Currency Reform for Fair Trade Act of 2007

To provide for identification of misaligned currency, require action to correct the misalignment, and for other purposes.

6/28/2007--Introduced.
Currency Reform for Fair Trade Act of 2007 - Amends the Tariff Act of 1930 to expand the authority of the administering authority or the International Trade Commission (ITC) to impose countervailing duties on products from a nonmarket economy country that have been provided a countervailable subsidy. Requires, when measuring subsidy benefits, the use of benchmarks outside of a nonmarket economy country when benchmarks in such a country are not available or are inappropriate. Includes fundamental and actionable misalignment of a currency (undervaluation of a foreign currency) by a foreign country as a countervailable subsidy. Directs the Secretary of the Treasury (Secretary) to:
(1) report annually to Congress on international monetary policy and currency exchange rates (including fundamentally misaligned currencies);
(2) analyze semiannually the prevailing real exchange rates between the U.S. dollar and foreign currencies and to designate fundamentally misaligned foreign currencies for priority action; and
(3) seek bilateral consultations with fundamentally misaligned currency countries designated for priority action to eliminate such misalignment. Requires the United States to inform the Managing Director of the International Monetary Fund (IMF) of countries that fail to eliminate fundamentally misaligned currencies designated for priority action and to request the IMF Managing Director to consult with such countries regarding their observance of the IMF Articles of Agreement and to report the results of such consultations to the IMF Executive Board. Prohibits the Overseas Private Investment Corporation (OPIC) from, and instructs multilateral banks to oppose, financing projects in countries that issue fundamentally misaligned currencies designated for priority action. Requires:
(1) the Secretary to take certain actions with respect to countries that fail to eliminate fundamentally misaligned currencies designated for priority action; and
(2) the United States Trade Representative (USTR) to request consultations in the World Trade Organization (WTO) with such countries regarding the consistency of their actions with regard the WTO Agreement. Establishes an Advisory Committee on International Exchange Rate Policy. Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988.


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Sponsor

• Rep. Timothy Ryan [D, OH-17]
• and 76 Co-Sponsors
  • Rep. Robert Aderholt [R, AL-4]
  • Rep. Jason Altmire [D, PA-4]
  • Rep. Robert Andrews [D, NJ-1]
  • Rep. Michael Arcuri [D, NY-24]
  • Rep. Spencer Bachus [R, AL-6]
  • Rep. James Barrett [R, SC-3]
  • Rep. Bruce Braley [D, IA-1]
  • Rep. Virginia Brown-Waite [R, FL-5]
  • Rep. Dan Burton [R, IN-5]
  • Rep. Kathy Castor [D, FL-11]
  • Rep. Emanuel Cleaver [D, MO-5]
  • Rep. Howard Coble [R, NC-6]
  • Rep. Peter DeFazio [D, OR-4]
  • Rep. Rosa DeLauro [D, CT-3]
  • Rep. John Dingell [D, MI-15]
  • Rep. Joe Donnelly [D, IN-2]
  • Rep. Michael Doyle [D, PA-14]
  • Rep. Thomas Edwards [D, TX-17]
  • Rep. Vernon Ehlers [R, MI-3]
  • Rep. Brad Ellsworth [D, IN-8]
  • Rep. Elton Gallegly [R, CA-24]
  • Rep. Jim Gerlach [R, PA-6]
  • Rep. John Gingrey [R, GA-11]
  • Rep. Louis Gohmert [R, TX-1]
  • Rep. Samuel Graves [R, MO-6]
  • Rep. Phil Hare [D, IL-17]
  • Rep. Robin Hayes [R, NC-8]
  • Rep. Brian Higgins [D, NY-27]
  • Rep. Tim Holden [D, PA-17]
  • Rep. Rush Holt [D, NJ-12]
  • Rep. Duncan Hunter [R, CA-52]
  • Rep. Bob Inglis [R, SC-4]
  • Rep. Jesse Jackson [D, IL-2]
  • Rep. William Jefferson [D, LA-2]
  • Rep. Eddie Johnson [D, TX-30]
  • Rep. Walter Jones [R, NC-3]
  • Rep. Steve Kagen [D, WI-8]
  • Rep. Dale Kildee [D, MI-5]
  • Rep. Carolyn Kilpatrick [D, MI-13]
  • Rep. Steven LaTourette [R, OH-14]
  • Rep. Daniel Lipinski [D, IL-3]
  • Rep. Stephen Lynch [D, MA-9]
  • Rep. Donald Manzullo [R, IL-16]
  • Rep. Carolyn McCarthy [D, NY-4]
  • Rep. James McGovern [D, MA-3]
  • Rep. John McHugh [R, NY-23]
  • Rep. Kendrick Meek [D, FL-17]
  • Rep. Michael Michaud [D, ME-2]
  • Rep. Alan Mollohan [D, WV-1]
  • Rep. Christopher Murphy [D, CT-5]
  • Rep. Tim Murphy [R, PA-18]
  • Rep. Sue Myrick [R, NC-9]
  • Rep. John Olver [D, MA-1]
  • Rep. Edward Pastor [D, AZ-4]
  • Rep. Joseph Pitts [R, PA-16]
  • Rep. Todd Platts [R, PA-19]
  • Rep. Harold Rogers [R, KY-5]
  • Rep. Michael Rogers [R, MI-8]
  • Rep. Dana Rohrabacher [R, CA-46]
  • Rep. Loretta Sanchez [D, CA-47]
  • Rep. H. James Saxton [R, NJ-3]
  • Rep. Janice Schakowsky [D, IL-9]
  • Rep. F. James Sensenbrenner [R, WI-5]
  • Rep. Heath Shuler [D, NC-11]
  • Rep. Louise Slaughter [D, NY-28]
  • Rep. Hilda Solis [D, CA-32]
  • Rep. Mark Souder [R, IN-3]
  • Rep. Zackary Space [D, OH-18]
  • Rep. Bart Stupak [D, MI-1]
  • Rep. Betty Sutton [D, OH-13]
  • Rep. Peter Visclosky [D, IN-1]
  • Rep. James Walsh [R, NY-25]
  • Rep. Zach Wamp [R, TN-3]
  • Rep. Charles Wilson [D, OH-6]
  • Rep. Addison Wilson [R, SC-2]
  • Rep. Albert Wynn [D, MD-4]
  close

Committees

• House Financial Services
• 2 more
  • House Ways and Means
  • House Foreign Affairs
  close

Amendments

This bill has no amendments.

Amendments to H.R.2942

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
June 28, 2007

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All Bill Actions

• Jun 28, 2007: Referred to House Foreign Affairs
• Jun 28, 2007: Referred to House Financial Services
• Jun 28, 2007: Referred to House Ways and Means
• Jun 28, 2007: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Introduced on Jun 28, 2007.

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Related Bills:

• H.R.782
• S.796
• S.1607

Related Issue Areas:

• Foreign exchange
• Trade agreements
• Subsidies
• Sanctions (International law)
• 19 more
• Investment guaranty insurance
• International monetary system
• International finance
• International agencies
• International affairs
• Free trade
• Foreign policy
• Foreign loans
• Foreign exchange rates
• Federal advisory bodies
• Executive departments
• Development credit institutions
• Developing countries
• Currency devaluation
• Countervailing duties
• Congressional reporting requirements
• Business
• American investments
• Trade

Data from the Congressional Research Service

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In the News

August 02, 2007 USA : AMTAC calls for tough China trade legislation

A main focus of the hearing was anti-currency manipulation legislation, including HR 2942, the Currency Reform for Fair Trade Act of 2007 introduced by ...

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Source: Fibre2fashion.com, India

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June 29, 2007 Coalition of American Manufacturers, Producers and Workers ...

The coalition noted that HR 2942, which was introduced on June 28, most importantly recognizes the hybrid nature of currency manipulation as both a monetary ...

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Source: PR Newswire (press release), NY

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June 29, 2007 Coalition of American Manufacturers, Producers and Workers ...

... welcomes the introduction by Congressmen Tim Ryan (D-OH) and Duncan Hunter (R-CA) of the Currency Reform for Fair Trade Act of 2007 (HR 2942). ...

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Source: Earthtimes.org

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Blog Coverage

May 02, 2008 Clinton and Obama on Currency

The Fair Currency Act of 2007 and its counterpart, HR 2942 in the House, recognize exchange-rate misalignment - whether by China or by any other country - as an export subsidy. Under this bill US companies and workers will finally be ...

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Source: International Economic Law and Policy Blog

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February 19, 2008 IMF urges China to speed up appreciation of currency - indiatimes.com

IMF urges Kuwait not to revalue dinar currency - arabianbusiness.com; China Currency Coalition Responds to Administration's 'Go-Slow' Policy and Urges Congress to Pass Ryan-Hunter Bill (HR 2942) to Counter Currency Undervaluation by ...

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Source: currencies - FeedUp.com

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February 15, 2008 Trade Deficit Decreases in December, Declines for Full Year

In particular, the Ryan-Hunter bill, HR 2942, would provide trade remedies that the coalition believes are consistent with international law and that would enable injured US companies and workers to defend themselves against the ...

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Source: Import Industry News

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