US HB692

Secretary of the Treasury must instruct the U.S. Executive Director at the IMF to advocate for increased transparency from China on its exchange rate arrangements, including indirect foreign exchange interventions through Chinese financial institutions or state-owned enterprises

U.S. representative must push for IMF Article IV consultations with China to include any significant divergences between China's exchange rate policies and those of other Special Drawing Rights currency issuers

During IMF governance reviews, stronger consideration must be given to China's performance as a responsible stakeholder in the international monetary system when evaluating quota and voting shares

Act sunsets 30 days after the U.S. Governor of the IMF reports that China is in substantial compliance with IMF exchange rate obligations and has adopted policies consistent with other SDR currency issuers, or 7 years after enactment, whichever comes first

Passed the House of Representatives on February 10, 2025