< Back to S. 1238 (112th Congress, 2011–2013)

Text of the Currency Exchange Rate Transparency Act

This bill was introduced on June 21, 2011, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jun 21, 2011 (Introduced).

Source: GPO

II

112th CONGRESS

1st Session

S. 1238

IN THE SENATE OF THE UNITED STATES

June 21 (legislative day, June 16), 2011

(for herself and Mr. Rockefeller) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To make bills implementing trade agreements subject to a point of order unless certain conditions are met, and for other purposes.

1.

Short title

This Act may be cited as the Currency Exchange Rate Transparency Act.

2.

Limitations on bills implementing trade agreements

(a)

In general

Notwithstanding section 151 of the Trade Act of 1974 (19 U.S.C. 2191) or any other provision of law, any bill implementing a trade agreement between the United States and another country (or extending permanent normal trade relations) shall be subject to a point of order pursuant to subsection (c) unless—

(1)

the bill is accompanied by a Presidential certification described in subsection (b); and

(2)

the bill contains a provision approving that certification.

(b)

Certification

(1)

In general

A certification described in this subsection means a certification submitted by the President to the Congress that, in the 10-year period preceding the certification, the government of a country described in paragraph (2) has not engaged in the intervention or manipulation of the rate of exchange between that country's currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade.

(2)

Country described

A country described in this paragraph is a country—

(A)

with respect to which the United States is entering into a trade agreement; or

(B)

with respect to which the United States is extending permanent normal trade relations

(c)

Point of Order in Senate

(1)

In general

The Senate shall cease consideration of a bill to implement a trade agreement (or to extend permanent normal trade relations), if—

(A)

a point of order is made by any Senator against the bill because the bill is not accompanied by a certification described in subsection (b); and

(B)

the point of order is sustained by the presiding officer.

(2)

Waivers and appeals

(A)

Waivers

Before the presiding officer rules on a point of order described in paragraph (1), any Senator may move to waive the point of order and the motion to waive shall not be subject to amendment. A point of order described in paragraph (1) is waived only by the affirmative vote of a majority of the Members of the Senate, duly chosen and sworn.

(B)

Appeals

After the presiding officer rules on a point of order under this paragraph, any Senator may appeal the ruling of the presiding officer on the point of order as it applies to some or all of the provisions on which the presiding officer ruled. A ruling of the presiding officer on a point of order described in paragraph (1) is sustained unless a majority of the Members of the Senate, duly chosen and sworn, vote not to sustain the ruling.

(C)

Debate

Debate on a motion to waive under subparagraph (A) or on an appeal of the ruling of the presiding officer under subparagraph (B) shall be limited to 1 hour. The time shall be equally divided between, and controlled by, the majority leader and the minority leader of the Senate, or their designees.