Promoting Market Access for Financial Services Act

A bill to amend the Exchange Rates and International Economic Coordination Act of 1988 and for other purposes.

6/21/2007--Introduced.
Currency Reform and Financial Markets Access Act of 2007 - Amends the Exchange Rates and International Economic Policy Coordination Act of 1988 to revise U.S. policy provisions by urging:
(1) the United States, and other major industrialized countries, to work together to ensure that the exchange rate of the currencies of major trading nations and the U.S. dollar reflect market forces and contribute to the growth and balance of the international economy; and
(2) the United States to take appropriate action to ensure that U.S. trading partners are not engaged in hidden or unfair subsidies through management of their currency or international exchange rates. Revises a certain annual analysis the Secretary of the Treasury (Secretary) must make with respect to the exchange rate policies of foreign countries to include an analysis of whether any country, regardless of intent, manipulates the exchange rate between its currency and the U.S. dollar in a manner that results in an accumulation of substantial dollar currency reserves. Requires the Secretary, if the Secretary makes specified findings, to make an affirmative determination that a country is manipulating its currency and to take the following actions, including:
(1) establishing a plan to remedy the currency manipulation; and
(2) initiating bilateral negotiations with such country, and instructing the Executive Director to the International Monetary Fund to use the U.S. vote, in order to ensure that such country adjusts the exchange rate between its currency and the U.S. dollar to permit balance of payment adjustments and to eliminate the unfair competitive advantage. Provides procedures for a joint resolution of congressional disapproval when Congress disapproves of the Secretary's findings concerning currency manipulation. Promoting Market Access for Financial Services Act - Amends the Financial Reports Act of 1988 to require:
(1) the Secretary to report annually (under current law, every four years) to Congress beginning July 1, 2008, on the treatment of U.S. financial institutions by foreign countries; and
(2) such report to include a summary of the results of the most recent U.S.-China Strategic Economic Dialogue (SED) and how such results pertain to promoting foreign market access for U.S. financial institutions.


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Sponsor

• Sen. Christopher Dodd [D, CT]
• and 10 Co-Sponsors
  • Sen. B. Evan Bayh [D, IN]
  • Sen. Sherrod Brown [D, OH]
  • Sen. Jim Bunning [R, KY]
  • Sen. Thomas Carper [D, DE]
  • Sen. Robert Casey [D, PA]
  • Sen. Elizabeth Dole [R, NC]
  • Sen. Mel Martinez [R, FL]
  • Sen. Robert Menendez [D, NJ]
  • Sen. Richard Shelby [R, AL]
  • Sen. Debbie Ann Stabenow [D, MI]
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Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.1677

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 21, 2007

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All Bill Actions

• Aug 01, 2007: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
• Aug 01, 2007: Committee on Banking, Housing, and Urban Affairs. Date of scheduled consideration. SD-538. 9:30 a.m.
• Jun 21, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Jun 21, 2007: Sponsor introductory remarks on measure. (CR S8234-8235)
• Introduced on Jun 21, 2007.

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Related Issue Areas:

• International finance
• American investments
• Balance of payments
• Balance of trade
• 22 more
• Banks and banking
• China
• Congress
• Congressional oversight
• Congressional reporting requirements
• East Asia
• Economic growth
• Economic policy
• Finance
• Financial services
• Foreign exchange
• Foreign exchange rates
• Foreign policy
• Foreign trade promotion
• Governmental investigations
• International affairs
• International competitiveness
• International monetary system
• Legislative resolutions
• Negotiations
• Subsidies
• Trade

Data from the Congressional Research Service

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In the News

August 20, 2007 New Propoganda from The Club for Growth (in China)

The Currency Reform and Financial Markets Act of 2007 (S. 1677) was approved by the Senate Banking committee on a bipartisan 17 - 4 vote on August 1. ...

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Source: AmericanEconomicAlert.org, DC

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August 15, 2007 Calling China's Bluff

The Currency Reform and Financial Markets Act of 2007 (S. 1677) was approved by the committee on a bipartisan 17-4 vote on August 1. ...

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Source: FrontPage magazine.com, CA

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July 31, 2007 R-CALF Cattle Update: Currency Manipulation In International Trade

"S.1677 will expand the anti-dumping remedy contained within a bill first approved by the Senate Finance Committee, and it includes countervailing duties ...

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Source: CattleNetwork.com, KS

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Blog Coverage

September 24, 2007 [catapult] Re: New Propaganda from The Club for Growth (in China)

The Currency Reform and Financial Markets Act of 2007 (S. 1677) was approved by the Senate Banking committee on a bipartisan 17 - 4 vote on August 1. Only a few days earlier, the Senate Finance Committee voted out the Currency Exchange ...

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Source: catapultthepropaganda

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September 05, 2007 S. 1677, Currency Reform and Financial Markets Access Act of 2007

Cost estimate for the bill as ordered reported by the Senate Committee on Banking, Housing and Urban Affairs on August 1, 2007. Bank of England start a two-day rate meeting Earlier in the session, the Yen pushed higher as a decline in ...

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Source: Currency

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September 05, 2007 S. 1677, Currency Reform and Financial Markets Access Act of 2007

Cost estimate for the bill as ordered reported by the Senate Committee on Banking, Housing and Urban Affairs on August 1, 2007. Bank of England start a two-day rate meeting Earlier in the session, the Yen pushed higher as a decline in ...

Was this article useful? Yes or No

Source: Currency

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