H.R. 639 (112th): Currency Reform for Fair Trade Act

Introduced:
Feb 10, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
See Instead:

S. 328 (same title)
Referred to Committee — Feb 14, 2011

Sponsor
Sander Levin
Representative for Michigan's 12th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Feb 10, 2011
Length
7 pages
Related Bills
H.R. 1276 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Mar 20, 2013

S. 328 (identical)

Referred to Committee
Last Action: Feb 14, 2011

 
Status

This bill was introduced on February 10, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 10, 2011
Referred to Committee Feb 10, 2011
 
Full Title

To amend title VII of the Tariff Act of 1930 to clarify that countervailing duties may be imposed to address subsidies relating to a fundamentally undervalued currency of any foreign country.

Summary

No summaries available.

Cosponsors
234 cosponsors (169D, 65R) (show)
Committees

House Ways and Means

Trade

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

 
Primary Source

THOMAS.gov (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. Data comes via the congress project.

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Citation

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Notes

H.R. stands for House of Representatives 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.


2/10/2011--Introduced.
Currency Reform for Fair Trade Act - 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.
Applies the amendments made by this Act to goods from Canada and Mexico.

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

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