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119th Congress Foreign Trade and International Finance

H.R. 386: Chinese Currency Accountability Act of 2025

Passed HouseFeb 10, 2025

  1. Introduced (completed)Jan 14, 2025
  2. Passed House (completed)Feb 10, 2025
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Introduced in House, Jan 14, 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.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

1

Who scored on this bill

34 points earned
  1. 1Warren Davidson R-OH SponsorIntroduced, passed House2 events+30
  2. 2Daniel Meuser R-PACosponsored; cosponsored bill passed2 events+4
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Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Warren Davidson

History

  1. Feb 10, 2025Passed the House by voice vote.
  2. Jan 14, 2025Introduced in the House by Warren Davidson.
Show the full action history (9 actions)
  1. Feb 11, 2025Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
  2. Feb 10, 2025Mr. Hill (AR) moved to suspend the rules and pass the bill.
  3. Feb 10, 2025Considered under suspension of the rules. (consideration: CR H595-596)
  4. Feb 10, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
  5. 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)
  6. Feb 10, 2025On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
  7. Feb 10, 2025Motion to reconsider laid on the table Agreed to without objection.
  8. Jan 14, 2025Introduced in House
  9. Jan 14, 2025Referred to the House Committee on Financial Services.