118th Congress · SENATE BILLBILL

S. 1919 — Chinese Currency Accountability Act of 2023

“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.”

Foreign trade and international finance

Introduced Jun 8, 2023

Last action Jun 8, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jun 8, 2023

Step 2

Referred

Jun 8, 2023

Foreign Relations

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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 (1) China is in compliance with all general obligations of members of the IMF, (2) China has not been found to have manipulated its...

Provisions · 3 sectionsIntroduced in Senate

Timeline · 2 actions

Jun 8, 2023

Introduced in Senate

Jun 8, 2023

Read twice and referred to the Committee on Foreign Relations.