Chinese Currency Accountability Act of 2023

Hozzl · 2024-10-04T19:52:59Z

Explore the details of House Bill 510 Chinese Currency Accountability Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Foreign Trade and International Finance. Stay informed on legislative developments.

10/4/2024, 7:52 PM

Summary of Bill HR 510

The Chinese Currency Accountability Act of 2023, introduced in the 118th Congress on January 25, 2023, aims to address issues related to Chinese currency practices. The bill, designated as H.R. 510, has undergone multiple stages including being reported in the House, engrossed in the House, and referred in the Senate. For further details and the full text of the bill, refer to the official PDF version available at https://www.congress.gov/118/bills/hr510/BILLS-118hr510rfs.pdf.

Congressional Summary of HR 510

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.

Read the Full Bill

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Current Status of Bill HR 510

Bill HR 510 is currently in the status of Introduced to Senate since September 10, 2024. Bill HR 510 was introduced during Congress 118 and was introduced to the House on January 25, 2023. Bill HR 510's most recent activity was Received in the Senate and Read twice and referred to the Committee on Foreign Relations. as of September 10, 2024

Bipartisan Support of Bill HR 510

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 510

Primary Policy Focus

Foreign Trade and International Finance

Potential Impact Areas

- Asia

- China

- Congressional oversight

- Currency

- International monetary system and foreign exchange

Alternate Title(s) of Bill HR 510

Chinese Currency Accountability Act of 2023

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.