3.0.0 796 2023-01-11T19:46:34Z 2023-01-11T19:46:34Z Senate S S 2007-03-07 110 ssfi00 Finance Committee Senate Standing Referred to 2007-03-07T21:15:00Z Currency Reform for Fair Trade Act of 2007 110 2942 HR 2007-07-12 Referred to the Subcommittee on Trade. Related bill CRS Fair Currency Act of 2007 110 782 HR 2007-04-12 Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. Identical bill CRS 2007-03-07 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-03-07 Introduced in Senate IntroReferral 10000 9 Library of Congress B001066 Sen. Bunning, Jim [R-KY] JIM BUNNING R KY N S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2007-03-07 True B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN 2007-03-07 True S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2007-03-07 True L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2007-03-07 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2007-03-08 False C000705 Sen. Conrad, Kent [D-ND] KENT CONRAD D ND 2007-04-11 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2007-04-18 False F000061 Sen. Feingold, Russell D. [D-WI] RUSSELL FEINGOLD D WI D. 2007-04-19 False C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2008-04-30 False O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2008-05-01 False Foreign Trade and International Finance Armed Forces and National Security Balance of payments Canada China Congress Congress and foreign policy Congressional oversight Congressional reporting requirements Countervailing duties Defense procurement East Asia Export subsidies Foreign exchange Government Operations and Politics Governmental investigations Import relief International Affairs International monetary system Latin America Mexico Trade negotiations Foreign Trade and International Finance 00 2007-03-07 Introduced in Senate 2007-04-24T16:58:36Z 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.

]]> Fair Currency Act of 2007 Official Title as Introduced A bill to amend title VII of the Tariff Act of 1930 to provide that exchange-rate misalignment by any foreign nation is a countervailable export subsidy, 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 Display Title Fair Currency Act of 2007 Short Titles as Introduced Fair Currency Act of 2007 Introduced in Senate 2007-03-07T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s796is/xml/BILLS-110s796is.xml 2007-03-07 Read twice and referred to the Committee on Finance. 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.