,,ii  #aai? ,,congress  #a/ ,session    
,s4 #badf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #bd1 #bjbe ,mr4  
,mc,cormick 7= himself & ,ms4 ,cortez   
,ma/o7 introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,=eign ,relations  ,a ,,bill  ,to       
require ! ,unit$ ,/ates ,executive      
,director at ! ,int]national ,monet>y   
,fund to advocate = increas$ transp>5cy 
) respect to ex*ange rate policies ( !  
,p's ,republic ( ,*9a1 & = o!r purposes4
  #a4  ,%ort title  ,?is ,act may be    
cit$ z ! ,*9a ,ex*ange ,rate ,transp>5cy
 ,act ( #bjbe4  #b4  ,f9d+s  ,congress  
makes ! foll[+ f9d+s3 7#a7 ,"u ,article 
,,iv ( ! ,articles ( ,agreem5t ( !      
,int]national ,monet>y ,fund1 ! ,p's    
,republic ( ,*9a has committ$ to ord]ly 
ex*ange rate arrangem5ts1 ! avoidance ( 
ex*ange rate manipulation1 & coop]ation 
) ! ,fund to ensure firm surveillance ( 
! ex*ange rate policies ( ! ,p's        
,republic ( ,*9a4 ,pursuant to ,article 
,,viii ( ! ,articles ( ,agreem5t ( !    

,fund1 ! ,fund may require ! ,p's       
,republic ( ,*9a to furni% data on gold 
& =eign ex*ange hold+s1 includ+ assets  
held by non-(ficial ag5cies ( ! ,p's    
,republic ( ,*9a4  7#b7 ,9 its ,novemb] 
#bjbb report1 entitl$ ,macroeconomic &  
,=eign ,ex*ange ,policies ( ,major      
,trad+ ,p>tn]s ( ! ,unit$ ,/ates1 !     
,dep>tm5t ( ! ,treasury conclud$1 ,*9a  
provides v limit$ transp>5cy reg>d+ key 
features ( its ex*ange rate me*anism1   
includ+ ! policy objectives ( its       
ex*ange rate managem5t regime & its     
activities 9 ! (f%ore r5m9bi m>ket44 ,! 
,dep>tm5t cont9u$3 ,*9a's lack (        
transp>5cy & use ( a wide array ( tools 
complicate ,treasury's ability to assess
 ! degree to :i* (ficial actions are    
design$ to impact ! ex*ange rate44  7#c7
 ,9 t report1 ! ,dep>tm5t fur!r not$1   
,*9a's failure to publi% =eign ex*ange  
int]v5tion & broad] lack ( transp>5cy   
ar\nd key features ( its ex*ange rate   
me*anism make x an outli] among major   
economies & w>rants ,treasury's close   

monitor+44  #c4  ,advocacy = increas$   
ex*ange rate transp>5cy f ! ,p's        
,republic ( ,*9a  7a7  ,9 g5]al  ,!     
,secret>y ( ! ,treasury %all in/ruct !  
,unit$ ,/ates ,executive ,director at ! 
,int]national ,monet>y ,fund to use !   
voice & vote ( ! ,unit$ ,/ates to       
advocate =--  7#a7 increas$ transp>5cy f
 ! ,p's ,republic ( ,*9a1 & enhanc$     
multilat]al & bilat]al surveillance by !
 ,fund1 ) respect to ! ex*ange rate     
arrangem5ts ( ! ,p's ,republic ( ,*9a1  
includ+ any indirect =eign ex*ange m>ket
 int]v5tion ?r\gh ,*9ese f9ancial       
in/itutions or /ate-own$ ent]prises2    
7#b7 9 connection ) consultations ) !   
,p's ,republic ( ,*9a "u ,article ,,iv (
 ! ,articles ( ,agreem5t ( ! ,fund1 !   
inclusion ( any significant div]g5ces by
 ! ,p's ,republic ( ,*9a f ! ex*ange    
rate policies ( o!r issu]s ( curr5cies  
us$ 9 det]m9+ ! value ( ,special ,draw+ 
,rights2 &  7#c7 dur+ gov]nance reviews 
( ! ,fund1 /rong] consid]ation by memb]s
 & managem5t ( ! ,fund ( ! p]=mance ( ! 

,p's ,republic ( ,*9a z a responsible   
/akehold] 9 ! int]national monet>y sy/em
 :5 evaluat+ quota & vot+ %>es at !     
,fund4  7b7  ,sunset  ,! requirem5t "u  
subsection 7a7 %all t]m9ate on ! date t 
is #cj days aft] ! e>li] (--  7#a7 !    
date on :i* ! ,unit$ ,/ates ,gov]nor ( !
 ,int]national ,monet>y ,fund reports to
 ,congress t ! ,p's ,republic ( ,*9a--  
7,a7 is 9 sub/antial compliance )       
obligations ( ! ,p's ,republic ( ,*9a "u
 ! ,articles ( ,agreem5t ( ! ,fund      
reg>d+ ord]ly ex*ange rate arrangem5ts2 
&  7,b7 has und]tak5 ex*ange rate       
policies & practices consi/5t ) ^? ( o!r
 issu]s ( curr5cies us$ 9 det]m9+ !     
value ( ,special ,draw+ ,rights2 or     
7#b7 ! date t is #g ye>s aft] ! date ( !
 enactm5t ( ?is ,act4