China Exchange Rate Transparency Act of 2023
Floor Speech
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Mr. MEUSER. Madam Speaker, I thank Chairman McHenry very, very much. I appreciate his leadership on our committee and on this bill.
I do rise in support of my legislation, the China Exchange Rate Transparency Act, H.R. 839, a bipartisan initiative supported by Representatives Donalds, Loudermilk, Nickel, Lawler, Lee of Nevada, and De La Cruz.
This legislation confronts the People's Republic of China's often deceptive and autocratic exchange rate policies and regular disregard for financial transparency on the international stage.
With this legislation, we are directing and challenging China's opaque and often manipulative practices in foreign exchange markets, including their policy of accumulating massive foreign currency reserves and depreciating their currency, which undercuts the competitiveness of U.S. exports. By mandating the U.S. executive director at the IMF to use the voice and vote of the United States to advocate for increased exchange rate transparency from China, we are not just advocating for fairness--we are fighting for the integrity of the global economy.
The Department of Treasury's reports from November 2022 to 2023 lay it out clearly: China's exchange rate practices are too often shrouded in secrecy, undermining not just the U.S. but the entire global trade system. It is time we confront China's persistent gaming of international norms. They have been playing by their own rules for too long, and it is detrimental to global economic fairness and stability.
This legislation is not about only singling out China. It is about ensuring that all IMF members, including China, adhere to the rules that they have agreed to. China has promised to maintain orderly exchange rate arrangements without manipulation. It is our job to hold them to that promise and to ensure they do not continue to exploit the system to their advantage.
We are taking a firm, no-nonsense approach to a complex issue, emphasizing our commitment to fair trade and a transparent global economic system.
I strongly urge my colleagues to support the China Exchange Rate Transparency Act of 2023, H.R. 839. This legislation stands for accountability in international finance, fair trade practices, and the stability of our global economy.
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