July 17, 2025
Mr. Nunn of Iowa introduced the following bill; which was referred to the Committee on Financial Services
To provide for working with allies to seek increased compliance by China with certain OECD export credit standards.
Section 1. Short title
This Act may be cited as the Neutralizing Unfair Chinese Export Subsidies Act of 2025
.
Sec. 2. Working with allies to ensure China’s compliance with OECD standards
(a) In general
Within 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a detailed strategy and timeline with respect to—
(1)
strengthening United States advocacy and cooperation with appropriate allies and partners to seek to ensure substantial compliance by China with the financial terms and conditions of the OECD Arrangement on Officially Supported Export Credits; and
(2)
the goal described in section 11(a)(1) of the Export-Import Bank Reauthorization Act of 2012.
(b) International negotiations on export subsidies
(1) In general
Section 11(a)(1) of the Export-Import Bank Reauthorization Act of 2012 (12 U.S.C. 635a–5(a)(1)) is amended by striking with the possible goal of eliminating, before the date that is 10 years after the date of the enactment of the Export-Import Bank Reform and Reauthorization Act of 2015,
and inserting with the goal of eliminating, before the date that is 10 years after the date of the enactment of the Neutralizing Unfair Chinese Export Subsidies Act of 2025
.
(2) Progress report
Section 11(e) of such Act (12 U.S.C. 635a–5(e)) is amended by striking 2019
and inserting 2029
.
(3) Conduct of negotiations
Section 11 of such Act (12 U.S.C. 635a–5) is amended—
(A)
in each of subsections (a) and (d), by striking The President
and inserting The Secretary of the Treasury, in consultation with the United States Trade Representative,
;
(B)
in subsection (a), by inserting , and endeavor to hold not less frequently than twice per year,
before negotiations
;
(C)
in each of subsections (b), (c), and (e), by striking President
each place it appears and inserting Secretary of the Treasury
; and
(D)
in subsection (d), by inserting , and endeavor to hold such negotiations not less frequently than twice per year
before the period.
Sec. 3. Exchange rate governance and International Monetary Fund
(a) In general
In applying criteria to determine whether the People’s Republic of China has manipulated the rate of exchange between its currency and the United States dollar, the Secretary of the Treasury—
(1)
shall take into account—
(A)
compliance by the People’s Republic of China with its obligations under Article VIII of the Articles of Agreement of the International Monetary Fund;
(B)
the transparency of exchange rate management by the People’s Republic of China; and
(C)
significant support by the government of the People’s Republic of China to particular economic sectors that prevents effective balance of payments adjustments; and
(2)
may carry out the determination regardless of any global current account surplus of the People’s Republic of China.
(b) Opposition to IMF quota increase
During the one-year period following a determination by the Secretary of the Treasury that the People’s Republic of China has manipulated the rate of exchange between its currency and the United States dollar, the Secretary shall instruct the United States Governor of the International Monetary Fund to use the voice and vote of the United States to oppose any proposal to increase the quota of the People’s Republic of China in the Fund, other than consent to an amendment to the Articles of Agreement of the Fund that has been authorized by law.