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119-hr-8290119th CongressWALLET

China Exchange Rate Accountability Act of 2026

Sponsored By: Representative Sessions, Pete [R-TX-17]

In Committee

Summary

Blocks increases in China’s IMF voting power unless China meets transparency and exchange-rate criteria. This bill would force the Treasury to review the People’s Republic of China’s exchange-rate practices and balance of payments data before the U.S. can back any boost to China’s IMF voting share.

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  • The Secretary of the Treasury must send a report to Financial Services and Foreign Relations committees at least 7 days before consideration of any proposal to increase the PRC’s IMF voting power. The report must say whether, based on the prior 12 months of public data, China met three tests about Article VIII compliance, exchange-rate transparency, and whether a current account surplus reflects persistent exchange-rate management.
  • If the Secretary finds China failed any test, the Secretary must instruct the U.S. IMF Governor to oppose the proposal to increase China’s voting power.
  • The President can waive that instruction by notifying the same committees that the waiver is important to the national interest and explaining why. The provision sunsets 7 years after enactment.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Treasury report before China IMF vote

This bill would require the Secretary of the Treasury to submit a report at least seven days before the IMF considers any proposal to increase China’s voting power. The report would use public data from the prior 12 months and say whether China met three tests: (1) not appearing to violate Article VIII of the IMF Articles of Agreement; (2) keeping transparent exchange-rate policies and publishing credible balance-of-payments data; and (3) if China had a current-account surplus, not persistently managing its exchange rate to block balance-of-payments adjustment or gain unfair trade advantage. If the Secretary finds China failed any test, the Secretary would instruct the U.S. IMF Governor to use the voice and vote of the United States to oppose the increase. The President could waive that instruction after reporting to the House Financial Services Committee and the Senate Foreign Relations Committee that the waiver is important to the national interest and explaining why. The provision would expire seven years after enactment.

Sponsors & CoSponsors

Sponsor

Sessions, Pete [R-TX-17]

TX • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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