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Congressional Daily Record
This section is about changes proposed to a bill or resolution. It mentions members such as David Harold McCormick.
Issued
June 24, 2026
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Download official Senate Record PDFReturn to issue contextSA 6112. Mr. McCORMICK (for himself and Ms. Cortez Masto) submitted an amendment intended to be proposed by him to the bill S. 4784, to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows:
At the end of subtitle D of title XII, add the following:
SEC. 1252. ADVOCACY FOR INCREASED EXCHANGE RATE TRANSPARENCY
FROM THE PEOPLE'S REPUBLIC OF CHINA.
(a) In General.—The Secretary of the Treasury shall
instruct the United States Executive Director at the
International Monetary Fund to use the voice and vote of the
United States to advocate for—
(1) increased transparency from the People's Republic of
China, and enhanced multilateral and bilateral surveillance
by the Fund, with respect to the exchange rate arrangements
of the People's Republic of China, including any indirect
foreign exchange market intervention through Chinese
financial institutions or state-owned enterprises;
(2) in connection with consultations with the People's
Republic of China under Article IV of the Articles of
Agreement of the Fund, the inclusion of any significant
divergences by the People's Republic of China from the
exchange rate policies of other issuers of currencies used in
determining the value of Special Drawing Rights;
(3) during governance reviews of the Fund, stronger
consideration by members and management of the Fund of the
performance of the People's Republic of China as a
responsible stakeholder in the international monetary system
when evaluating quota and voting shares at the Fund; and
(4) increased transparency regarding the mechanisms through
which the People's Republic of China utilizes Hong Kong's
financial system to influence exchange rate arrangements and
the value or use of Special Drawing Rights.
(b) Annual Reports on Implementation.—Not later than one
year after the date of the enactment of this Act, and
annually thereafter until the termination date described in
subsection (c), the Secretary of the Treasury shall submit to
Congress a report that—
(1) describes the specific actions taken by the United
States Executive Director at the International Monetary Fund
in the year preceding submission of the report to carry out
subsection (a); and
(2) describes in detail the extent of the compliance of the
People's Republic of China regarding transparency and any
significant divergences noted in consultations under Article
IV of the Articles of Agreement of the Fund.
(c) Sunset.—The requirement under subsection (a) shall
terminate on the date that is 30 days after the earlier of—
(1) the date on which the United States Governor of the
International Monetary Fund reports to Congress that the
People's Republic of China—
(A) is in substantial compliance with obligations of the
People's Republic of China under the Articles of Agreement of
the Fund regarding orderly exchange rate arrangements; and
(B) has undertaken exchange rate policies and practices
consistent with those of other issuers of currencies used in
determining the value of Special Drawing Rights; or
(2) the date that is 7 years after the date of the
enactment of this Act.