Chinese Currency Accountability Act of 2023
This bill directs the U.S. to oppose any increase in the Chinese renminbi's weight within the International Monetary Fund's (IMF) currency basket (Special Drawing Rights) unless specific conditions are met. The Treasury Secretary must certify that China complies with IMF rules, hasn't manipulated its currency in the past year, has policies enabling a "freely usable" renminbi, and follows international debt and export credit standards. If these conditions aren't certified, the U.S. will vote against raising the renminbi's role in the IMF basket. The provision expires 10 years after the bill's enactment.
Bill status
passed
3 of 5 stages cleared
Introduction
Jan 2023
Committee Review
Sep 2024
House Passage
Sep 2024
Senate Passage
President
Introduced Jan 25, 2023
Last action Sep 10, 2024
Floor votes
How they voted
This bill passed the House by voice vote (no roll call recorded).
Full legislative history
Actions timeline
Total actions
13
Key actions
3
Committee
4
Amendments
3
Sep 10, 2024
Committee
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
upper
Sep 9, 2024
Introduced
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)
lower
Sep 9, 2024
Lower · Passed
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)
lower
Sep 9, 2024
Introduced
Mrs. Kim (CA) moved to suspend the rules and pass the bill, as amended.
lower
Dec 1, 2023
Lower · Passed
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-294.
lower
Feb 28, 2023
Introduced
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 40 - 0.
lower
Feb 28, 2023
Lower · Passed
Committee Consideration and Mark-up Session Held.
lower
Jan 25, 2023
Committee
Referred to the House Committee on Financial Services.
lower
Jan 25, 2023
Introduced
Introduced in House
lower
1 primary · 2 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Warren Davidson
RRepublican
Co
Michael Lawler
RRepublican
Co
Susie Lee
DDemocratic
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