China Exchange Rate Accountability Act of 2026

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

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119th CONGRESS
  2d Session
                                H. R. 8290

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

_______________________________________________________________________

                                 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 ``Exchange Rate Accountability Act of
2026''.

SEC. 2. OPPOSITION TO IMF QUOTA INCREASE FOR COUNTRIES THAT UNDERMINE
              THE BALANCED GROWTH OF INTERNATIONAL TRADE.

    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 QUOTA INCREASE FOR COUNTRIES THAT UNDERMINE
              THE BALANCED GROWTH OF INTERNATIONAL TRADE.

    ``(a) In General.--Not less than 7 days before consideration of any
proposal to increase the quota of a foreign member of the Fund that is
one of the 10 largest shareholders in the Fund, 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 foreign member meets the following criteria:
            ``(1) The member, in the preceding 12 months, does not
        appear to have been in violation of the obligations of the
        member under Article VIII of the Articles of Agreement of the
        Fund, based on publicly available data.
            ``(2) The member--
                    ``(A) maintains transparent exchange rate policies
                and practices; and
                    ``(B) publishes credible balance of payments data.
            ``(3) To the extent that the member, in the preceding 12
        months, has recorded a current account surplus, the member 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 a foreign
member of the Fund 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 quota of the member in the Fund.
    ``(c) Waiver.--The President may waive subsection (b) with respect
to a member of the Fund 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 quota of a foreign member
of the Fund 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 Act.''.
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