By Brendan Scanland
WASHINGTON, D.C. – A bipartisan duo in the U.S. Senate is taking aim at China’s currency practices.
Senator Dave McCormick (R- Pa.) is one of the senators leading the legislative effort to push for greater transparency from China on the world stage. McCormick is teaming up with Nevada Democratic Senator Catherine Cortez Masto to introduce the China Exchange Rate Transparency Act — or CERT Act.
The bill directs the U.S. executive director at the International Monetary Fund (IMF) to advocate for stricter oversight and transparency around how China handles its currency.
“China is not a competitor. China is an adversary,” said Sen. McCormick. “They’re stealing our intellectual property. They’re subsidizing their exports. We don’t have fair trade with China.”
Critics argue China’s murky exchange rate practices make its exports unfairly cheap — crippling U.S. manufacturing and deepening America’s trade dependence.
“And that hurts American workers. It hurts American families,” McCormick said. “And it’s really devastating to our manufacturing base. And it’s making us more dependent on China, which is a huge national security problem.”
Under IMF rules, China is supposed to avoid currency manipulation — but a recent U.S. Treasury report says Beijing still isn’t playing fair.
“As we work and trade with countries all around the world, it’s critical that every nation follows the same rules that make our global system fair,” said Senator Cortez Masto. “I will continue to push for Communist China to be held accountable for unfair trade practices, like currency manipulation, which take advantage of the rest of the world.”
“It creates an unfair exchange rate,” said Rep. Dan Meuser (R-Pa.).
The CERT Act mirrors a House bill already introduced by Pennsylvania Congressman Dan Meuser.
“It should’ve been done a long time ago,” Meuser said. “We need our Secretary of Treasury to do something about it — to weigh in with the IMF.”
If passed, the law would pressure the IMF to increase scrutiny and hold China to its global economic commitments. The push for accountability is part of a broader strategy to curb China’s growing influence and protect American economic strength.
“That, I think, is one of many ways that we need to change the game with China and hold them accountable and really get the upper hand in terms of the race for leadership in the world. America is uniquely positioned to do that,” McCormick said.
