S.1619 - Currency Exchange Rate Oversight Reform Act of 2011

A bill to provide for identification of misaligned currency, require action to correct the misalignment, and for other purposes. view all titles (4)

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All Bill Titles

  • Official: A bill to provide for identification of misaligned currency, require action to correct the misalignment, and for other purposes. as introduced.
  • Popular: Currency Exchange Rate Oversight Reform Act of 2011 as introduced.
  • Short: Currency Exchange Rate Oversight Reform Act of 2011 as introduced.
  • Short: Currency Exchange Rate Oversight Reform Act of 2011 as passed senate.

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  • Today: 9
  • Past Seven Days: 42
  • All-Time: 15,852
 
Introduced
 
Senate
Passed
 
House
Passes
 
President
Signs
 

 
09/21/11
 
10/10/11
 
 
 
 
 

Official Bill Text Comment on about 33 Pages

Sponsor

Senator

Sherrod Brown

D-OH

View Co-Sponsors (22)

Committees

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Latest Vote

Result: Bill Passed - October 11, 2011

Roll call number 159 in the Senate

Question: On Passage of the Bill S. 1619

Required percentage of 'Aye' votes: 1/2 (50%)
Percentage of 'aye' votes: 63%
 

OpenCongress Summary

Would give the Administration new authority to take corrective action against artificially undervalued foreign currencies, particularly the Chinese renminbi. Specifies guidelines for the Treasury Department to identify "priority" misaligned currencies and outlines specific corrective actions the administration must take if the countries with misaligned currencies don't take corrective actions themselves. 
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

10/11/2011--Passed Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Currency Exchange Rate Oversight Reform Act of 2011 - (Sec. 3) Directs the Secretary of the Treasury to: (1) make
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Official Summary

10/11/2011--Passed Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Currency Exchange Rate Oversight Reform Act of 2011 -

(Sec. 3)

Directs the Secretary of the Treasury to:
(1) make public and 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.

(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. 9)

Requires the Secretary, before the United States approves a proposed change in the governance arrangement of any international financial institution, to determine whether any member of the international financial institution that would benefit from the proposed change, in the form of increased voting shares or representation, has a currency designated for priority action. Requires U.S. opposition to the proposed change if the Secretary renders an affirmative determination.

(Sec. 10)

Amends the Tariff Act of 1930, for purposes of an antidumping investigation or review, 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)

Requires the administering authority, upon the filing of a petition by an interested party, to initiate a countervailing duty investigation or review to determine whether currency undervaluation by the government of, or any public entity within, a foreign country is providing, directly or indirectly, a countervailable subsidy to its exporters or products. Requires the same kind of countervailing duty investigation upon the designation of a foreign currency as a fundamentally misaligned currency for priority action. Declares that the fact that such a subsidy is also provided in circumstances not involving export shall not, for that reason alone, mean it cannot be considered export contingent and actionable under a countervailing duty and antidumping duty proceeding.

(Sec. 12)

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, or has been designated at any time over the five years before review of any nonmarket economy status, for priority action under this Act.

(Sec. 13)

Declares that the amendments made by this Act shall apply to goods from Canada and Mexico.

(Sec. 14)

Establishes the Advisory Committee on International Exchange Rate Policy to advise:
(1) the Secretary in the preparation of reports to Congress on international monetary policy and currency exchange rates; and
(2) Congress and the President with respect to international exchange rates and financial policies, including the impact of such policies on the U.S. economy.

(Sec. 15)

Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988.

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Organizations Supporting S.1619

  • AFL-CIO
  • Coalition for a Prosperous America
  • American Iron and Steel Institute
  • United Food and Commercial Workers International Union
  • Precision Metalforming Association
  • Alliance for American Manufacturing
  • ...and 10 more. See all.

Organizations Opposing S.1619

  • Consumer Electronics Association
  • American Soybean Association
  • Emergency Committee for American Trade
  • National Foreign Trade Council
  • Outdoor Industry Association
  • Telecommunications Industry Association
  • ...and 41 more. See all.
See the money trail behind this bill for more info on how campaign contributions may be influencing senators' and representatives' votes.



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