[Congressional Record Volume 170, Number 115 (Thursday, July 11, 2024)]
[Senate]
[Page S4970]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2658. Mr. RISCH submitted an amendment intended to be proposed by 
him to the bill S. 4638, to authorize appropriations for fiscal year 
2025 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of subtitle F of title XII, add the following:

     SEC. 1291. OPPOSITION OF UNITED STATES TO AN INCREASE IN 
                   WEIGHT OF CHINESE RENMINBI IN SPECIAL DRAWING 
                   RIGHTS BASKET OF INTERNATIONAL MONETARY FUND.

       (a) In General.--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 a 
     written report to the Committee on Banking, Housing, and 
     Urban Affairs of the Senate and the Committee on Financial 
     Services of the House of Representatives 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) during 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.
       (b) Sunset.--Subsection (a) shall have no force or effect 
     on or after the date that is 10 years after the date of the 
     enactment of this Act.
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