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H.R. 386

U.S. House•In Senate Committee

Summary

H.R. 386, the Chinese Currency Accountability Act of 2025, was introduced in the House on Jan 14, 2025 by Rep. Warren Davidson (R) with 1 co-sponsor. It was referred to Foreign Relations, and last saw action on Feb 11, 2025: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

Record

Text

H.R. 386 has 1 co-sponsor.

hb386/engrossed-in-house.txt
119 HR 386 EH: Chinese Currency Accountability Act of 2025
 U.S. House of Representatives
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I
 119th CONGRESS  1st Session
 H. R. 386
 IN THE HOUSE OF REPRESENTATIVES
 AN ACT
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.
1.
Short title
This Act may be cited as the   Chinese Currency Accountability Act of 2025  .
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 which 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 or section 701 of the Trade Facilitation and Trade Enforcement Act of 2015 in which the People’s Republic of China has been found to have manipulated its currency; and
(3)
the People’s Republic of China adheres to the rules and principles of the Paris Club and the OECD Arrangement on Officially Supported Export Credits.
3.
Sunset
Section 2 shall have no force or effect beginning 10 years after the date of the enactment of this Act.
    Passed the House of Representatives February 10, 2025.  Kevin F. McCumber,  Clerk.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-01-14
  2. Passed House2025-02-10
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House Jan 14, 2025

hb386/introduced-in-house.md

Shown Here:
Introduced in House (01/14/2025)

Chinese Currency Accountability Act of 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.

Sponsors

Rep. Warren Davidson (R) sponsors H.R. 386, and 1 member has co-sponsored it.

Committees

H.R. 386 went before 2 committees: Foreign Relations and Financial Services.

Foreign Relations
Foreign Relations
Referred To · Feb 11, 2025 · 385 Bills
Financial Services
Financial Services
Referred To · Jan 14, 2025 · 559 Bills

Actions

H.R. 386 has taken 9 actions since Jan 14, 2025, the latest on Feb 11, 2025.

ChamberAction
Feb 11, 2025
Senate
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.Foreign Relations Committee
Feb 10, 202516:19
House
Mr. Hill (AR) moved to suspend the rules and pass the bill.
Feb 10, 202516:19
House
Considered under suspension of the rules. (consideration: CR H595-596)
Feb 10, 202516:19
House
DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
Feb 10, 202516:32
House
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)

Votes

H.R. 386 has not gone to a roll call.

Titles

H.R. 386 goes by 6 titles, 3 of them short titles.

  • Chinese Currency Accountability Act of 2025 — Display Title
  • 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. — Official Title as Introduced
  • 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. — Official Titles from EH (Engrossed in House) bill text
  • Chinese Currency Accountability Act of 2025 — Short Titles from RFS (Referred to Senate) bill text
  • Chinese Currency Accountability Act of 2025 — Short Title(s) as Passed House
  • Chinese Currency Accountability Act of 2025 — Short Title(s) as Introduced

Classification

The Congressional Research Service files H.R. 386 under Foreign Trade and International Finance, one of its 31 policy areas, and gives it 5 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 386’s is Foreign Trade and International Finance.

hr386/policy-areas.txt
Foreign Trade and International FinanceAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesFinance and Financial SectorGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTaxationTransportation and Public WorksWater Resources Development

Legislative Subjects

H.R. 386 carries 5 of CRS’s legislative subjects, from Asia to International monetary system and foreign exchange.

hr386/subjects.txt
AsiaChinaCongressional oversightCurrencyInternational monetary system and foreign exchange

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 386, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 7 (Tuesday, January 14, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DAVIDSON:H.R. 386.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 of the U.S. Constitution.[Page H149]

Source: congress.gov · legiscan.com