[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2927 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                S. 2927

     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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 7, 2004

Mr. Schumer (for himself, Mr. Graham of South Carolina, Mr. Durbin, Ms. 
 Stabenow, and Mr. Dodd) introduced the following bill; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 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.

SECTION 1. AMENDMENTS RELATING TO INTERNATIONAL FINANCIAL POLICY.

    (a) Bilateral Negotiations.--Section 3004(b) of the Exchange Rates 
and International Economic Policy Coordination Act of 1988 (22 U.S.C. 
5304(b)) is amended in the second sentence by striking ``(1) have 
material global account surpluses; and (2)''.
    (b) Definition of Manipulation.--Section 3006 of the Exchange Rates 
and International Economic Policy Coordination Act of 1988 (22 U.S.C. 
5306) is amended by adding at the end the following:
            ``(3) Manipulation of rate of exchange.--For purposes of 
        this Act, a country shall be considered to be manipulating the 
        rate of exchange between its currency and the United States 
        dollar if there is a protracted large-scale intervention in one 
        direction in the exchange markets.''.
    (c) Report.--Section 3005(b) of the Exchange Rates and 
International Economic Policy Coordination Act of 1988 (22 U.S.C. 
5305(b)) is amended--
            (1) by striking ``and'' at the end of paragraph (7);
            (2) by striking the period at the end of paragraph (8) and 
        inserting ``; and''; and
            (3) by adding at the end the following:
            ``(9) a detailed explanation of the test the Secretary uses 
        to determine whether or not a country is manipulating the rate 
        of exchange between that country's currency and the dollar for 
        purposes of preventing effective balance of payments 
        adjustments or gaining an unfair advantage in international 
        trade.''.
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