S.Amdt. 2658

SA 2658. Mr. RISCH submitted an amendment intended to be proposed by
him to the bill S. 4638, to authorize appropriations for fiscal year
2025 for military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:

At the end of subtitle F of title XII, add the following:

SEC. 1291. OPPOSITION OF UNITED STATES TO AN INCREASE IN
WEIGHT OF CHINESE RENMINBI IN SPECIAL DRAWING
RIGHTS BASKET OF INTERNATIONAL MONETARY FUND.

(a) In General.--The Secretary of the Treasury shall
instruct the United States Governor of, and the United States
Executive Director at, the International Monetary 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 a
written report to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives that includes a
certification that--
(1) the People's Republic of China is in compliance with
all its obligations under Article VIII of the Articles of
Agreement of the Fund;
(2) during the preceding 12 months, there has not been a
report submitted under section 3005 of the Omnibus Trade and
Competitiveness Act of 1988 (22 U.S.C. 5305) or section 701
of the Trade Facilitation and Trade Enforcement Act of 2015
(19 U.S.C. 4421) in which the People's Republic of China has
been found to have manipulated its currency;
(3) the People's Republic of China has instituted and is
implementing the policies and practices necessary to ensure
that the renminbi is freely usable (within the meaning of
Article XXX(f) of the Articles of Agreement of the Fund); and
(4) the People's Republic of China adheres to the rules and
principles of the Paris Club and the Arrangement on
Officially Supported Export Credits of the Organisation for
Economic Co-operation and Development.
(b) Sunset.--Subsection (a) shall have no force or effect
on or after the date that is 10 years after the date of the
enactment of this Act.
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