Proposal:Chinese Currency Accountability Act of 2021

This proposal is archived and closed to further debate. It was introduced in the 117th Congress, which has concluded, and the bill was not enacted into law.

Bill	HR 3866
Type of Legislation	House Bill
Congress	117
Status	Archived — 117th Congress concluded
Source	View original on Congress.gov

Geographic Scope

National

Description

Chinese Currency Accountability Act of 2021

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 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 currency in the preceding 12 months, and (3) China is implementing policies and practices necessary to ensure that the renminbi is freely usable.

Bill Title

Chinese Currency Accountability Act of 2021

Linked Goals

• Goal:Promote General Welfare

Steps

• 2021-06-14: Referred to the House Committee on Financial Services.
• 2021-06-14: Introduced in House
• 2021-06-14: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.