Exchange Rate Accountability Act of 2026
Sponsored By: Representative Sessions
In Committee
Summary
This bill would make U.S. support for IMF quota increases conditional on a country's exchange-rate transparency and fair currency behavior. It ties U.S. opposition to quota boosts for the ten largest IMF shareholders to checks on whether those countries publish credible data and avoid manipulative exchange-rate practices.
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- Large IMF members: Top-10 IMF shareholders that fail Treasury's tests would face U.S. opposition to quota increases. The tests look at Article VIII compliance, transparent exchange rate policies, publication of credible balance of payments data, and whether surplus countries persistently manage their currency versus the U.S. dollar to gain an advantage.
- U.S. Treasury and IMF representation: The Secretary of the Treasury would have to send a written determination to the House Financial Services Committee and the Senate Foreign Relations Committee at least seven days before consideration and instruct the U.S. IMF Governor to oppose a quota increase if the country fails the tests.
- Presidential waiver and time limit: The President could waive the instruction for national security or national interest after reporting to the same committees. The rule sunsets seven years after enactment.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Treasury review before IMF quota increases
If enacted, the bill would require the Secretary of the Treasury to submit a determination at least 7 days before consideration of any proposal to increase the IMF quota of a country that is one of the Fund’s ten largest shareholders. The determination would review the prior 12 months for: apparent violations of Article VIII based on public data; transparent exchange-rate policies and credible balance-of-payments data; and, if the country had a current account surplus, whether it persistently managed its exchange rate against the U.S. dollar to prevent adjustment or gain an unfair trade advantage. If the Secretary finds a country failed any test, the Secretary would instruct the U.S. IMF Governor to use the U.S. voice and vote to oppose the quota 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 rule would not apply to consent to an IMF Articles amendment already authorized by law and would sunset seven years after enactment.
Sponsors & CoSponsors
Sponsor
Sessions
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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