,i  #aahth ,,congress  #ast ,session    
,h4 ,r4 #hci  ,,in ,,the ,,house ,,of   
,,representatives  ,february #f1 #bjbc  
,mr4 ,meuser 7for himself1 ,mr4         
,donalds1 and ,mr4 ,loudermilk7         
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,a ,,bill  ,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 ,china1 and for other      
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,china ,exchange    
,rate ,transparency ,act of #bjbc4  #b4 
,findings ,the ,congress finds as       
follows3  7#a7 ,under ,article ,,iv of  
the ,articles of ,agreement of the      
,international ,monetary ,fund 7,,imf71 
the ,people's ,republic of ,china has   
committed to orderly exchange rate      
arrangements1 the avoidance of exchange 
rate manipulation1 and cooperation with 

the ,,imf to ensure firm surveillance of
 the exchange rate policies of the      
,people's ,republic of ,china4 ,pursuant
 to ,article ,,viii of the ,articles of 
,agreement of the ,,imf1 the ,,imf may  
require the ,people's ,republic of      
,china to furnish data on gold and      
foreign exchange holdings1 including    
assets held by non-official agencies of 
the ,people's ,republic of ,china4  7#b7
 ,in its ,november #bjbb report1        
entitled ,macroeconomic and ,foreign    
,exchange ,policies of ,major ,trading  
,partners of the ,united ,states1 the   
,department of the ,treasury concluded1 
,china provides very limited            
transparency regarding key features of  
its exchange rate mechanism1 including  
the policy objectives of its exchange   
rate management regime and its          
activities in the offshore ,,rmb        
market44 ,the ,department continued3    
,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 rate44  7#c7 ,in 
that report1 the ,department further    
noted that ,china's failure to publish  
foreign exchange intervention and       
broader lack of transparency around key 
features of its exchange rate mechanism 
make it an outlier among major economies
 and warrants ,treasury's close         
monitoring44  #c4 ,advocacy for         
increased exchange rate transparency    
from ,china ,the ,secretary of the      
,treasury shall instruct the ,united    
,states ,executive ,director at the     
,international ,monetary ,fund 7in this 
,act referred to as the ,,imf7 to use   
the voice and vote of the ,united       
,states to advocate for--  7#a7         
increased transparency from the         
,people's ,republic of ,china with      
respect to the exchange rate            
arrangements of the ,people's ,republic 
of ,china1 including any indirect       
foreign exchange market intervention    
through ,chinese financial institutions 

or ,state-owned enterprises2  7#b7      
compliance by the ,people's ,republic of
 ,china with information requests from  
the ,,imf regarding the exchange rate   
policies and holdings of the ,people's  
,republic of ,china1 consistent with the
 ,articles of ,agreement of the ,,imf2  
7#c7 in connection with consultations   
with the ,people's ,republic of ,china  
under ,article ,,iv of the ,articles of 
,agreement of the ,,imf1 the publication
 of any significant divergences by the  
,people's ,republic of ,china from the  
exchange rate policies of other issuers 
of currencies used in determining the   
value of ,special ,drawing ,rights2 and 
7#d7 during governance reviews of the   
,,imf1 stronger consideration by ,,imf  
members and management of               
non-transparent exchange rate policies  
undertaken by the ,people's ,republic of
 ,china when evaluating quota and voting
 shares at the ,,imf4  #d4 ,sunset ,this
 ,act shall have no force or effect on  
or after the date that is #cj days after

 the earlier of-- 7#a7 the date that the
 ,united ,states ,governor of the ,,imf 
reports to the ,congress that the       
,people's ,republic of ,china--  7,a7 is
 in substantial compliance with         
obligations of the ,people's ,republic  
of ,china under the ,articles of        
,agreement of the ,,imf regarding       
orderly exchange rate arrangements2 and 
7,b7 has undertaken exchange rate       
policies consistent with those of other 
issuers of currencies used in           
determining the value of ,special       
,drawing ,rights2 and  7#b7 the date    
that is #g years after the date of the  
enactment of this ,act4