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![handle is hein.congrecreports/crptxafue0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-294
CHINESE CURRENCY ACCOUNTABILITY ACT OF 2023
DECEMBER 1, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 510]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 510) 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, having considered the same, reports favorably thereon
with an amendment and recommends that the bill as amended do
pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Chinese Currency Accountability Act of 2023.
SEC. 2. OPPOSITION OF THE UNITED STATES TO AN INCREASE IN THE WEIGHT OF THE CHI-
NESE RENMINBI IN THE SPECIAL DRAWING RIGHTS BASKET OF THE INTER-
NATIONAL 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 Com-
mittee 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
49-006](ViewImageLocal?handle=hein.congrecreports/crptxafue0001&div=1&collection=&method=preview&ext=.png&size=3)