This bill directs the U.S. Secretary of the Treasury to evaluate China's currency and trade practices whenever a proposal arises to increase China's voting power at the International Monetary Fund. At least seven days before any such proposal is considered, Treasury must report to relevant congressional committees on whether China has maintained transparent exchange rate policies, published credible balance of payments data, avoided currency manipulation to gain trade advantages, and complied with IMF obligations over the prior 12 months. If China fails to meet these standards, the U.S. representative at the IMF must vote to oppose the voting power increase, though the President can waive this requirement by certifying it serves the national interest. This provision would primarily affect U.S. foreign economic policy and America's dealings with the IMF regarding China's influence in the institution, and it would automatically expire seven years after becoming law.
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