3.0.0 984 2023-01-13T04:48:04Z 2023-01-13T04:48:04Z Senate S S 2005-05-10 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2005-05-10T19:54:23Z Fair Currency Practices Act of 2005 109 2208 HR 2005-06-03 Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. Identical bill CRS 2005-05-10 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4872) IntroReferral 2005-05-10 Sponsor introductory remarks on measure. (CR S4871-4872) IntroReferral B00100 9 Library of Congress 2005-05-10 Introduced in Senate IntroReferral 10000 9 Library of Congress S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. N D000601 Sen. Dole, Elizabeth [R-NC] Elizabeth Dole R NC H. 2005-05-12 False V000126 Sen. Voinovich, George V. [R-OH] GEORGE VOINOVICH R OH V. 2005-05-12 False C000567 Sen. Cochran, Thad [R-MS] Thad Cochran R MS 2005-07-21 False Foreign Trade and International Finance Balance of payments China Congress Congress and foreign policy Congressional reporting requirements East Asia Foreign exchange Governmental investigations International Affairs Negotiations Foreign Trade and International Finance 00 2005-05-10 Introduced in Senate 2005-07-11T21:39:03Z Fair Currency Practices Act of 2005 - Amends the Exchange Rates and International Economic Policy Coordination Act of 1988 with respect to bilateral negotiations with countries considered to manipulate the rate of exchange between their currency and the U.S. dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade.

Modifies the preconditions for the initiation of negotiations by the Secretary of the Treasury to make them alternative rather than joint. (Requires the Secretary to consider that such manipulation is occurring with respect to countries that possess material global current account surpluses or (currently, and) significant bilateral trade surpluses with the United States.)

Declares that a country shall be considered to be manipulating the rate of exchange between its currency and the U.S. dollar if there is a protracted large-scale intervention in one direction in the exchange markets.

Authorizes the Secretary to find that a country is manipulating the rate of exchange based on any other factor or combination of factors.

Requires the Secretary to examine and report to Congress on the trade surplus of the People's Republic of China (PRC), particularly on: (1) why the trade surplus with the United States and other countries reported by the PRC differs from the trade surplus reported by the other countries; and (2) quantification of such differences.

]]> Fair Currency Practices Act of 2005 Display Title Fair Currency Practices Act of 2005 Official Title as Introduced A bill to amend the Exchange Rates and International Economic Policy Coordination Act of 1988 to clarify the definition of manipulation with respect to currency, and for other purposes. Introduced in Senate IS Short Titles as Introduced Fair Currency Practices Act of 2005 Introduced in Senate 2005-05-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s984is/xml/BILLS-109s984is.xml 2005-05-10 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4872) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.