China Exchange Rate Accountability Act of 2026

Bill Number

H.R. 8290

Origin Chamber

House

Congress

119th Congress, Session 2

Policy Area

International Affairs

Status

Introduced

Latest Action

2026-06-18: Placed on the Union Calendar, Calendar No. 611.

Last Updated

2026-07-08T20:06:15Z

AI-Generated Summary

Summary of H.R. 8290

Purpose

This legislation aims to direct the United States to oppose increases in the voting power of the People's Republic of China at the International Monetary Fund (IMF) if China does not meet specific standards on exchange rate transparency and practices.

Key Provisions

• The bill amends the Bretton Woods Agreements Act by adding a new Section 75.
• At least 7 days before any IMF proposal to increase China's voting power, the Secretary of the Treasury must submit a report to the House Committee on Financial Services and the Senate Committee on Foreign Relations.
• The report must determine whether China meets these criteria:
• No apparent violation of IMF Article VIII obligations (related to currency convertibility) in the prior 12 months, based on public data.
• Maintenance of transparent exchange rate policies and publication of credible balance of payments data.
• If China has a current account surplus, it has not managed its currency exchange rate with the U.S. dollar to avoid balance of payments adjustments or gain unfair trade advantages.
• If China fails any criterion, the Secretary must direct the U.S. Governor at the IMF to use the U.S. voice and vote to oppose the proposal.
• The President may waive this opposition requirement by notifying the same congressional committees that the waiver serves U.S. national interests, with an explanation.
• "Consideration of a proposal" excludes consent to IMF Articles of Agreement amendments already authorized by law.
• The new section expires 7 years after enactment.

Significant Changes to Existing Law

• This adds new requirements to the Bretton Woods Agreements Act (22 U.S.C. 286-286aaa), specifically targeting voting power increases for China at the IMF.
• It redesignates an existing section for organizational purposes.
• The bill's title is amended to focus on circumstances requiring U.S. opposition to China's increased voting power, rather than general quota increases for countries with certain practices.

Potential Impacts

• Government agencies: Requires the Department of the Treasury to produce regular reports and issue voting instructions, with presidential involvement for waivers.
• International relations: May influence IMF governance decisions and U.S. engagement with China on economic issues, potentially affecting multilateral financial cooperation.
• Citizens: Indirect effects could include shifts in U.S. foreign economic policy or trade dynamics, though no direct changes to domestic programs are specified.

Main Stakeholders Affected

• U.S. Department of the Treasury and the U.S. Governor at the IMF.
• Congressional committees overseeing financial services and foreign relations.
• The International Monetary Fund and its member countries.
• The People's Republic of China.
• The President of the United States.

Notable Legal, Constitutional, or Political Implications

• The measure links U.S. actions at the IMF to compliance with the IMF's Articles of Agreement, particularly Article VIII on exchange arrangements.
• It involves shared executive and legislative roles in foreign affairs, with reporting and waiver mechanisms providing congressional oversight.
• Politically, the bill singles out China for scrutiny in international financial institutions, which could shape broader U.S. policy on currency practices without altering the IMF's core structure.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Rep. Sessions, Pete [R-TX-17]

Recent Actions

• 2026-06-18: Placed on the Union Calendar, Calendar No. 611.
• 2026-06-18: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-703.
• 2026-06-18: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-703.
• 2026-04-21: Ordered to be Reported by the Yeas and Nays: 32 - 20.
• 2026-04-21: Committee Consideration and Mark-up Session Held
• 2026-04-15: Referred to the House Committee on Financial Services.
• 2026-04-15: Introduced in House
• 2026-04-15: Introduced in House

Bill Versions

• Exchange Rate Accountability Act of 2026 — issued 2026-04-15 — PDF (4 pages)
• China Exchange Rate Accountability Act of 2026 — issued 2026-06-18 — PDF (6 pages)