Fair Currency Practices Act of 2005 - Amends the Exchange Rates and International Economic Policy Coordination Act of 1988 with respect to bilateral negotiations with countries considered to manipulate the rate of exchange between their currency and the U.S. dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade.
Modifies the preconditions for the initiation of negotiations by the Secretary of the Treasury to make them alternative rather than joint. (Requires the Secretary to consider that such manipulation is occurring with respect to countries that possess material global current account surpluses or (currently, and) significant bilateral trade surpluses with the United States.)
Declares that a country shall be considered to be manipulating the rate of exchange between its currency and the U.S. dollar if there is a protracted large-scale intervention in one direction in the exchange markets.
Authorizes the Secretary to find that a country is manipulating the rate of exchange based on any other factor or combination of factors.
Requires the Secretary to examine and report to Congress on the trade surplus of the People's Republic of China (PRC), particularly on: (1) why the trade surplus with the United States and other countries reported by the PRC differs from the trade surplus reported by the other countries; and (2) quantification of such differences.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2208 Introduced in House (IH)]
109th CONGRESS
1st Session
H. R. 2208
To amend the Exchange Rates and International Economic Policy
Coordination Act of 1988 to clarify the definition of manipulation with
respect to currency, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 10, 2005
Mr. Manzullo introduced the following bill; which was referred to the
Committee on Ways and Means, and in addition to the Committees on
Financial Services and International Relations, 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
_______________________________________________________________________
A BILL
To amend the Exchange Rates and International Economic Policy
Coordination Act of 1988 to clarify the definition of manipulation with
respect to currency, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Fair Currency Practices Act of
2005''.
SEC. 2. AMENDMENTS RELATING TO INTERNATIONAL FINANCIAL POLICY.
(a) Bilateral Negotiations.--Section 3004(b) of the Exchange Rates
and International Economic Policy Coordination Act of 1988 (22 U.S.C.
5304(b)) is amended in the second sentence by striking ``and (2)'' and
inserting ``or (2)''.
(b) Definition of Manipulation.--Section 3006 of the Exchange Rates
and International Economic Policy Coordination Act of 1988 (22 U.S.C.
5306) is amended by adding at the end the following:
``(3) Manipulation of rate of exchange.--For purposes of
this Act, a country shall be considered to be manipulating the
rate of exchange between its currency and the United States
dollar if there is a protracted large-scale intervention in one
direction in the exchange markets. The Secretary may find that
a country is manipulating the rate of exchange based on any
other factor or combination of factors.''.
(c) Report.--Not later than 90 days after the date of enactment of
this Act, the Secretary of the Treasury shall undertake an examination,
and submit a report to Congress, regarding the trade surplus of the
People's Republic of China. The Secretary shall examine why the trade
surplus with the United States and other countries reported by the
People's Republic of China differs from the trade surplus reported by
the other countries. The report shall also quantify the differences
between the trade surplus reported by the United States and other
countries and what is reported by the People's Republic of China.
<all>
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E920-921)
Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and International Relations, 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.
Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and International Relations, 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.
Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and International Relations, 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.
Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and International Relations, 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.
Referred to the Subcommittee on Trade.
Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
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