Chinese Currency Accountability Act of 2023
Latest action · Sep 10, 2024 Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 25, 2023
- Passed HouseSep 9, 2024
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Chinese Currency Accountability Act of 2023
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 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, and (2) China has not been found to have manipulated its currency in the preceding 12 months.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Feb 27, 2023 to Mar 9, 2023.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NY | Michael Lawler | Feb 27, 2023 | |
| D-NV | Susie Lee | Mar 9, 2023 |
Actions 13
Everything that happened, newest first.
- Sep 10, 2024Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
- Sep 9, 2024Considered under suspension of the rules. (consideration: CR H5041-5042)
- Sep 9, 2024DEBATE - The House proceeded with forty minutes of debate on H.R. 510.
- Sep 9, 2024Motion to reconsider laid on the table Agreed to without objection.
- Sep 9, 2024Mrs. Kim (CA) moved to suspend the rules and pass the bill, as amended.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1919 | Chinese Currency Accountability Act of 2023 | Related bill | Jun 8, 2023 |
| HR 7476 | Countering Communist China Act | Related bill | Dec 17, 2024 |
Subjects
Assigned by the Library of Congress. Policy area: Foreign Trade and International Finance.
Text 4
Each version as it was printed, newest first.
- Sep 10, 2024Referred in Senate
- Sep 9, 2024Engrossed in House
- Dec 1, 2023Reported in House
- Jan 25, 2023Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
