Congressman Mike Haridopolos Backs Bills to Hold China Accountable for Currency Manipulation and Protect Small Businesses from Unfair Regulations

WASHINGTON, D.C. – On Monday, Congressman Mike Haridopolos (FL-08) spoke on the House floor in support of two bills from the Financial Services Committee, H.R. 692, the China Exchange Rate Transparency Act, and H.R. 736, the Protect Small Businesses from Excessive Paperwork Act. He then voted in favor of both measures, which both passed the House of Representatives with bipartisan support.

“China’s opaque currency practices give them an unfair advantage in global trade, harming American businesses and workers,” said Rep. Haridopolos. “H.R. 692 brings much-needed transparency and accountability, ensuring the U.S. pushes back against China’s currency manipulation at the IMF.”

H.R. 692 directs the U.S. Executive Director at the International Monetary Fund (IMF) to push for greater transparency and scrutiny of China’s exchange rate practices, which have long been suspected of artificially undervaluing their currency to promote exports. The bill reinforces existing IMF rules that prohibit currency manipulation and ensures that China’s lack of transparency is factored into decisions about its influence within the IMF.

Congressman Haridopolos also emphasized the importance of H.R. 736, which extends the deadline for small businesses to comply with beneficial ownership reporting requirements under the Corporate Transparency Act. The Biden administration’s poorly executed rollout of these onerous rules left millions of small business owners at risk of steep fines and penalties due to confusing guidance and unrealistic deadlines.

“The Biden administration’s haphazard rollout of these regulations left small business owners scrambling, facing thousands of dollars of compliance costs. This bill gives them breathing room while ensuring federal agencies implement the law in a way that makes sense and reduces the burden on small business owners,” said Haridopolos. “A bureaucrat’s carelessness shouldn’t become a back-breaking burden for small businesses.”

A video of Rep. Haridopolos remarks on H.R. 692 can be found here, and the full remarks can be found below.

For decades, it’s been suspected that China manipulates its exchange rate to keep the dollar value of their currency artificially low. 

Why do they do this? To encourage exports and discourage imports, tipping the scales in their favor. 

That is not free trade, nor is it fair trade.

Even the World Trade Organization and the International Monetary Fund both prohibit the use of currency manipulation to gain trade advantages. 

However, like on so many other issues, the Chinese Communist Party’s lack of transparency on this issue has been a roadblock to taking action to end this unfair practice. 
So, let’s bring their trade practices into the sunlight.

This brilliant bill, from my colleague from Pennsylvania who chairs the Financial Services Oversight and Investigations Subcommittee, will require Treasury to push IMF members to take China’s lack of transparency into account when considering China’s shareholding at the Fund.

I urge my colleagues to support this bill as a step toward fairer trade with China.

A video of Rep. Haridopolos remarks on H.R. 736 can be found here, and the full remarks can be found below.

Common sense is making a spectacular comeback this year in all sorts of ways, including this bill from my colleague from Iowa, the Protect Small Business from Excessive Paperwork Act of 2025.

The Biden Administration implemented complicated and costly beneficial ownership reporting requirements. With little clarity and even less time to comply, millions of small business owners are now facing the risk of thousands of dollars in fines.

Many small businesses run on slim margins, and are now facing added hardships due to the last Administration’s carelessness in implementing these reporting requirements.

This bill takes a small step for common sense by giving our small businesses an additional year to report their beneficial ownership paperwork.

This extension will also give Treasury Secretary Bessent and the Financial Crimes Enforcement Network the time to apply common sense in helping small businesses meet the reporting requirements.  

A bureaucrat’s carelessness shouldn’t become a back-breaking burden on small businesses, let’s pass this bill and get back to common sense.

I urge my colleagues to support the bill.