Joe Manchin I-WVOriginal
- Cindy Hyde-Smith R-MS
Who scored on this bill
- 1Ted Budd SponsorDrew cross-party cosponsors, introduced2 events+6
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Other bills by Ted Budd
History
- Introduced in the Senate by Ted Budd.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Foreign Relations.