[Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)]
[Senate]
[Page S3319]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 6112. Mr. McCORMICK (for himself and Ms. Cortez Masto) submitted 
an amendment intended to be proposed by him to the bill S. 4784, to 
authorize appropriations for fiscal year 2027 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 D of title XII, add the following:

     SEC. 1252. ADVOCACY FOR INCREASED EXCHANGE RATE TRANSPARENCY 
                   FROM THE PEOPLE'S REPUBLIC OF CHINA.

       (a) In General.--The Secretary of the Treasury shall 
     instruct the United States Executive Director at the 
     International Monetary Fund to use the voice and vote of the 
     United States to advocate for--
       (1) increased transparency from the People's Republic of 
     China, and enhanced multilateral and bilateral surveillance 
     by the Fund, with respect to the exchange rate arrangements 
     of the People's Republic of China, including any indirect 
     foreign exchange market intervention through Chinese 
     financial institutions or state-owned enterprises;
       (2) in connection with consultations with the People's 
     Republic of China under Article IV of the Articles of 
     Agreement of the Fund, the inclusion of any significant 
     divergences by the People's Republic of China from the 
     exchange rate policies of other issuers of currencies used in 
     determining the value of Special Drawing Rights;
       (3) during governance reviews of the Fund, stronger 
     consideration by members and management of the Fund of the 
     performance of the People's Republic of China as a 
     responsible stakeholder in the international monetary system 
     when evaluating quota and voting shares at the Fund; and
       (4) increased transparency regarding the mechanisms through 
     which the People's Republic of China utilizes Hong Kong's 
     financial system to influence exchange rate arrangements and 
     the value or use of Special Drawing Rights.
       (b) Annual Reports on Implementation.--Not later than one 
     year after the date of the enactment of this Act, and 
     annually thereafter until the termination date described in 
     subsection (c), the Secretary of the Treasury shall submit to 
     Congress a report that--
       (1) describes the specific actions taken by the United 
     States Executive Director at the International Monetary Fund 
     in the year preceding submission of the report to carry out 
     subsection (a); and
       (2) describes in detail the extent of the compliance of the 
     People's Republic of China regarding transparency and any 
     significant divergences noted in consultations under Article 
     IV of the Articles of Agreement of the Fund.
       (c) Sunset.--The requirement under subsection (a) shall 
     terminate on the date that is 30 days after the earlier of--
       (1) the date on which the United States Governor of the 
     International Monetary Fund reports to Congress that the 
     People's Republic of China--
       (A) is in substantial compliance with obligations of the 
     People's Republic of China under the Articles of Agreement of 
     the Fund regarding orderly exchange rate arrangements; and
       (B) has undertaken exchange rate policies and practices 
     consistent with those of other issuers of currencies used in 
     determining the value of Special Drawing Rights; or
       (2) the date that is 7 years after the date of the 
     enactment of this Act.
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