Chinese Currency Accountability Act of 2025

Floor Speech

Mr. Speaker, I rise in support of H.R. 386, the Chinese Currency Accountability Act, sponsored by my friend and the gentleman from Ohio (Mr. Davidson).

Mr. Speaker, this bill would require the Secretary of the Treasury to oppose a future percentage increase in the weight of China's currency in the IMF's international reserve asset known as the Special Drawing Rights, or SDRs, unless the Secretary of the Treasury independently certifies that China is in compliance with certain obligations to the IMF and with other international standards.

While I support this bill and its intentions, I will note that the Treasury Department stresses that, due to confidentiality between the IMF and its member countries, it is impossible for the Secretary to independently certify that China is complying with the IMF obligations.

I hope that Representative Davidson and his colleagues will work with us to make changes to this bill to ensure that it could be executed as intended.

I also must add that it is enormously ironic that we are passing a bill focused on a nation's transparency at a time when President Trump is running one of the least transparent governments in our Nation's history.

As the last Trump term starts, we, again, do not have disclosures or divestment from the President, meaning we don't know how he is personally benefiting from his administration's actions.

For example, President Trump introduced meme coins for himself and his wife, making it possible for any friend or foe with business before the President to trade millions in Trump cryptocurrency without any identification and verification.

Further, Trump's co-president, Elon Musk, is also refusing to publicly disclose and divest from his conflicted investments, despite being a fake employee of the government who has access to millions of Americans' taxpayer dollars and personally identifiable information. It is transparency for the average American, but not for Trump and his oligarchs.

To fight corruption and kleptocracy, it is vital for the United States to have transparency in government. If we expect it of others, then we should model it and demand it for ourselves.

Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

Mr. Speaker, as China expands both its economy and global influence, it has been accused of manipulating its currency. This includes the use of its currency at international institutions like the IMF.

This bill would empower the Treasury Department to address that issue, which is a laudable goal. We should fight for the same type of transparency for our own government and government officials, including President Donald Trump and co-president Elon Musk.

It is a good bill, and I support it.

Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

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