Currency Exchange Rate Oversight Reform Act of 2007

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

7/31/2007--Reported to Senate amended. Currency Exchange Rate Oversight Reform Act of 2007 -
(Sec. 3) Directs the Secretary of the Treasury to:
(1) report biannually to Congress on international monetary policy and currency exchange rates; and
(2) appear, if requested, before certain congressional committees to testify regarding such reports.
Prescribes report contents, including:
(1) an analysis of currency market developments and the relationship between the U.S. dollar and the currencies of major economies and trading partners of the United States;
(2) a review of the economic and monetary policies of major economies and trading partners of the United States and an evaluation of how such policies impact currency exchange rates; and
(3) a list of currencies designated as fundamentally misaligned currencies.
(Sec. 4) Instructs the Secretary to:
(1) analyze semiannually the prevailing real effective exchange rates of foreign currencies;
(2) determine whether any such currency is in fundamental misalignment; and
(3) designate it for priority action if the issuing country engages in specified behavior, including excessive and prolonged official or quasi-official accumulation of foreign assets for balance of payments purposes, and excessive reserve accumulation of foreign assets.
(Sec. 5) Prescribes procedures for:
(1) negotiations and consultations; and
(2) actions in response to failure, including persistent failure, to adopt appropriate policies, or take identifiable action to eliminate the fundamental misalignment.
(Sec. 8) Provides for a joint resolution of congressional disapproval of any determination by the President to waive an action, on the ground that it is in the vital U.S. economic interest to do so, with respect to a country which has persistently failed to adopt appropriate policies to eliminate a fundamental currency misalignment.
(Sec. 9) Requires the United States to oppose any proposed change in the governance arrangement of an international financial institution if any of its members would benefit from the proposed change, in the form of increased voting shares or representation, despite having a currency designated for priority action under this Act.
(Sec. 10) Amends the Tariff Act of 1930 to require an adjustment in the price used to establish export (and constructed export) prices, in the case of a fundamentally misaligned currency designated for priority action, by reducing such price by the percentage by which the domestic currency of the producer or exporter is undervalued in relation to the U.S. dollar.
(Sec. 11) Adds as a factor the administering authority must take into account in determining whether a foreign country is a nonmarket economy country the question of whether its currency is designated for priority action under this Act.
(Sec. 12) Applies to Canada and Mexico the requirements of this Act pertaining to:
(1) adjustments in export prices for a fundamentally misaligned currency designated for priority action; and
(2) determination of nonmarket economy status.
(Sec. 13) Establishes the Advisory Committee on International Exchange Rate Policy.

(Sec. 14) Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988.


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Sponsor

• Sen. Max Baucus [D, MT]
• and 13 Co-Sponsors
  • Sen. Joseph Biden [D, DE]
  • Sen. C. Saxby Chambliss [R, GA]
  • Sen. Hillary Clinton [D, NY]
  • Sen. Thad Cochran [R, MS]
  • Sen. Lindsey Graham [R, SC]
  • Sen. Charles Grassley [R, IA]
  • Sen. Orrin Hatch [R, UT]
  • Sen. John Isakson [R, GA]
  • Sen. John Kerry [D, MA]
  • Sen. Barack Obama [D, IL]
  • Sen. John Rockefeller [D, WV]
  • Sen. Ken Salazar [D, CO]
  • Sen. Charles Schumer [D, NY]
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Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.1607

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
June 13, 2007

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All Bill Actions

• Dec 14, 2007: By Senator Baucus from Committee on Finance filed written report. Report No. 110-248.
• Added to calendar on Jul 31, 2007: Placed on Senate Legislative Calendar under General Orders. Calendar No. 293..
• Jul 31, 2007: Committee on Finance. Reported by Senator Baucus with an amendment in the nature of a substitute. Without written report.
• Jul 26, 2007: Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.
• Jul 26, 2007: Committee on Finance. Date of scheduled consideration. SD-215. 3:00 p.m.
• Jun 13, 2007: Read twice and referred to the Committee on Finance.
• Introduced on Jun 13, 2007.

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Related Bills:

• H.R.2942

Related Issue Areas:

• Foreign exchange
• International finance
• Balance of payments
• Business
• 42 more
• Canada
• Congress
• Congress and foreign policy
• Congressional hearings
• Congressional oversight
• Congressional reporting requirements
• Congressional witnesses
• Countervailing duties
• Development credit institutions
• Dumping
• Executive departments
• Expedited congressional procedure
• Federal advisory bodies
• Finance
• Foreign banks and banking
• Foreign corporations
• Foreign exchange rates
• Foreign loans
• Foreign policy
• Free trade
• Government procurement
• Governmental investigations
• Holding companies
• House rules and procedure
• Income tax
• Insurance
• International affairs
• International monetary system
• Investment guaranty insurance
• Latin America
• Legislative resolutions
• Mexico
• Monetary policy
• President and foreign policy
• Public contracts
• Senate rules and procedure
• Tariff
• Tax exclusion
• Taxation
• Trade
• Trade agreements
• Trade negotiations

Data from the Congressional Research Service

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Blog Coverage

August 25, 2008 More on Senator Biden's Support For Gun Control

Biden was the lead sponsor of the Senate crime bill in the 103rd Congress (S. 1607), to which the Clinton Gun Ban amendment was attached. (The crime bill that eventually passed was the House version, but it still included the gun ban. ...

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Source: Virginia Shooting Sports Association

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August 25, 2008 Joe Biden’s Anti-Gun Record

Biden was the lead sponsor of the Senate crime bill in the 103rd Congress (S. 1607), to which the Clinton Gun Ban amendment was attached. (The crime bill that eventually passed was the House version, but it still included the gun ban. ...

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Source: Virginia Gun Rights

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August 23, 2008 GLBT group praises Biden

1097 to S. 1607) to increase penalties for federal crimes motivated by the victim’s sexual orientation and other characteristics. The Feinstein Amendment was the first piece of federal legislation to provide protection on the basis of ...

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Source: Blast Magazine

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