H.R. 8290

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8290 Reported in House (RH)]

<DOC>

Union Calendar No. 611
119th CONGRESS
2d Session
H. R. 8290

[Report No. 119-703]

To require the use of the voice and vote of the United States to oppose 
any quota increase at the International Monetary Fund for member 
countries that employ certain exchange rate practices, and for other 
purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

April 15, 2026

Mr. Sessions introduced the following bill; which was referred to the 
Committee on Financial Services

June 18, 2026

Reported with amendments, committed to the Committee of the Whole House 
on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed 
in italic]
[For text of introduced bill, see copy of bill as introduced on April 
15, 2026]

_______________________________________________________________________

A BILL

To require the use of the voice and vote of the United States to oppose 
any quota increase at the International Monetary Fund for member 
countries that employ certain exchange rate practices, and for other 
purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``China Exchange Rate Accountability 
Act of 2026''.

SEC. 2. OPPOSITION TO INTERNATIONAL MONETARY FUND VOTING POWER INCREASE 
FOR THE PEOPLE'S REPUBLIC OF CHINA.

The Bretton Woods Agreements Act (22 U.S.C. 286-286aaa) is 
amended--
(1) by redesignating the 2nd section 73 (as added by 
section 1901 of division P of Public Law 116-94) as section 74; 
and
(2) by adding at the end the following:

``SEC. 75. OPPOSITION TO INTERNATIONAL MONETARY FUND VOTING POWER 
INCREASE FOR THE PEOPLE'S REPUBLIC OF CHINA.

``(a) In General.--Not less than 7 days before consideration of any 
proposal to increase the voting power of the People's Republic of 
China, the Secretary of the Treasury shall submit a report to the 
Committee on Financial Services of the House of Representatives and the 
Committee on Foreign Relations of the Senate that sets forth a 
determination by the Secretary as to whether the People's Republic of 
China meets the following criteria:
``(1) The People's Republic of China, in the preceding 12 
months, does not appear to have been in violation of its 
obligations under Article VIII of the Articles of Agreement of 
the Fund, based on publicly available data.
``(2) The People's Republic of China--
``(A) maintains transparent exchange rate policies 
and practices; and
``(B) publishes credible balance of payments data.
``(3) To the extent that the People's Republic of China, in 
the preceding 12 months, has recorded a current account 
surplus, the People's Republic of China has not persistently 
managed the rate of exchange between its currency and the 
United States dollar for purposes of preventing effective 
balance of payments adjustments or gaining unfair competitive 
advantage in international trade.
``(b) Effect of Determination.--On determining that the People's 
Republic of China has failed to meet any of the criteria set forth in 
subsection (a), the Secretary shall instruct the Governor of the Fund 
to use the voice and vote of the United States to oppose the proposal 
to increase the voting power of the People's Republic of China in the 
Fund.
``(c) Waiver.--The President may waive subsection (b) with respect 
to the People's Republic of China on reporting to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Foreign Relations of the Senate that the waiver is important to the 
national interest of the United States, with an explanation of the 
reasons therefor.
``(d) Proposal Consideration.--For purposes of this section, 
consideration of a proposal to increase the voting power of the 
People's Republic of China does not include consent to an amendment to 
the Articles of Agreement of the Fund that has been authorized by law.
``(e) Sunset.--This section shall cease to have force or effect 7 
years after the date of the enactment of this section.''.
Amend the title so as to read: ``A bill providing for 
circumstances requiring the use of the voice and vote of the 
United States to oppose any increase in voting the People's 
Republic of China at the International Monetary Fund, and for 
other purposes.''.
Union Calendar No. 611

119th CONGRESS

2d Session

H. R. 8290

[Report No. 119-703]

_______________________________________________________________________

A BILL

To require the use of the voice and vote of the United States to oppose 
any quota increase at the International Monetary Fund for member 
countries that employ certain exchange rate practices, and for other 
purposes.

_______________________________________________________________________

June 18, 2026

Reported with amendments, committed to the Committee of the Whole House 
on the State of the Union, and ordered to be printed