[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1919 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 1919

    To require the United States Governor of, and the United States 
  Executive Director at, the International Monetary Fund to oppose an 
 increase in the weight of the Chinese renminbi in the Special Drawing 
           Rights basket of the Fund, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              June 8, 2023

    Mr. Budd (for himself, Mr. Manchin, Mrs. Britt, Mr. Braun, Mr. 
Barrasso, and Ms. Ernst) introduced the following bill; which was read 
        twice and referred to the Committee on Foreign Relations

_______________________________________________________________________

                                 A BILL


 
    To require the United States Governor of, and the United States 
  Executive Director at, the International Monetary Fund to oppose an 
 increase in the weight of the Chinese renminbi in the Special Drawing 
           Rights basket of the Fund, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Chinese Currency Accountability Act 
of 2023''.

SEC. 2. OPPOSITION OF THE UNITED STATES TO AN INCREASE IN THE WEIGHT OF 
              THE CHINESE RENMINBI IN THE SPECIAL DRAWING RIGHTS BASKET 
              OF THE INTERNATIONAL MONETARY FUND.

    The Secretary of the Treasury shall instruct the United States 
Governor of, and the United States Executive Director at, the 
International Monetary Fund to use the voice and vote of the United 
States to oppose any increase in the weight of the Chinese renminbi in 
the basket of currencies used to determine the value of Special Drawing 
Rights, unless the Secretary of the Treasury has submitted to the 
Committee on Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate a 
written report that includes a certification that--
            (1) the People's Republic of China is in compliance with 
        all its obligations under Article VIII of the Articles of 
        Agreement of the Fund;
            (2) in the preceding 12 months, there has not been a report 
        submitted under section 3005 of the Omnibus Trade and 
        Competitiveness Act of 1988 (22 U.S.C. 5305) or section 701 of 
        the Trade Facilitation and Trade Enforcement Act of 2015 (19 
        U.S.C. 4421) in which the People's Republic of China has been 
        found to have manipulated its currency;
            (3) the People's Republic of China has instituted and is 
        implementing the policies and practices necessary to ensure 
        that the renminbi is freely usable (within the meaning of 
        Article XXX(f) of the Articles of Agreement of the Fund); and
            (4) the People's Republic of China adheres to the rules and 
        principles of the Paris Club and the Arrangement on Officially 
        Supported Export Credits of the Organisation for Economic Co-
        operation and Development.

SEC. 3. SUNSET.

    Section 2 shall have no force or effect beginning 10 years after 
the date of the enactment of this Act.
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