Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong support of H.R. 386, the Chinese Currency Accountability Act. I thank my good friend, the gentleman from Ohio (Mr. Davidson), for sponsoring this important legislation. As chairman of the House Financial Services Committee in this Congress, I am delighted that Mr. Davidson has assumed the chairmanship on our Subcommittee on National Security, Illicit Finance, and International Financial Institutions. The Chinese Currency Accountability Act is not a new initiative. It passed the House under suspension of the rules last year after our committee reported it unanimously to the full House. This bill is important to limit China's influence over one of our most crucial international, multilateral organizations. The International Monetary Fund, the IMF, acts as the world's critical lender to nations, particularly those heavily indebted, to handle critical balance of payments financing. It conducts its business through Special Drawing Rights, or SDRs. SDRs not only serve as a unit of account for the IMF, but they also act as a reserve asset on the balance sheet of central banks and, as such, SDR assets earn interest. Prior to 2016, both the value and the interest rate of the SDR was determined by a basket of currencies issued by the independent central banks of the world and overseen by democratic governments. These currencies were the U.S.…”