Section 1 Short title
This Act may be cited as the “China Exchange Rate Accountability Act of 2026”.
China Exchange Rate Accountability Act of 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.
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—
by redesignating the 2nd section 73 (as added by section 1901 of division P of Public Law 116–94) as section 74; and
by adding at the end the following:
“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.”