Text of Senate Amendment 6112

On 2026-06-24, Senator David McCormick (R-PA) delivered a floor speech titled "Text Of Senate Amendment 6112" in the Senate.

Text of Senate Amendment 6112

Congressional Record, Volume 172 Issue 106 (Wednesday, June 24, 2026) [Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)] [Senate] [Page S3319] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 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. ______