Currency Reform for Fair Trade Act

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 February 2011

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 14 February 2011

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 14 February 2011 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 February 2011

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 February 2011

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 14 February 2011

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Snowe, Olympia J. [R-ME] · R · Sponsor
• Sen. Schumer, Charles E. [D-NY] · D · Cosponsor
• Sen. Whitehouse, Sheldon [D-RI] · D · Cosponsor
• Sen. Cardin, Benjamin L. [D-MD] · D · Cosponsor
• Sen. Blumenthal, Richard [D-CT] · D · Cosponsor
• Sen. Sanders, Bernard [I-VT] · I · Cosponsor
• Sen. Manchin, Joe, III [D-WV] · D · Cosponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Cosponsor
• Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
• Sen. Levin, Carl [D-MI] · D · Cosponsor
• Sen. Reed, Jack [D-RI] · D · Cosponsor
• Sen. Collins, Susan M. [R-ME] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Currency Reform for Fair Trade Act