To amend title VII of the Tariff Act of 1930 to clarify that fundamental exchange-rate misalignment by any foreign nation is actionable under United States countervailing and antidumping duty laws, and for other purposes.
(This measure has not been amended since it was reported to the House on September 28, 2010. The summary of that version is repeated here.)
Currency Reform for Fair Trade Act - (Sec. 2) Amends the Tariff Act of 1930 to include as a "countervailable subsidy" requiring action under a countervailing duty or antidumping duty proceeding the benefit conferred on merchandise imported into the United States from foreign countries with fundamentally undervalued currency.
Defines "benefit conferred," in cases where the currency of a foreign country is exchanged for foreign currency (i.e., U.S. dollars) obtained from export transactions, as the difference between: (1) the amount of currency provided by a foreign country in which the subject merchandise is produced; and (2) the amount of currency such country would have provided if the real effective exchange rate of its currency were not fundamentally undervalued.
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.
Requires the administering authority to determine that the currency of a foreign country is fundamentally undervalued if for an 18-month period: (1) the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets; (2) the country's real effective exchange rate is undervalued by at least 5%; (3) the country has experienced significant and persistent global current account surpluses; and (4) the country's government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations falling due within the coming 12 months, 20% percent of the country's money supply, and the value of the country's imports during the previous 4 months.
Requires the use, for calculating a country's "real effective exchange rate undervaluation," of certain guidelines of the Consultative Group on Exchange Rate Issues of the International Monetary Fund (IMF) or, if those guidelines are not available, generally accepted economic and econometric techniques and methodologies. Requires the use, also, of inflation-adjusted, trade-weighted exchange rates.
(Sec. 3) Directs the Comptroller General to report to Congress on the implementation of this Act.
Read twice and referred to the Committee on Finance.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 111-646.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 111-646.
Placed on the Union Calendar, Calendar No. 386.
Rules Committee Resolution H. Res. 1674 Reported to House. Rule provides for consideration of H.R. 847 and H.R. 2378. With respect to H.R. 847, the rule grants a closed rule providing one hour of debate in the House, with 30 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce, 20 minutes equally divided and controlled by the chair and ranking minority member of the Committee on the Judiciary, and 10 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Ways and Means.
Rule H. Res. 1674 passed House.
Considered under the provisions of rule H. Res. 1674. (consideration: CR H7259-7273)
Rule provides for consideration of H.R. 847 and H.R. 2378. With respect to H.R. 847, the rule grants a closed rule providing one hour of debate in the House, with 30 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce, 20 minutes equally divided and controlled by the chair and ranking minority member of the Committee on the Judiciary, and 10 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Ways and Means.
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Motion to reconsider laid on the table Agreed to without objection.
DEBATE - Pursuant to the provisions of H.Res. 1674, the House proceeded with one hour of debate on H.R. 2378, as amended.
The previous question was ordered pursuant to the rule. (consideration: CR H7272)
Passed/agreed to in House: On passage Passed by recorded vote: 348 - 79 (Roll no. 554).(text: CR H7259-7260)
Roll Call #554 (House)On passage Passed by recorded vote: 348 - 79 (Roll no. 554). (text: CR H7259-7260)
Roll Call #554 (House)Motion to reconsider laid on the table Agreed to without objection.
The title of the measure was amended. Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Finance.