[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 2467 Placed on Calendar Senate (PCS)]







                                                       Calendar No. 381
109th CONGRESS
  2d Session
                                S. 2467

  To enhance and improve the trade relations of the United States by 
 strengthening United States trade enforcement efforts and encouraging 
  United States trading partners to adhere to the rules and norms of 
              international trade, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 28, 2006

 Mr. Grassley (for himself, Mr. Baucus, Mr. DeMint, Ms. Stabenow, Mr. 
 Lugar, Mr. Levin, Mr. Santorum, Mr. Craig, Mr. Chafee, Mr. Crapo, and 
Mrs. Dole) introduced the following bill; which was read the first time

                             March 29, 2006

            Read the second time and placed on the calendar

_______________________________________________________________________

                                 A BILL


 
  To enhance and improve the trade relations of the United States by 
 strengthening United States trade enforcement efforts and encouraging 
  United States trading partners to adhere to the rules and norms of 
              international trade, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``United States Trade Enhancement Act 
of 2006''.

                    TITLE I--ENFORCEMENT PROVISIONS

SEC. 101. SUSPENSION OF NEW SHIPPER REVIEW PROVISION.

    (a) Suspension of the Availability of Bonds to New Shippers.--
Clause (iii) of section 751(a)(2)(B) of the Tariff Act of 1930 (19 
U.S.C. 1675(a)(2)(B)(iii)) shall not be effective during the period 
beginning on April 1, 2006, and ending on June 30, 2009.
    (b) Report on the Impact of the Suspension.--Not later than 
December 31, 2008, the Secretary of the Treasury, in consultation with 
the Secretary of Commerce, the United States Trade Representative, and 
the Secretary of Homeland Security, shall submit to the Committee on 
Ways and Means of the House of Representatives and the Committee on 
Finance of the Senate a report containing--
            (1) recommendations on whether the suspension of section 
        751(a)(2)(B)(iii) of the Tariff Act of 1930 should be extended 
        beyond the date provided in subsection (a); and
            (2) an assessment of the effectiveness of any 
        administrative measure that was implemented to address the 
        difficulties that necessitated the suspension under subsection 
        (a), including--
                    (A) any problem in the collection of antidumping 
                duties on imports from new shippers; and
                    (B) any burden imposed on legitimate trade and 
                commerce by the suspension of bonds to new shippers.
    (c) Report on Collection Problems and Analysis of Proposed 
Solutions.--
            (1) Report.--Not later than 180 days after the date of the 
        enactment of this Act, the Secretary of the Treasury, in 
        consultation with the Secretary of Homeland Security and the 
        Secretary of Commerce, shall submit to the Committee on Ways 
        and Means of the House of Representatives and the Committee on 
        Finance of the Senate a report describing--
                    (A) any major problem experienced in the collection 
                of duties during the 4 most recent fiscal years for 
                which data are available, including any fraudulent 
                activity intended to avoid payment of duties; and
                    (B) an estimate of the total amount of duties that 
                were uncollected during the most recent fiscal year for 
                which data are available, including, with respect to 
                each product, a description of why the duties were 
                uncollected.
            (2) Recommendations.--The report shall include--
                    (A) recommendations on any additional action needed 
                to address problems related to the collection of 
                duties; and
                    (B) for each recommendation--
                            (i) an analysis of how the recommendation 
                        would address the specific problem; and
                            (ii) an assessment of the impact that 
                        implementing the recommendation would have on 
                        international trade and commerce (including any 
                        additional costs imposed on United States 
                        businesses).

SEC. 102. TRADE ENFORCEMENT PERSONNEL.

    (a) Deputy United States Trade Representatives; General Counsel.--
Section 141(b)(2) of the Trade Act of 1974 (19 U.S.C. 2171(b)(2)) is 
amended to read as follows:
    ``(2) There shall be in the Office three Deputy United States Trade 
Representatives, 1 Chief Agricultural Negotiator, and 1 General 
Counsel. The 3 Deputy United States Trade Representatives, the Chief 
Agricultural Negotiator, and the General Counsel, shall be appointed by 
the President, by and with the advice and consent of the Senate. As an 
exercise of the rulemaking authority of the Senate, any nomination of a 
Deputy United States Trade Representative, the Chief Agricultural 
Negotiator, or the General Counsel, submitted to the Senate for its 
advice and consent, and referred to a committee, shall be referred to 
the Committee on Finance. Each Deputy United States Trade 
Representative, the Chief Agricultural Negotiator, and the General 
Counsel, shall hold office at the pleasure of the President. Each 
Deputy United States Trade Representative and the Chief Agricultural 
Negotiator shall have the rank of Ambassador.''.
    (b) Functions of Position.--Section 141(c) of the Trade Act of 1974 
(19 U.S.C. 2171(c)) is amended--
            (1) by moving paragraph (5) 2 ems to the left; and
            (2) by adding at the end the following new paragraph:
    ``(6) A principal function of the General Counsel shall be to 
ensure that United States trading partners comply with obligations 
assumed under trade agreements to which the United States is a party. 
The General Counsel shall assist the United States Trade Representative 
in investigating and prosecuting disputes pursuant to trade agreements 
to which the United States is a party, including before the World Trade 
Organization, and shall assist the United States Trade Representative 
in carrying out the Trade Representative's functions under subsection 
(d). The General Counsel shall make recommendations with respect to the 
administration of United States trade laws relating to foreign 
government barriers to United States goods, services, investment, and 
intellectual property, and with respect to government procurement and 
other trade matters. The General Counsel shall perform such other 
functions as the Trade Representative may direct.''.
    (c) Compensation; Effective Date.--
            (1) In general.--Section 5315 of title 5, United States 
        Code, is amended by adding at the end the following new item:
            ``General Counsel of the Office of the United States Trade 
        Representative.''.
            (2) Effective date.--The amendment made by this subsection 
        shall take effect on the date that an individual nominated by 
        the President to the position of General Counsel of the Office 
        of the United States Trade Representative is confirmed by the 
        United States Senate.
    (d) Continuation in Office.--The individual serving as General 
Counsel in the Office of the United States Trade Representative on the 
day before the date of the enactment of this Act may serve in the 
General Counsel position established pursuant to subsection (a) as 
Acting General Counsel until the date that an individual nominated to 
such position by the President is confirmed by the United States 
Senate.
    (e) Trade Enforcement Working Group.--Not later than 90 days after 
the date of the enactment of this Act, the United States Trade 
Representative shall establish an interagency Trade Enforcement Working 
Group.
            (1) Chairperson.--The Trade Enforcement Working Group shall 
        be chaired by the General Counsel of the Office of the United 
        States Trade Representative and shall include the Assistant 
        Secretary for Market Access and Compliance in the Department of 
        Commerce, as well as other appropriate representatives from the 
        Department of Commerce, and the Departments of State, Treasury, 
        and Agriculture, and such other departments and agencies as the 
        Trade Representative considers appropriate.
            (2) Duties.--The Trade Enforcement Working Group shall 
        assist the General Counsel of the Office of the United States 
        Trade Representative in carrying out the principal functions 
        described in section 141(c)(6) of the Trade Act of 1974.
    (f) Identification of Trade Enforcement Priorities.--
            (1) In general.--Section 310 of the Trade Act of 1974 (19 
        U.S.C. 2420) is amended to read as follows:

``SEC. 310. IDENTIFICATION OF TRADE ENFORCEMENT PRIORITIES.

    ``(a) Identification and Annual Report.--On or before the date that 
is 90 days after the date that the report required by section 181(b) is 
due to be submitted each calendar year, the United States Trade 
Representative shall--
            ``(1) identify the trade enforcement priorities of the 
        United States;
            ``(2) identify trade enforcement actions undertaken by the 
        United States during the preceding year and provide an 
        assessment of the impact such trade enforcement actions have 
        had in addressing foreign trade barriers;
            ``(3) determine the priority foreign country trade 
        practices on which the Trade Representative will focus the 
        trade enforcement efforts of the United States; and
            ``(4) submit to the Committee on Finance of the Senate and 
        the Committee on Ways and Means of the House of Representatives 
        a written report on the priorities, actions, and assessments 
        required by paragraphs (1) and (2), as well as a 
        nonconfidential summary of the determination required by 
        paragraph (3), and cause such report and summary to be 
        published in the Federal Register.
    ``(b) Factors To Consider.--In reaching the determination required 
by subsection (a)(3), the Trade Representative shall take into account 
all relevant factors, including--
            ``(1) the economic significance of any potential 
        inconsistency between an obligation assumed by a foreign 
        government pursuant to a trade agreement to which the United 
        States is a party, and the policies or practices of such 
        foreign government;
            ``(2) the major barriers and trade distorting practices 
        described in the National Trade Estimate Report required under 
        section 181(b);
            ``(3) the findings in other relevant reports addressing 
        international trade and investment prepared by the United 
        States Trade Representative during the 12 months preceding the 
        date on which the report required by subsection (a)(4) is due 
        to be submitted;
            ``(4) the implications of a foreign government's 
        procurement plans and policies;
            ``(5) the international competitive position and export 
        potential of United States products and services; and
            ``(6) the extent to which United States intellectual 
        property rights are being infringed upon.
    ``(c) Consultation Prior to Report.--Not later than 45 days before 
the date on which the report required by subsection (a)(4) is due to be 
submitted, the General Counsel of the Office of the United States Trade 
Representative shall--
            ``(1) appear before an open session of the Committee on 
        Finance of the Senate and the Committee on Ways and Means of 
        the House of Representatives to receive congressional input on 
        the determination and assessment required by subsection (a)(3); 
        and
            ``(2) provide an opportunity (after giving not less than 30 
        days notice) for the presentation of views by interested 
        persons with respect to the determination and assessment 
        required by subsection (a)(3), including a public hearing if 
        requested by any interested person.
    ``(d) Consultation After Report.--Not later than 30 days after the 
date on which the report required by subsection (a)(4) is due to be 
submitted each calendar year, the General Counsel of the Office of the 
United States Trade Representative shall appear before closed sessions 
of the Committee on Finance of the Senate and the Committee on Ways and 
Means of the House of Representatives to brief each committee on the 
determination required by subsection (a)(3).''.
            (2) Conforming amendment.--The table of contents for the 
        Trade Act of 1974 is amended by striking the item relating to 
        section 310, and inserting the following new item:

        ``Sec. 310. Identification of trade enforcement priorities.''.
    (g) Technical Amendments.--Section 141(e) of the Trade Act of 1974 
(19 U.S.C. 2171(e)) is amended--
            (1) in paragraph (1), by striking ``5314'' and inserting 
        ``5315''; and
            (2) in paragraph (2), by striking ``the maximum rate of pay 
        for grade GS-18, as provided in section 5332'' and inserting 
        ``the maximum rate of pay for level IV of the Executive 
        Schedule, as provided in section 5315''.

         TITLE II--INTERNATIONAL MONETARY AND FINANCIAL POLICY

SEC. 201. SHORT TITLE.

    This title may be cited as the ``International Monetary and 
Financial Policy Cooperation Act of 2006''.

SEC. 202. FINDINGS.

    Congress finds as follows:
            (1) Section 3004 of the Omnibus Trade and Competitiveness 
        Act of 1988 (22 U.S.C. 5304) requires the Secretary of the 
        Treasury to undertake multilateral or bilateral negotiations 
        with countries that have material global current account 
        surpluses and have significant bilateral trade surpluses with 
        the United States if the Secretary considers that such a 
        country is manipulating its currency for purposes of preventing 
        effective balance of payments adjustment or gaining unfair 
        competitive advantage in international trade.
            (2) The global economy has changed dramatically since 1988, 
        with increased capital account openness, a sharp increase in 
        the flow of funds internationally, and an ever growing number 
        of emerging market economies becoming systemically important to 
        the global flow of goods, services, and capital. In addition, 
        practices such as the maintenance of multiple currency regimes 
        have become rare.
            (3) As a result of the evolutionary changes in the 
        international monetary and financial system, the 1988 concept 
        of currency manipulation appears increasingly dated.
            (4) While some degree of surpluses and deficits in payments 
        balances may be expected, particularly in response to 
        increasing economic globalization, large and growing imbalances 
        raise concerns of possible disruption to financial markets. In 
        part, such imbalances often reflect exchange rate policies that 
        foster fundamental misalignment of currencies.
            (5) Currencies in fundamental misalignment can seriously 
        impair the ability of international markets to adjust 
        appropriately to global capital and trade flows, threatening 
        trade flows and causing economic harm to the United States.
            (6) The effects of a fundamentally misaligned currency may 
        be so harmful that it is essential to correct the fundamental 
        misalignment without regard to the purpose of any policy that 
        contributed to the misalignment.
            (7) Article IV of the International Monetary Fund Articles 
        of Agreement states that in order to facilitate the exchange of 
        goods, services, and capital among countries, to sustain sound 
        economic growth, and to foster financial and economic 
        stability, each member of the International Monetary Fund shall 
        avoid manipulating exchange rates in order to prevent effective 
        balance of payments adjustment or to gain an unfair competitive 
        advantage over other members.
            (8) The failure of a government to acknowledge a 
        fundamental misalignment of its currency or to take steps to 
        correct such a fundamental misalignment, either through 
        inaction or mere token action, is a form of exchange rate 
        manipulation and is inconsistent with that government's 
        obligations under Article IV of the International Monetary Fund 
        Articles of Agreement.

SEC. 203. DEFINITIONS.

    In this title:
            (1) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (2) Fundamental misalignment.--The term ``fundamental 
        misalignment'' means a material sustained disparity between the 
        observed levels of an effective exchange rate for a currency 
        and the corresponding levels of an effective exchange rate for 
        that currency that would be consistent with fundamental 
        macroeconomic conditions based on a generally accepted economic 
        rationale.
            (3) Effective exchange rate.--The term ``effective exchange 
        rate'' means a weighted average of bilateral exchange rates, 
        expressed in either nominal or real terms.
            (4) Generally accepted economic rationale.--The term 
        ``generally accepted economic rationale'' means an explanation 
        drawn on widely recognized macroeconomic theory for which there 
        is a significant degree of empirical support.

SEC. 204. REPEAL OF THE EXCHANGE RATES AND INTERNATIONAL ECONOMIC 
              POLICY COORDINATION ACT OF 1988.

    Subtitle A of title III of the Omnibus Trade and Competitiveness 
Act of 1988 (22 U.S.C. 5301-5306) is repealed.

SEC. 205. ADVISORY COMMITTEE ON INTERNATIONAL MONETARY AND FINANCIAL 
              POLICY.

    (a) Establishment.--
            (1) In general.--The President shall establish an Advisory 
        Committee on International Monetary and Financial Policy (in 
        this title referred to as the ``Committee'') to advise the 
        Secretary in the preparation of an annual report to Congress on 
        International Economic Policy and Currency Exchange Rates 
        (described in section 206) and to otherwise advise the 
        President with respect to international monetary and financial 
        policy and the impact of the policy on the economy of the 
        United States.
            (2) Membership.--The Committee shall be comprised of no 
        more than 7 individuals drawn from outside of the Federal 
        Government. Members of the Committee shall be recommended by 
        the Secretary on the basis of their objectivity and 
        demonstrated expertise in finance, economics, or currency 
        exchange, and appointed by the President for a term of 4 years 
        or until the Committee expires. An individual may be 
        reappointed to the Committee for additional terms. Appointments 
        to the Committee shall be made without regard to political 
        affiliation.
    (b) Duration of Committee.--The Committee shall terminate on the 
date that is 4 years after the date of the enactment of this Act unless 
renewed by the President pursuant to section 14 of the Federal Advisory 
Committee Act (5 U.S.C. App.) for a subsequent 4-year period. The 
President may continue to renew the Committee for successive 4-year 
periods by taking appropriate action prior to the date on which the 
Committee would otherwise terminate.
    (c) Public Meetings.--The Committee shall hold at least 1 public 
meeting each year for the purpose of accepting public comments. The 
Committee shall also meet as needed at the call of the Secretary or at 
the call of two-thirds of the members of the Committee.
    (d) Chairperson.--The Committee shall elect from among its members 
a chairperson for a term of 4 years or until the Committee terminates. 
A chairperson of the Committee may be reelected chairperson but is 
ineligible to serve consecutive terms as chairperson.
    (e) Staff.--The Secretary shall make available to the Committee 
such staff, information, personnel, administrative services, and 
assistance as the Committee may reasonably require to carry out its 
activities.
    (f) Application of Federal Advisory Committee Act.--
            (1) In general.--The provisions of the Federal Advisory 
        Committee Act (5 U.S.C. App.) apply to the Committee.
            (2) Exception.--Except for the annual public meeting 
        required under subsection (c), meetings of the Committee shall 
        be exempt from the requirements of subsections (a) and (b) of 
        sections 10 and 11 of the Federal Advisory Committee Act 
        (relating to open meetings, public notice, public 
        participation, and public availability of documents), whenever 
        and to the extent it is determined by the President or the 
        Secretary that such meetings will be concerned with matters the 
        disclosure of which would seriously compromise the development 
        by the United States Government of international monetary and 
        financial policy.

SEC. 206. REPORTING REQUIREMENTS.

    (a) Reports Required.--
            (1) In general.--The Secretary, after consulting with the 
        Chairman of the Board of Governors of the Federal Reserve 
        System and the Committee, shall submit to Congress, on or 
        before October 15 of each year, a written report on 
        international economic policy and currency exchange rates.
            (2) Interim report.--The Secretary, after consulting with 
        the Chairman of the Board of Governors of the Federal Reserve 
        System and the Committee, shall submit to Congress, on or 
        before April 15 of each year, a written report on interim 
        developments with respect to international economic policy and 
        currency exchange rates.
    (b) Contents of Report.--Each report submitted under subsection (a) 
shall contain--
            (1) an analysis of currency market developments and the 
        relationship between the United States dollar and the 
        currencies of major economies and United States trading 
        partners;
            (2) a review of the economic and financial policies of 
        major economies and United States trading partners and an 
        evaluation of how such policies impact currency exchange rates;
            (3) a description of any currency intervention by the 
        United States or other major economies or United States trading 
        partners, or other actions undertaken to adjust the actual 
        exchange rate of the dollar;
            (4) an evaluation of the factors that underlie conditions 
        in the currency markets, including--
                    (A) monetary and financial conditions;
                    (B) foreign exchange reserve accumulation;
                    (C) macroeconomic trends;
                    (D) trends in current and financial account 
                balances;
                    (E) the size, composition, and growth of 
                international capital flows;
                    (F) the impact of the external sector on economic 
                growth;
                    (G) the size and growth of external indebtedness;
                    (H) trends in the net level of international 
                investment; and
                    (I) capital controls, trade, and exchange 
                restrictions;
            (5) a list of currencies of the major economies or economic 
        areas that are in fundamental misalignment (as defined in 
        section 203(2)), and a description of any economic models or 
        methodologies used to establish the list;
            (6) a description of any reason or circumstance that 
        accounts for why each currency identified under paragraph (5) 
        is in fundamental misalignment based on a generally accepted 
        economic rationale;
            (7) a list of each currency identified under paragraph (5) 
        for which the fundamental misalignment causes, or contributes 
        to, a material adverse impact on the economy of the United 
        States, including a description of any reason or circumstance 
        that explains why the fundamental misalignment is not accounted 
        for under paragraph (6); and
            (8) the results of any prior consultations conducted or 
        other steps taken pursuant to section 207.
    (c) Development of Report.--The Secretary shall consult with the 
Chairman of the Board of Governors of the Federal Reserve System and 
the Committee with respect to the preparation of each report required 
under subsection (a). Any comments provided by the Chairman of the 
Board of Governors of the Federal Reserve System and the Committee 
shall be submitted to the Secretary not later than the date that is 15 
days before the date each report is due under subsection (a). The 
Secretary shall submit the report after taking into account all 
comments received.

SEC. 207. SUBSEQUENT ACTIONS.

    (a) Negotiations and Consultations.--With respect to each currency 
identified under section 206(b)(7), the Secretary shall--
            (1) seek to enter into bilateral consultations with the 
        government responsible for the currency in order to facilitate 
        the adoption of appropriate policies to eliminate the 
        fundamental misalignment;
            (2) seek the advice of the International Monetary Fund with 
        respect to the Secretary's findings in the report submitted to 
        Congress under section 206; and
            (3) encourage other governments, whether bilaterally or in 
        appropriate multinational fora, to join the United States in 
        seeking the adoption of appropriate policies by such government 
        to eliminate the fundamental misalignment.
    (b) Additional Action.--
            (1) In general.--If, not later than 60 days after the date 
        on which a currency is identified under section 206(b)(7), the 
        government responsible for such currency fails to enter into 
        bilateral consultations with the United States in order to 
        facilitate the adoption of appropriate policies to eliminate 
        the fundamental misalignment, the following shall apply until a 
        notification described in paragraph (2) is provided to 
        Congress:
                    (A) The Overseas Private Investment Corporation 
                shall not approve any new financing (including 
                insurance, reinsurance, or guarantee) with respect to a 
                project located within the territory governed by such 
                government.
                    (B) The Secretary shall instruct the United States 
                Executive Director at each multilateral bank to oppose 
                the approval of any new financing (including loans, 
                other credits, insurance, reinsurance, or guarantee) to 
                such government or for a project within the territory 
                governed by such government.
                    (C) The United States shall request that the 
                International Monetary Fund engage in discussions with 
                such government, including through special 
                consultations, if appropriate, in order to facilitate 
                the adoption of appropriate policies to eliminate the 
                fundamental misalignment.
            (2) Notification.--The Secretary shall promptly notify 
        Congress when bilateral consultations are initiated with a 
        government pursuant to this subsection, and shall cause such 
        notice to be published in the Federal Register.
    (c) Failure To Adopt Changes.--
            (1) In general.--Not later than 180 days after the date on 
        which a currency is identified under section 206(b)(7), the 
        Secretary shall determine whether the government responsible 
        for such currency has failed to adopt appropriate policies to 
        eliminate the fundamental misalignment, and shall promptly 
        report such determination to Congress. If the Secretary 
        determines that the government responsible for such currency 
        has failed to adopt appropriate policies to eliminate the 
        fundamental misalignment, the following shall apply until a 
        notification described in paragraph (2) is provided to 
        Congress:
                    (A) The Overseas Private Investment Corporation 
                shall not approve any new financing (including 
                insurance, reinsurance, or guarantee) with respect to a 
                project located within the territory governed by such 
                government.
                    (B) The Secretary shall instruct the United States 
                Executive Director at each multilateral bank to oppose 
                the approval of any new financing (including loans, 
                other credits, insurance, reinsurance, or guarantee) to 
                such government or for a project within the territory 
                governed by such government.
                    (C) The United States shall inform the Managing 
                Director of the International Monetary Fund of the 
                failure of such government to address a fundamental 
                misalignment of its currency that is causing a material 
                adverse impact on the economy of the United States, and 
                shall request that the Managing Director of the 
                International Monetary Fund consult with such 
                government regarding the observance of the government's 
                obligations under Article IV of the International 
                Monetary Fund Articles of Agreement, including through 
                special consultations, if necessary, and formally 
                report the results of such consultations to the 
                Executive Board of the International Monetary Fund 
                within 180 days of the date of such request.
            (2) Notification.--The Secretary shall promptly notify 
        Congress when such government adopts appropriate policies to 
        eliminate the fundamental misalignment, and shall cause such 
        notice to be published in the Federal Register.
            (3) Waiver.--The President may waive any action provided 
        for under this subsection if the President determines that it 
        is in the vital economic interest of the United States to do 
        so. The President shall promptly notify Congress of such 
        determination (and the reasons for the determination) and shall 
        cause such notice to be published in the Federal Register.

SEC. 208. INTERNATIONAL FINANCIAL INSTITUTION GOVERNANCE ARRANGEMENTS.

    (a) Initial Review.--Notwithstanding any other provision of law, 
before the United States approves a proposed change in the governance 
arrangement of any international financial institution, as defined in 
section 1701(c)(2) of the International Financial Institutions Act (22 
U.S.C. 262r(c)(2)), the Secretary shall determine whether any member of 
the international financial institution that would benefit from the 
proposed change, in the form of increased voting shares or 
representation, has a currency that is in fundamental misalignment, and 
if so, whether the fundamental misalignment causes or contributes to a 
material adverse impact on the economy of the United States. The 
determination shall be reported to Congress.
    (b) Subsequent Action.--The United States shall oppose any proposed 
change in the governance arrangement of any international financial 
institution (as defined in subsection (a)), if the Secretary renders an 
affirmative determination pursuant to subsection (a).
    (c) Further Action.--The United States shall continue to oppose any 
proposed change in the governance arrangement of an international 
financial institution, pursuant to subsection (b), until the Secretary 
determines and reports to Congress that the currency of each member of 
the international financial institution that would benefit from the 
proposed change, in the form of increased voting shares or 
representation, is not in fundamental misalignment.

SEC. 209. NONMARKET ECONOMY STATUS.

    (a) In General.--Paragraph (18)(B)(vi) of section 771 of the Tariff 
Act of 1930 (19 U.S.C. 1677(18)(B)(vi)) is amended by inserting before 
the end period the following: ``, including whether the currency of the 
foreign country has been identified pursuant to section 206(b)(7) of 
the International Monetary and Financial Policy Cooperation Act of 2006 
in any written report required by section 206(a) of such Act during the 
24-month period immediately preceding the month during which the 
administering authority seeks to revoke a determination that such 
foreign country is a nonmarket economy country''.
    (b) Termination.--The amendment made by this section shall be in 
effect during the 10-year period beginning on the date of the enactment 
of this Act.

SEC. 210. ADDITIONAL ASSISTANT SECRETARY.

    (a) In General.--
            (1) Additional assistant secretary.--Section 5315 of title 
        5, United States Code, is amended by striking ``(8)'' in the 
        item relating to Assistant Secretaries of the Treasury, and 
        inserting ``(9)''.
            (2) Duties and responsibilities.--In designating the 
        duties, responsibilities, and title of the Assistant Secretary 
        of the Treasury established pursuant to paragraph (1), the 
        Secretary may redesignate, in whole or in part, the duties, 
        responsibilities, and title of any position of Assistant 
        Secretary of the Treasury in existence on the day before the 
        date of the enactment of this Act.
    (b)  Continuation in Office.--The individual serving as Assistant 
Secretary for International Affairs in the Office of International 
Affairs of the Department of the Treasury on the day before the date of 
the enactment of this Act may serve in any position designated or 
redesignated pursuant to subsection (a) until the date a person 
nominated to such position by the President is confirmed by the United 
States Senate. 

               TITLE III--AUTHORIZATION OF APPROPRIATIONS

SEC. 301. OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE.

    Section 141(g)(1)(A) of the Trade Act of 1974 (19 U.S.C. 
2171(g)(1)(A)) is amended by striking clauses (i) and (ii) and 
inserting the following:
            ``(i) $47,800,000 for fiscal year 2007.
            ``(ii) $49,700,000 for fiscal year 2008.''.
                                                       Calendar No. 381

109th CONGRESS

  2d Session

                                S. 2467

_______________________________________________________________________

                                 A BILL

  To enhance and improve the trade relations of the United States by 
 strengthening United States trade enforcement efforts and encouraging 
  United States trading partners to adhere to the rules and norms of 
              international trade, and for other purposes.

_______________________________________________________________________

                             March 29, 2006

            Read the second time and placed on the calendar