[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8290 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 8290

To require the use of the voice and vote of the United States to oppose 
   any quota increase at the International Monetary Fund for member 
 countries that employ certain exchange rate practices, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 15, 2026

 Mr. Sessions introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the use of the voice and vote of the United States to oppose 
   any quota increase at the International Monetary Fund for member 
 countries that employ certain exchange rate practices, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Exchange Rate Accountability Act of 
2026''.

SEC. 2. OPPOSITION TO IMF QUOTA INCREASE FOR COUNTRIES THAT UNDERMINE 
              THE BALANCED GROWTH OF INTERNATIONAL TRADE.

    The Bretton Woods Agreements Act (22 U.S.C. 286-286aaa) is 
amended--
            (1) by redesignating the 2nd section 73 (as added by 
        section 1901 of division P of Public Law 116-94) as section 74; 
        and
            (2) by adding at the end the following:

``SEC. 75. OPPOSITION TO QUOTA INCREASE FOR COUNTRIES THAT UNDERMINE 
              THE BALANCED GROWTH OF INTERNATIONAL TRADE.

    ``(a) In General.--Not less than 7 days before consideration of any 
proposal to increase the quota of a foreign member of the Fund that is 
one of the 10 largest shareholders in the Fund, the Secretary of the 
Treasury shall submit a report to the Committee on Financial Services 
of the House of Representatives and the Committee on Foreign Relations 
of the Senate that sets forth a determination by the Secretary as to 
whether the foreign member meets the following criteria:
            ``(1) The member, in the preceding 12 months, does not 
        appear to have been in violation of the obligations of the 
        member under Article VIII of the Articles of Agreement of the 
        Fund, based on publicly available data.
            ``(2) The member--
                    ``(A) maintains transparent exchange rate policies 
                and practices; and
                    ``(B) publishes credible balance of payments data.
            ``(3) To the extent that the member, in the preceding 12 
        months, has recorded a current account surplus, the member has 
        not persistently managed the rate of exchange between its 
        currency and the United States dollar for purposes of 
        preventing effective balance of payments adjustments or gaining 
        unfair competitive advantage in international trade.
    ``(b) Effect of Determination.--On determining that a foreign 
member of the Fund has failed to meet any of the criteria set forth in 
subsection (a), the Secretary shall instruct the Governor of the Fund 
to use the voice and vote of the United States to oppose the proposal 
to increase the quota of the member in the Fund.
    ``(c) Waiver.--The President may waive subsection (b) with respect 
to a member of the Fund on reporting to the Committee on Financial 
Services of the House of Representatives and the Committee on Foreign 
Relations of the Senate that the waiver is important to the national 
interest of the United States, with an explanation of the reasons 
therefor.
    ``(d) Proposal Consideration.--For purposes of this section, 
consideration of a proposal to increase the quota of a foreign member 
of the Fund does not include consent to an amendment to the Articles of 
Agreement of the Fund that has been authorized by law.
    ``(e) Sunset.--This section shall cease to have force or effect 7 
years after the date of the enactment of this Act.''.
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