Fair Currency Act of 2007

Summary

Fair Currency 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. Includes exchange-rate misalignment (undervaluation of a foreign currency) by a country as a countervailable subsidy. Requires the administering authority to use methodologies that measure certain benchmarks outside of a nonmarket economy country where exchange-rate misalignment exists when measuring the benefit of a countervailable subsidy bestowed on a product by such country in a countervailing duty proceeding. Amends the Trade Act of 1974 to include exchange-rate misalignment by the People's Republic of China as a condition in determining market disruption to the domestic producers of a like or directly competitive product from products imported from China. Prohibits the Department of Defense from procuring defense articles imported from China if such articles are competitive with domestic industry articles critical to the defense industrial base of the United States. Applies provisions of this Act to goods from Canada and Mexico. Amends the Exchange Rates and International Economic Policy Coordination Act of 1988 to direct the Secretary of the Treasury to consider in the annual analysis of foreign exchange rate policies whether countries have a currency that is in fundamental misalignment, and if so, to initiate bilateral corrective negotiations. Directs the Secretary, prior to U.S. approval of a change in an international financial institution's governance, to determine whether a member who would benefit from such change has a currency that is manipulated or in fundamental misalignment, and if so, oppose such change. Amends the Tariff Act of 1930 to require the administering authority in determining whether a country is a nonmarket economy country to consider whether such country's manipulation or fundamental misalignment of its currency adversely affects the U.S. economy.

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

Timeline

1. 7 March 2007

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 7 March 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 7 March 2007 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 7 March 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 7 March 2007

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 7 March 2007

  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. Bunning, Jim [R-KY] · R · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Bayh, Evan [D-IN] · D · Sponsor
• Sen. Snowe, Olympia J. [R-ME] · R · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Cosponsor
• Sen. Conrad, Kent [D-ND] · D · Cosponsor
• Sen. Brown, Sherrod [D-OH] · D · Cosponsor
• Sen. Feingold, Russell D. [D-WI] · D · Cosponsor
• Sen. Clinton, Hillary Rodham [D-NY] · D · Cosponsor
• Sen. Obama, Barack [D-IL] · D · Cosponsor
• · ssfi00 · Standing

Related records

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