China Exchange Rate Transparency Act of 2023

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 839) to require the United States Executive Director at the International Monetary Fund to advocate for increased transparency with respect to exchange rate policies of the People's Republic of China, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I rise in support of H.R. 839, the China Exchange Rate Transparency Act of 2023, introduced by the gentleman from Pennsylvania (Mr. Meuser).

The China Exchange Rate Transparency Act reflects a bipartisan objective to hold China accountable for its poor economic governance.

The International Monetary Fund's articles of agreement require member countries to `` . . . collaborate with the Fund and other members to assure orderly exchange arrangements and to

promote a stable system of exchange rates.''

In other words, to remain a member of the IMF, a country should avoid manipulating exchange rates to gain an unfair competitive advantage over other member countries.

According to the Treasury Department's November 2022 Foreign Exchange Report, ``China's lack of transparency and use of a wide array of tools complicate Treasury's ability to assess the degree to which official actions are designed to impact the exchange rate.''

This is just another barrier created by China's economic governance that prevents us from gaining basic insights into the world's second largest economy.

This opacity threatens the core mission of the IMF, which was established to help monitor exchange rate agreements.

It is ironic that China is always the one who demands a greater voice at the IMF, even if its actions undermine the fund's ability to be effective.

For too long, we have seen China dismiss international rules of the road. From debt restructuring in the developing world to massive Chinese export credits, China has refused to work with other economies to find global solutions.

Mr. Meuser's bill will help prevent China from undermining yet another key area of cooperation--the IMF's monitoring of exchange rates.

It will require the Treasury Department to push for greater transparency in China's exchange rate management during the IMF's economic reviews of China.

The bill would also make future reviews of Chinese shareholding in the IMF contingent on Beijing becoming a more responsible player in the international monetary system.

We need Treasury to take a firm stand at the IMF and insist that China adhere to the exchange rate policies of other advanced economies, or at the very least, disclose what those policies are.

This is important for the global economy, and it is certainly important for the American economy and American workers.

I thank Mr. Meuser for his leadership on this bill and urge my colleagues to support it, and I reserve the balance of my time.

Madam Speaker, I yield 4 minutes to the gentleman from Pennsylvania (Mr. Meuser) to explain his bill.

Madam Speaker, I yield myself the balance of my time.

I reiterate that Mr. Meuser's bill will help prevent China from undermining yet another key area of cooperation; and that is the IMF's monitoring of exchange rates.

Exchange rates affect the cost of goods and services in every district in America. Whether or not China is adhering to international norms affects our economy, it affects the global economy, and we need to address that.

We have legislation that enables us to address that. It enables us to speak in a bipartisan way that China's currency manipulation we will not stand for as a statement of American policy.

This bill will require the Department of the Treasury to push for greater transparency in China's exchange rate management during the IMF's economic reviews of China. That is the way we are going to do it.

We have sound policy. I urge my colleagues to support it, and I thank my Democratic colleagues and Republican colleagues on committee for working together on this bill, as well as Mr. Meuser of Pennsylvania for his leadership on this important issue.

Madam Speaker, I urge adoption of this bill, and I yield back the balance of my time.

Madam Speaker, on that I demand the yeas and nays.

Madam Speaker, I thank Chairman McHenry very, very much. I appreciate his leadership on our committee and on this bill.

I do rise in support of my legislation, the China Exchange Rate Transparency Act, H.R. 839, a bipartisan initiative supported by Representatives Donalds, Loudermilk, Nickel, Lawler, Lee of Nevada, and De La Cruz.

This legislation confronts the People's Republic of China's often deceptive and autocratic exchange rate policies and regular disregard for financial transparency on the international stage.

With this legislation, we are directing and challenging China's opaque and often manipulative practices in foreign exchange markets, including their policy of accumulating massive foreign currency reserves and depreciating their currency, which undercuts the competitiveness of U.S. exports. By mandating the U.S. executive director at the IMF to use the voice and vote of the United States to advocate for increased exchange rate transparency from China, we are not just advocating for fairness--we are fighting for the integrity of the global economy.

The Department of Treasury's reports from November 2022 to 2023 lay it out clearly: China's exchange rate practices are too often shrouded in secrecy, undermining not just the U.S. but the entire global trade system. It is time we confront China's persistent gaming of international norms. They have been playing by their own rules for too long, and it is detrimental to global economic fairness and stability.

This legislation is not about only singling out China. It is about ensuring that all IMF members, including China, adhere to the rules that they have agreed to. China has promised to maintain orderly exchange rate arrangements without manipulation. It is our job to hold them to that promise and to ensure they do not continue to exploit the system to their advantage.

We are taking a firm, no-nonsense approach to a complex issue, emphasizing our commitment to fair trade and a transparent global economic system.

I strongly urge my colleagues to support the China Exchange Rate Transparency Act of 2023, H.R. 839. This legislation stands for accountability in international finance, fair trade practices, and the stability of our global economy.

Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I rise in support of H.R. 839, the China Exchange Rate Transparency Act of 2023, sponsored by Congressman Meuser.

This bill requires the United States executive director at the International Monetary Fund, or IMF, to use its voice and vote to advocate for increased transparency regarding China's exchange rate policies.

This is important because China has a history of devaluing its currency, the yuan, against the dollar, making its exports unfairly cheaper, and thereby harming small businesses in the United States.

This bill would further impose greater accountability on China by requiring the United States to press the IMF to report whether China's exchange rate policies affect the value of SDRs and to consider China's performance as a responsible partner in the international monetary system when evaluating China's voting power at the IMF.

President Biden's Treasury Department has already increased transparency of China's practices, including by placing it on a watch list for its failure to publish foreign exchange intervention and key features of its exchange rate setting mechanism.

This bill would reinforce the Biden administration's actions to further push for greater transparency and accountability in this regard.

These are sensible actions Congress can take to prevent China from using its currency as an economic weapon.

For these reasons, I urge my colleagues to support this bill, and I reserve the balance of my time.

Madam Speaker, I yield myself the balance of my time.

Madam Speaker, this legislation builds upon the Biden administration's efforts to increase transparency and accountability of China on key features of how it sets its currency exchange rate.

It is critical to continue to apply pressure on China in this regard because weaponizing its exchange rate will directly harm the United States' small businesses selling their products and services here in the United States.

For these reasons, I again urge my colleagues to support this bill, and I yield back the balance of my time.

Mr. Speaker, I was unable to cast votes on January 12, 2024, due to both a family matter and the need to attend a memorial service for a member of my staff who recently died.

Had I been present for Roll Call votes, I would have voted Aye on:

Roll Call No. 9, On Motion to Suspend the Rules and Pass, H.R. 839-- China Exchange Rate Transparency Act of 2023, as amended.

Had I been present for Roll Call votes, I would have voted No on:

Roll Call No. 10, On Passage of H.J. Res. 98--A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the National Labor Relations Board relating to a ``Standard for Determining Joint Employer Status.''

I strongly oppose the Republican effort to repeal the National Labor Relations Board Joint Employer standard. This rule protects millions of workers in subcontracted work, helping them bargain for higher wages, better benefits, and safer conditions. The joint-employer doctrine ensures that companies cannot evade their responsibilities to negotiate with workers. Workers are the backbone of American success, and these workers deserve fair opportunities to collectively-bargain for good wages and safe working conditions. The final rule applies joint employer's bargaining obligations only to terms and conditions under a business's control. I oppose this Republican effort to nullify or weaken the final rule that protects workers.

Mr. Speaker, on January 11-12, 2024, I was unable to cast my vote. Had I been present, I would have voted ``NAY'' on Roll Call No. 7, ``YEA'' on Roll Call No. 9 and ``NAY'' on Roll Call No. 10.

I strongly oppose H.R. 788, the Stop Settlement Slush Funds Act, which would undermine our ability to hold corporations accountable for unlawful conduct. I also strongly oppose H.J. Res. 98, the joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the National Labor Relations Board relating to a ``Standard for Determining Joint Employer Status.'' As a constant proponent of collective bargaining rights, I would never vote to undermine workers and I will continue to support their rights and employer accountability. Last, I support H.R. 839, legislation to increase transparency of China's exchange rate policies.