S. 1254 (111th): Currency Exchange Rate Oversight Reform Act of 2009

Introduced:
Jun 11, 2009 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Charles “Chuck” Schumer
Senator from New York
Party
Democrat
Text
Read Text »
Last Updated
Jun 11, 2009
Length
26 pages
Related Bills
H.R. 2378 (Related)
Currency Reform for Fair Trade Act

Passed House
Last Action: Sep 29, 2010

S. 3134 (Related)
Currency Exchange Rate Oversight Reform Act of 2010

Referred to Committee
Last Action: Mar 17, 2010

 
Status

This bill was introduced on June 11, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 11, 2009
Referred to Committee Jun 11, 2009
 
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.

Cosponsors
3 cosponsors (2D, 1R) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


6/11/2009--Introduced.
Currency Exchange Rate Oversight Reform Act of 2009 - Directs the Secretary of the Treasury to: (1) 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.
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.
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.
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.
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.
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 for priority action under this Act.
Establishes the Advisory Committee on International Exchange Rate Policy.
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

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