China Exchange Rate Transparency Act of 2025

Floor Speech

Mr. Speaker, I rise in support of H.R. 692, the China Exchange Rate Transparency Act, sponsored by Representative Meuser.

China has a history of devaluing its currency against the U.S. dollar, making its exports unfairly cheap and harming American small businesses. One way to confront this is to impose greater accountability on China through the International Monetary Fund.

This bill would require the U.S. to press the IMF to report on the impact of China's exchange rate policies on key IMF tools and consider whether China has been a responsible partner in the international monetary system when evaluating China's voting power at the IMF.

While these are sensible actions that Congress can take to prevent China from using its currency as an economic weapon, they seem like a small step given the big threat. I don't mean solely the very real threat from an aggressive China. I mean, the threat from Donald Trump, whose comments and actions are all designed to weaken America's power on the global stage.

Trump is withdrawing America from global organizations such as the World Health Organization and parts of the United Nations. Trump is attacking our allies like Colombia and Canada, making our friends question whether they are better off in a world with America in the lead.

Trump is starting what even The Wall Street Journal calls is the dumbest trade war ever, driving our partners away from our markets and the U.S. dollar. He and his co-president, Elon Musk, are illegally and unilaterally ending America's foreign aid programs, causing a disaster for the recipients of that support, but also creating a mammoth void which China will step in and fill.

Perhaps worst of all, President Trump is signaling that America will abandon Ukraine and Taiwan, telling the globe that we are an unreliable partner, especially as a security partner, regardless of law and treaty to the contrary.

Mr. Speaker, I am here to tell Mr. Trump that we will not stand silent as you tear down America and America's role in the world.

Mr. Speaker, let us stand up to China at the IMF, but if, as our majority is signaling, we should adopt Trump's aggressive isolationist policies, then we are giving up the globe to a China that is more than happy to step into our void. That reduces this bill to nothing more than a hollow gesture.

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

China has been accused of manipulating its currency to expand both its economy and global influence. Concerns about this include its effects on American interests at international institutions like the International Monetary Fund. This bill proposes a way to address that, and I support it.

I reiterate my concerns, however, that to do so in light of President Trump's efforts to defy the law, Congress, and the Constitution by ending our foreign aid programs, withdrawing from global institutions, and attacking our allies is folly. In order to actually stand against Chinese aggression, one must stand up against our own President's aggression and his malign policies.

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

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