Legislation to address Chinese currency manipulation, introduced by U.S. Rep. Dan Meuser, R-Dallas, passed the House of Representatives this week, 388-7.
The bill directs the U.S. International Monetary Fund’s executive director to advocate for enhanced transparency in China’s exchange rate arrangements, according to a press release announcing the bill’s advancement. The legislation also calls for stricter IMF oversight of China’s compliance with its commitments under the IMF’s articles of agreement, including orderly exchange rate arrangements and the avoidance of manipulation.
“China’s long-standing disregard for financial transparency and its manipulation of foreign exchange markets have tilted the playing field against U.S. businesses and disrupted global economic norms,” said Meuser, according to the news release. “This legislation demands accountability and insists on adherence to international standards of transparency and fairness.”
Cosponsors of the legislation include: Reps. Glenn Thompson, R-Howard; Barry Loudermilk, R-Ga.; Monica De La Cruz, R-Texas; Susie Lee, D-Nev.; John Moolenaar, R-Mich.; Mark Messmer, R-Ind.; Mike Lawler, R-N.Y.; Ben Cline, R-Va. and Tom Suozzi, D-N.Y.
“President Trump was elected to negotiate fair trade deals and put America first again,” Meuser said, according to the news release. “This legislation is a continuation of that mission — holding China accountable for its long-standing manipulative practices in foreign exchange markets. By ensuring transparency and adherence to international norms, we are protecting American workers, businesses and farmers from unfair competition.
“When China manipulates their currency, global prices suffer,” he continued. “This is about restoring integrity and fairness to global trade, reinforcing the principles of free and fair commerce, and standing strong for U.S. economic interests on the world stage. I thank my House colleagues for their overwhelming support of this legislation and urge the Senate to quickly pass this bill and send it to President Trump’s desk to be signed into law.”
