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This bill requires the U.S. Executive Director at the International Monetary Fund (IMF) to use the voice and vote of the United States to advocate for increased exchange rate transparency from China.
Some areas of focus for this advocacy are (1) Chinese exchange rate arrangements, including any indirect foreign exchange market intervention through Chinese financial institutions or state-owned enterprises; (2) enhanced multilateral and bilateral surveillance by the IMF; and (3) stronger consideration of China's performance as a responsible stakeholder in the international monetary system when evaluating quota and voting shares at the IMF.
The requirements of the bill expire seven years and 30 days after the date of the bill's enactment or earlier if China meets certain conditions regarding its exchange rate policies.
Written by the nonpartisan Congressional Research Service, describing H.R. 839 as passed House on Jan 12, 2024. It is not the text of the measure; a later amendment may have changed what it does.
House Jan 12, 2024
China Exchange Rate Transparency Act
Passed · Two-thirds required
379 Yea 1 Nay 52 not voting
Crossed both parties 1 of 380 voting members broke with their own party: 1 Republican.
DemocratsRepublicansFilled: YeaRing: NayGrey: not voting or present
432 members on this roll call, from the official House record. Party majorities need at least five voting members, so an independent never counts as breaking with a party.
Signing on is not a vote: a member can cosponsor H.R. 839 and vote against it. 2 signed when it was filed.