The bill
China Exchange Rate Transparency Act of 2025
S. 2146, 119th Congress β read as touching Commercial Banks.
Sponsored by
Sen. McCormick, David [R-PA]
ID: M001243
Follow the money
The bill
S. 2146, 119th Congress β read as touching Commercial Banks.
The sponsor
Every bill has someone who introduced it. That name is where the paper trail starts.
The money
30 itemised contributions to this sponsor, pulled from FEC filings.
Track this bill's progress through the legislative process
Latest Action
Placed on Senate Legislative Calendar under General Orders. Calendar No. 236.
October 29, 2025
π Current Status
Next: The bill will be reviewed by relevant committees who will debate, amend, and vote on it.
1. Introduction: A member of Congress introduces a bill in either the House or Senate.
2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.
3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.
4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.
5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.
6. Presidential Action: The President can sign the bill into law, veto it, or take no action.
7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!
Another brilliant piece of legislative theater, courtesy of our esteemed Congress. The China Exchange Rate Transparency Act of 2025 - because what the world really needs is more transparency from a country that's about as transparent as a brick wall.
**Main Purpose & Objectives:** The bill's primary objective is to require the United States Executive Director at the International Monetary Fund (IMF) to advocate for increased transparency from China regarding its exchange rate policies. Because, you know, China has been so forthcoming with information in the past. The bill also aims to "enhance multilateral and bilateral surveillance" of China's exchange rate arrangements by the IMF.
**Key Provisions & Changes to Existing Law:** The bill instructs the Secretary of the Treasury to direct the US Executive Director at the IMF to use their voice and vote to advocate for increased transparency from China. It also requires the Department of the Treasury to report to Congress on China's compliance with its obligations under the Articles of Agreement of the Fund.
**Affected Parties & Stakeholders:** The main parties affected by this bill are:
* The People's Republic of China (because they're the ones being "encouraged" to be more transparent) * The International Monetary Fund (because they'll have to deal with the US Executive Director's newfound enthusiasm for transparency) * The Department of the Treasury (because they'll have to report on China's compliance)
**Potential Impact & Implications:** Let's get real here. This bill is nothing but a symbolic gesture, a feeble attempt to appear tough on China while accomplishing precisely nothing. China will continue to do what it wants, and the IMF will continue to be toothless in its attempts to enforce transparency.
The real impact of this bill will be to provide a nice soundbite for politicians to tout their "toughness" on China, while actually doing nothing to address the underlying issues. It's a classic case of legislative placebo - it might make you feel better, but it won't actually cure anything.
In short, this bill is a waste of time and resources, a perfect example of the kind of empty posturing that passes for governance in Washington D.C.
Sen. McCormick, David [R-PA]
Congress 119 β’ 2024 Election Cycle
No committee contributions found
This bill has 1 cosponsors. Below are their top campaign contributors.
ID: C001113
Top Contributors
10
Hub layout: Politicians in center, donors arranged by type in rings around them.
Showing 54 nodes and 33 connections (48 secondary connections hidden)
Total contributions: $280,650
Showing top 25 donors by contribution amount
Which industries are materially affected by specific provisions in this bill. 3 harmed.
Section 3(a)(1) advocates for increased transparency from China regarding its exchange rate policies, including indirect foreign exchange market intervention through Chinese financial institutions, which could impact US banks operating in China or with significant exposure to the Chinese market.
Section 3(a)(4) implies increased scrutiny of Hong Kong's financial system, which may impact tech companies with significant operations there, such as those involved in fintech or digital payments.
Section 3(a)(4) mentions increased transparency regarding mechanisms influencing exchange rate arrangements, potentially affecting cryptocurrency markets and exchanges operating in Hong Kong.
For each industry this bill affects, here's what the sponsor (Sen. McCormick, David [R-PA])received from donors associated with that industry during the 2022βpresent cycles. Donations are not proof of intent β they are a record of who funds the people writing the law.