Chinese Currency Accountability Act of 2021

I 117TH CONGRESS 1ST SESSION H. R. 3866 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 HOUSE OF REPRESENTATIVES JUNE 14, 2021 Mr. DAVIDSON introduced the following bill; which was referred to the Committee on Financial Services 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Chinese Currency Ac- 4 countability Act of 2021’’. 5 VerDate Sep 11 2014 17:45 Jun 30, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3866.IH H3866 lotter on DSK11XQN23PROD with BILLS 2 •HR 3866 IH SEC. 2. OPPOSITION OF THE UNITED STATES TO AN IN- 1 CREASE IN THE WEIGHT OF THE CHINESE 2 RENMINBI IN THE SPECIAL DRAWING RIGHTS 3 BASKET OF THE INTERNATIONAL MONETARY 4 FUND. 5 The Secretary of the Treasury shall instruct the 6 United States Governor of, and the United States Execu- 7 tive Director at, the International Monetary Fund to use 8 the voice and vote of the United States to oppose any in- 9 crease in the weight of the Chinese renminbi in the basket 10 of currencies used to determine the value of Special Draw- 11 ing Rights, unless the Secretary of the Treasury has sub- 12 mitted to the Committee on Financial Services of the 13 House of Representatives and the Committee on Banking, 14 Housing, and Urban Affairs of the Senate a written report 15 which includes a certification that— 16 (1) the People’s Republic of China is in compli- 17 ance with all its obligations under Article VIII of the 18 Articles of Agreement of the Fund; 19 (2) in the preceding 12 months, there has not 20 been a report submitted under section 3005 of the 21 Omnibus Trade and Competitiveness Act of 1988 or 22 section 701 of the Trade Facilitation and Trade En- 23 forcement Act of 2015 in which the People’s Repub- 24 lic of China has been found to have manipulated its 25 currency; 26 VerDate Sep 11 2014 17:45 Jun 30, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3866.IH H3866 lotter on DSK11XQN23PROD with BILLS 3 •HR 3866 IH (3) the People’s Republic of China has insti- 1 tuted and is implementing the policies and practices 2 necessary to ensure that the renminbi is freely usa- 3 ble (within the meaning of Article XXX(f) of the Ar- 4 ticles of Agreement of the Fund); and 5 (4) the People’s Republic of China adheres to 6 the rules and principles of the Paris Club and the 7 OECD Arrangement on Officially Supported Export 8 Credits. 9 SEC. 3. SUNSET. 10 Section 2 shall have no force or effect beginning 10 11 years after the date of the enactment of this Act. 12 Æ VerDate Sep 11 2014 17:45 Jun 30, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H3866.IH H3866 lotter on DSK11XQN23PROD with BILLS