Political Quotes

“Mr. Speaker, I rise today to urge this body to support H.R. 386, the Chinese Currency Accountability Act of 2025. Mr. Speaker, this critical bill ensures that the United States stands firm against increasing the weight of the Chinese renminbi in the International Monetary Fund's Special Drawing Rights, their currency basket, unless China changes course. Frankly, China operates the Belt and Road Initiative in competition with the IMF, so this is a very modest proposal and very incremental. China should not even participate in the IMF while they are working to actually undermine the IMF with their alternative, the Belt and Road Initiative. Additionally, the Special Drawing Rights are a useful global reserve asset, providing IMF members with claims on five major currencies: the dollar, the euro, now the renminbi, but also the Japanese yen and the British pound. Most notably, this currency basket influences the IMF lending rate. All other central banks participating are market based. In 2016, the IMF decided they were going to include a nonmarket-based currency, the Chinese renminbi. More concerning, in 2022, as Chairman Hill pointed out, the IMF actually increased the weight to 12.8 percent, making it the third most prominent currency, even though China lacks independence. This bill directs the U.S.…”