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HR 2942 110th Congress House Foreign Trade and International Finance American investments Commerce Congressional reporting requirements Countervailing duties Currency devaluation Developing countries Development credit institutions Federal advisory bodies Foreign exchange Foreign loans Free trade Government Operations and Politics International Affairs International agencies International monetary system Investment guaranty insurance Sanctions (International law) Subsidies Trade agreements

Currency Reform for Fair Trade Act of 2007

Introduced: June 28, 2007 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 12, 2007
Referred to the Subcommittee on Trade.
Jun 28, 2007
Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jun 28, 2007
Introduced in House
 Plain-English summary Congressional Research Service

Currency Reform for Fair Trade Act of 2007 - Amends the Tariff Act of 1930 to expand the authority of the administering authority or the International Trade Commission (ITC) to impose countervailing duties on products from a nonmarket economy country that have been provided a countervailable subsidy. Requires, when measuring subsidy benefits, the use of benchmarks outside of a nonmarket economy country when benchmarks in such a country are not available or are inappropriate.

Includes fundamental and actionable misalignment of a currency (undervaluation of a foreign currency) by a foreign country as a countervailable subsidy.

Directs the Secretary of the Treasury (Secretary) to: (1) report annually to Congress on international monetary policy and currency exchange rates (including fundamentally misaligned currencies); (2) analyze semiannually the prevailing real exchange rates between the U.S. dollar and foreign currencies and to designate fundamentally misaligned foreign currencies for priority action; and (3) seek bilateral consultations with fundamentally misaligned currency countries designated for priority action to eliminate such misalignment.

Requires the United States to inform the Managing Director of the International Monetary Fund (IMF) of countries that fail to eliminate fundamentally misaligned currencies designated for priority action and to request the IMF Managing Director to consult with such countries regarding their observance of the IMF Articles of Agreement and to report the results of such consultations to the IMF Executive Board. Prohibits the Overseas Private Investment Corporation (OPIC) from, and instructs multilateral banks to oppose, financing projects in countries that issue fundamentally misaligned currencies designated for priority action.

Requires: (1) the Secretary to take certain actions with respect to countries that fail to eliminate fundamentally misaligned currencies designated for priority action; and (2) the United States Trade Representative (USTR) to request consultations in the World Trade Organization (WTO) with such countries regarding the consistency of their actions with regard the WTO Agreement.

Establishes an Advisory Committee on International Exchange Rate Policy.

Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988.

What's happening now July 12, 2007

Referred to the Subcommittee on Trade.

 Committees of jurisdiction 4
 Cosponsors 11
All 11 Democratic 7 Republican 4