Sec. 154. Opposition of the United States to an increase in the weight of the Chinese renminbi in the Special Drawing Rights basket of the International Monetary Fund
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The Secretary of the Treasury shall instruct the United States Governor of, and the United States Executive Director at, the International Monetary Fund (in this section referred to as the Fund ) to use the voice and vote of the United States to oppose any increase in the weight of the Chinese renminbi in the basket of currencies used to determine the value of Special Drawing Rights, unless the Secretary of the Treasury has submitted to the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives a written report that includes an assessment that— in the 12 months preceding submission of the report— the PRC does not appear, based on publicly available data, to have been in violation of its obligations under Article VIII of the Articles of Agreement of the Fund; the Secretary of the Treasury has not determined under section 3004 of the Omnibus Trade and Competitiveness Act of 1988 ( 22 U.S.C. 5304 ) that the PRC has manipulated 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; and the President, through the Secretary of the Treasury, has not taken an action against the PRC pursuant to section 701 of the Trade Facilitation and Trade Enforcement Act of 2015 ( 19 U.S.C. 4421 ) for failing to adopt appropriate policies following enhanced bilateral engagement conducted pursuant to that section; the renminbi is freely usable (within the meaning of Article XXX(f) of the Articles of Agreement of the Fund); and the PRC provides financing assurances and debt treatments consistent with debt sustainability analyses of the Fund for countries participating in the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (commonly known as the Common Framework ) and debt treatments outside the Common Framework.
The Secretary of the Treasury may waive any of the conditions described in paragraph (1), (2), or
(3)of subsection
(a)upon certifying to the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives that such a waiver is in the national interest of the United States. Subsection
(a)shall have no force or effect on or after the date that is 8 years after the date of the enactment of this Act.
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Sec. 154
Opposition of the United States to an increase in the weight of the Chinese renminbi in the Special Drawing Rights basket of the International Monetary Fund
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