Currency Exchange Rate Oversight Reform Act of 2007

Summary

Currency Exchange Rate Oversight Reform Act of 2007 - 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 exchange rates between the U.S. dollar and foreign currencies; and (2) identify foreign currency that is in fundamental misalignment and designate it for priority action if the issuing country engages in specified behavior, including excessive reserve accumulation. Prescribes procedures for: (1) negotiations and consultations; (2) failure to adopt appropriate policies; (3) international financial institution governance arrangements; (4) adjustment for fundamentally misaligned currency designated for priority action; and (5) nonmarket economy status. Establishes the Advisory Committee on International Exchange Rate Policy. Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988. Amends the Internal Revenue Code relating to the special rule excluding from foreign personal holding company income any income of an eligible controlled foreign corporation which is derived in the active conduct of banking, financing, and insurance. Repeals the limitation of this exclusion to taxable years of a foreign corporation beginning after December 31, 1998, and before January 1, 2009 (thus making such limited application permanent). Repeals likewise the limited application to the same time period of the exclusion of certain exempt insurance income from the taxable insurance income of a controlled foreign corporation (thus making such exclusion permanent).

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Timeline

1. 13 June 2007

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 13 June 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 26 July 2007

   Reported

   Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.

   Source: Committee

4. 31 July 2007

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 293.

   Source: Calendars

5. 31 July 2007

   Reported

   Committee on Finance. Reported by Senator Baucus with an amendment in the nature of a substitute. Without written report.

   Source: Committee

6. 31 July 2007

   Reported

   Committee on Finance. Reported by Senator Baucus with an amendment in the nature of a substitute. Without written report.

   Source: Committee

7. 14 December 2007

   Floor

   By Senator Baucus from Committee on Finance filed written report. Report No. 110-248.

   Source: Floor

8. 14 December 2007

   Committee

   By Senator Baucus from Committee on Finance filed written report. Report No. 110-248.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Reported to Senate · 31 July 2007 · Official file
• Introduced in Senate · 13 June 2007 · Official file

Documents

6 official files

• Reported to Senate (text)

  Reported to Senate · EN · 31 July 2007

  ViewDownloadOpen at official source

• Reported to Senate (PDF)

  Reported to Senate · EN · 31 July 2007

  ViewDownloadOpen at official source

• Reported to Senate with amendment(s)

  summary · EN · 31 July 2007

  Open at official source

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 June 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 June 2007

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 June 2007

  Open at official source

Sponsors

• Rep. Baucus, Max [D-MT-1] · D · Sponsor
• Chuck Grassley · R · Sponsor
• Charles Schumer · D · Sponsor
• Sen. Graham, Lindsey [R-SC] · R · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Cosponsor
• Sen. Clinton, Hillary Rodham [D-NY] · D · Cosponsor
• Sen. Obama, Barack [D-IL] · D · Cosponsor
• Sen. Kerry, John F. [D-MA] · D · Cosponsor
• Sen. Isakson, Johnny [R-GA] · R · Cosponsor
• Rep. Cochran, Thad [R-MS-4] · R · Cosponsor
• Sen. Salazar, Ken [D-CO] · D · Cosponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Cosponsor
• Sen. Chambliss, Saxby [R-GA] · R · Cosponsor
• Sen. Biden, Joseph R., Jr. [D-DE] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Currency Reform for Fair Trade Act of 2007