S. 1619 (112th): Currency Exchange Rate Oversight Reform Act of 2011

Introduced:
Sep 22, 2011 (112th Congress, 2011–2013)
Sponsor:
Sen. Sherrod Brown [D-OH]
Status:
Died (Passed Senate)
See Instead:
This bill was re-introduced as S. 1114 on Jun 07, 2013. See S. 1114 for current action on this subject.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

(About Ads | Go Ad-Free for $5)
Status

This bill was introduced in a previous session of Congress and was passed by the Senate on October 11, 2011 but was never passed by the House.

Progress
Introduced Sep 22, 2011
Reported by Committee Sep 23, 2011
Passed Senate Oct 11, 2011
Votes

On the Cloture Motion S. 1619
Oct 03, 2011 5:59 p.m.
Cloture Motion Agreed to 79/19

On the Cloture Motion S. 1619
Oct 06, 2011 10:32 a.m.
Cloture Motion Agreed to 62/38

Senate: On the Decision of the Chair
Oct 06, 2011 6:41 p.m.
Decision of Chair Not Sustained 48/51

Senate Vote on Passage
Oct 11, 2011 6:05 p.m.
Bill Passed 63/35

Cosponsors
22 cosponsors (16D, 5R, 1I) (show)
Full Title

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

Summary

No summaries available.

Text

Read Bill Text »

Last updated Oct 11, 2011.
34 pages

Primary Source

View on THOMAS (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

Citation

Click a format for a citation suggestion:

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

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 -
Section 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.
Section 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.
Section 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.
Section 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.
Section 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.
Section 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.
Section 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.
Section 13 -
Declares that the amendments made by this Act shall apply to goods from Canada and Mexico.
Section 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.
Section 15 -
Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)