Berks County News

Congressman Dan Meuser has reintroduced the China Exchange Rate Transparency Act, also known as H.R. 692, in a bid to address concerns over China's currency practices. The legislation aims to tackle what Meuser describes as "China’s long-standing disregard for financial transparency and its manipulation of foreign exchange markets," which he argues have disadvantaged U.S. businesses and disrupted global economic norms.

The proposed law would direct the United States Executive Director at the International Monetary Fund (IMF) to push for greater transparency in China's exchange rate arrangements. It also seeks stricter IMF oversight regarding China's adherence to its commitments under the IMF's Articles of Agreement, particularly concerning orderly exchange rate arrangements and avoiding manipulation.

Meuser emphasized that this legislation aligns with efforts initiated during President Trump's administration to negotiate fair trade deals and prioritize American interests. He stated, "This legislation is a continuation of that mission—holding China accountable for its long-standing manipulative practices in foreign exchange markets."

The CERT Act has garnered bipartisan support with original cosponsors including Representatives Barry Loudermilk from Georgia, Monica De La Cruz from Texas, Susie Lee from Nevada, John Moolenaar from Michigan, and Mark Messmer from Indiana.

Previously, the CERT Act passed the House with overwhelming support by a vote of 379-1.