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HR 8290

China Exchange Rate Accountability Act of 2026

119th Congress Introduced by Pete Sessions

The act allows the United States to oppose IMF quota increases for large-shareholder members that undermine balanced trade, based on a Treasury 7-day report.

Reported (Amended) by the Committee on Financial Services. H. Rept. 119-703.
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Bill Summary · HR 8290

Summary of H.R. 8290 — Exchange Rate Accountability Act of 2026

Purpose and intent

  • The bill aims to influence how the United States uses its voice and vote at the International Monetary Fund (IMF) with respect to quota increases for certain member countries.
  • Specifically, it seeks to oppose quota increases for foreign IMF members that employ certain exchange rate practices, as defined in the bill.
  • The act is designed to be a temporary, sunset measure, ceasing to have force after seven years unless extended.

Key provisions and changes

  1. Short title

    • Referred to as the “Exchange Rate Accountability Act of 2026.”

  2. Amendment to the Bretton Woods Agreements Act (22 U.S.C. 286–286aaa)

    • Adds a new Section 75: Opposition to Quota Increase for Countries That Undermine the Balanced Growth of International Trade.

  3. Procedural requirement for quota increase considerations

    • For any proposal to increase the quota of a foreign IMF member that is among the 10 largest shareholders, the Secretary of the Treasury must submit, at least 7 days before consideration, a report to:
      • The House Committee on Financial Services
      • The Senate Committee on Foreign Relations
    • The report must determine whether the member meets specific criteria (see below).

  4. Criteria for evaluating a country (seven-day report)

    • The member must meet all of the following:
      1. In the preceding 12 months, does not appear to have violated Article VIII obligations of the IMF’s Articles (based on publicly available data).
      2. The member maintains transparent exchange rate policies and publishes credible balance of payments data.
      3. If the member had a current account surplus in the preceding 12 months, it has not persistently managed its exchange rate to prevent adjustments or gain an unfair competitive advantage.

  5. Effect if criteria are not met

    • If the Secretary determines the member has failed any criteria, the Secretary must instruct the IMF Governor to use the United States’ voice and vote to oppose the proposal to increase that member’s IMF quota.

  6. Waiver authority

    • The President may waive the opposition in subsection (b) if reporting to the relevant congressional committees explains why the waiver is in the national interest.

  7. Consideration of proposals

    • For purposes of this section, simply considering a quota increase proposal does not imply consent to amendments to IMF Articles of Agreement that have been lawfully authorized.

  8. Sunset provision

    • The act ceases to be in force seven years after enactment unless extended.

Who/what is affected

  • IMF member countries that are among the 10 largest shareholders and whose quota proposals are under consideration.
  • U.S. policymakers and agencies (Secretary of the Treasury, IMF Governors, Congress) due to new reporting and directive requirements.
  • The Voice and Vote position of the United States at the IMF with respect to quota increases for targeted members (potentially opposing such increases).

Procedural and timeline aspects

  • The bill was introduced on April 15, 2026, and referred to the House Committee on Financial Services.
  • A key timing element: if a quota increase proposal is under consideration for a top-10 IMF shareholder, a 7-day prior report from the Treasury is mandated to accompany consideration.
  • The waiver process allows the President to override the opposition if national-interest reasons are provided to Congress.
  • The act includes a built-in sunset: it expires seven years after enactment (i.e., around 2033, unless extended).

Potential impact and considerations

  • The bill would give the United States a formal mechanism to block or slow IMF quota increases for large-shareholder countries that are deemed to undermine balanced international trade through exchange rate practices.
  • It emphasizes transparency in exchange rate policies and balance of payments data as conditions for favorable consideration.
  • The measure relies on publicly available data to assess compliance with Article VIII obligations and exchange rate practices.
  • The practical effect depends on congressional reporting, Treasury determinations, and IMF governance dynamics, including whether the U.S. can gather sufficient consensus to oppose quota increases.

Compiled from official sources — confirm details with the bill’s official record.

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