1.This Act may be cited as
the United States Trade Enhancement
Act of 2006
.
<enum>I</enum><header>Enforcement
provisions</header>
<section id="id02AF9BE44FFD4953A6D8A63EA0E532A0"><enum>101.</enum><header>Suspension of
new shipper review provision</header>
<subsection id="H0DE8A4B321DC417C8FCEDE34FCD7A907"><enum>(a)</enum><header>Suspension of
the availability of bonds to new shippers</header><text>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.</text>
</subsection><subsection id="H158250205BB34E3C96382B90C4435826"><enum>(b)</enum><header>Report on the
impact of the suspension</header><text>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—</text>
<paragraph id="H68673898EFD04457B58100205DAB0683"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="HEE7213632689478B82482DC388AE29B3"><enum>(2)</enum><text>an assessment of
the effectiveness of any administrative measure that was implemented to address
the difficulties that necessitated the suspension under subsection (a),
including—</text>
<subparagraph id="H10C64C987B77469BACE2AC13BE30988"><enum>(A)</enum><text>any problem in the
collection of antidumping duties on imports from new shippers; and</text>
</subparagraph><subparagraph id="H215C9ABD029B47F9B5F6A7DDB745EC92"><enum>(B)</enum><text>any burden imposed
on legitimate trade and commerce by the suspension of bonds to new
shippers.</text>
</subparagraph></paragraph></subsection><subsection id="H8556B9E7745043D6BB2502763C1F3FB8"><enum>(c)</enum><header>Report on
collection problems and analysis of proposed solutions</header>
<paragraph id="HDA31916CA7814068A357255CE1006DD"><enum>(1)</enum><header>Report</header><text>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—</text>
<subparagraph id="id916EB13A25034906B7303819131D7337"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="id0AD0909256074B33B9A74936886D105C"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H23BB9EA2B4714411AFF984443BF03534"><enum>(2)</enum><header>Recommendations</header><text>The
report shall include—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="id6546BBE4D17F443DAE3A10546314C42B"><enum>(A)</enum><text>recommendations
on any additional action needed to address problems related to the collection
of duties; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id04E333B82E034DAAB432725269AAB84D"><enum>(B)</enum><text>for each
recommendation—</text>
<clause commented="no" display-inline="no-display-inline" id="id42BD5F2837F54DDA8CADCABBD2FB73A1"><enum>(i)</enum><text>an analysis of
how the recommendation would address the specific problem; and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id51573D61DA344FE2BDDDBE1D79DD454A"><enum>(ii)</enum><text>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).</text>
</clause></subparagraph></paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="id04E2E81AA7984EFF9D9AA27E9919E113"><enum>102.</enum><header>Trade
enforcement personnel</header>
<subsection id="ID1b80e25a5ca04c409034c392bdab5d02"><enum>(a)</enum><header>Deputy United
States Trade Representatives; General Counsel</header><text>Section 141(b)(2)
of the Trade Act of 1974 (19 U.S.C. 2171(b)(2)) is amended to read as
follows:</text>
<quoted-block display-inline="no-display-inline" id="id94D27AC73A234EC1A9DF4E1A52901B0A" style="OLC">
<paragraph id="ID41c018e6e17d4677ab443ec9ba2f0e84" indent="up1"><enum>(2)</enum><text>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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="IDee848162261445ac810e786a037d47ac"><enum>(b)</enum><header>Functions of
position</header><text>Section 141(c) of the Trade Act of 1974 (19 U.S.C.
2171(c)) is amended—</text>
<paragraph id="id0DF8437A590B4AF7900526F077BC85A2"><enum>(1)</enum><text>by moving
paragraph (5) 2 ems to the left; and</text>
</paragraph><paragraph id="id501E79DE36134606ACB4391E8032E67E"><enum>(2)</enum><text>by adding at the
end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="idAE5D551F788A4BE39221602A35D1CEB5" style="OLC">
<paragraph id="ID9255b3c8d1ef44fd976e4a7a21b4d28e" indent="up1"><enum>(6)</enum><text>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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="ID15533cd3e8724b8c834d5961091f6165"><enum>(c)</enum><header>Compensation;
effective date</header>
<paragraph id="idBDD56CC460124345A33539223BE476C0"><enum>(1)</enum><header>In
general</header><text>Section 5315 of title 5, United States Code, is amended
by adding at the end the following new item:</text>
</paragraph><paragraph id="id470D35958A7B439783466C3F179BEDB1"><enum></enum><text><quote>General
Counsel of the Office of the United States Trade
Representative.</quote>.</text>
</paragraph><paragraph id="id49B48A02EE3B41B8A1053B8D3529B183"><enum>(2)</enum><header>Effective
date</header><text>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.</text>
</paragraph></subsection><subsection id="ID5b1b6173c4ae4756aa47114f8e8e872e"><enum>(d)</enum><header>Continuation in
office</header><text>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.</text>
</subsection><subsection id="IDd57212d8aa74465b89aad912887103eb"><enum>(e)</enum><header>Trade
enforcement working group</header><text>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.</text>
<paragraph id="ID6b07b64f39114767babd4c619627cc91"><enum>(1)</enum><header>Chairperson</header><text>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.</text>
</paragraph><paragraph id="IDe4a7e44804a84e3baecc59b04efb05a2"><enum>(2)</enum><header>Duties</header><text>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.</text>
</paragraph></subsection><subsection id="IDf7d46a8845734c81b75eddea891c1e87"><enum>(f)</enum><header>Identification
of trade enforcement priorities</header>
<paragraph id="id78C2E6A6665D47B481016571145C39CE"><enum>(1)</enum><header>In
general</header><text>Section 310 of the Trade Act of 1974 (19 U.S.C. 2420) is
amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="idB91BFE97B02447A7AFF49D5E8CCC0F0B" style="OLC">
<section id="ID34b21f28c983421387d1b8e3105e879e"><enum>310.</enum><header>Identification
of trade enforcement priorities</header>
<subsection id="IDd2e68eaf8bca4bbfb1abe7b350e6be38"><enum>(a)</enum><header>Identification
and annual report</header><text>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—</text>
<paragraph id="ID5131243aac614e8c97f0331915677bef"><enum>(1)</enum><text>identify the
trade enforcement priorities of the United States;</text>
</paragraph><paragraph id="IDb3b0dc2d942e4d9f9ba8460d6c864fd6"><enum>(2)</enum><text>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;</text>
</paragraph><paragraph id="ID2000c229ae254cc68c3a4260bcb914cb"><enum>(3)</enum><text>determine the
priority foreign country trade practices on which the Trade Representative will
focus the trade enforcement efforts of the United States; and</text>
</paragraph><paragraph id="IDf6ded1064401485a8c8100d0fc791ac5"><enum>(4)</enum><text>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.</text>
</paragraph></subsection><subsection id="IDc07b4ffe83604f6fb9388c1f12f84569"><enum>(b)</enum><header>Factors
<enum-in-header>T</enum-in-header>o consider</header><text>In reaching the
determination required by subsection (a)(3), the Trade Representative shall
take into account all relevant factors, including—</text>
<paragraph id="ID8e244815e54b463cb2016fa29781965a"><enum>(1)</enum><text>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;</text>
</paragraph><paragraph id="ID036741970e4b420382a2759309dc12ec"><enum>(2)</enum><text>the major
barriers and trade distorting practices described in the National Trade
Estimate Report required under section 181(b);</text>
</paragraph><paragraph id="id8FF37F007C4049ED9F06C1D91531F189"><enum>(3)</enum><text>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;</text>
</paragraph><paragraph id="id18EF9A5E63904520ADC2BF6108976F38"><enum>(4)</enum><text>the implications
of a foreign government's procurement plans and policies;</text>
</paragraph><paragraph id="ID5550ce64781f46e6acde56dea8b29676"><enum>(5)</enum><text>the international
competitive position and export potential of United States products and
services; and</text>
</paragraph><paragraph id="id81DA0628B10B4C55B34F873517A91CCE"><enum>(6)</enum><text>the extent to
which United States intellectual property rights are being infringed
upon.</text>
</paragraph></subsection><subsection id="idB56A9F87B46A49EDA10EA4FB2FAE3580"><enum>(c)</enum><header>Consultation
prior to report</header><text>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—</text>
<paragraph id="IDe648182bec8f4b2cb7f8a06c92235f02"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="ID7732f79bd5514fe9ac67ea114fac649c"><enum>(2)</enum><text>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.</text>
</paragraph></subsection><subsection id="ID79ba37124a9345d3a402d6a23c93f737"><enum>(d)</enum><header>Consultation
after report</header><text>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).</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="IDdf195a95438d401690cf5489e6c37aca"><enum>(2)</enum><header>Conforming
amendment</header><text>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:</text>
<quoted-block id="idd425bd8a-2ceb-47d1-b55a-c7974b8aec94" style="OLC">
<toc>
<toc-entry idref="ID34b21f28c983421387d1b8e3105e879e" level="section">Sec. 310. Identification of trade enforcement
priorities.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="id6B650ECF5D1949E3B7EAAEB46BD3F93A"><enum>(g)</enum><header>Technical
amendments</header><text>Section 141(e) of the Trade Act of 1974 (19 U.S.C.
2171(e)) is amended—</text>
<paragraph id="idE16A348A02B24ABDBD2597CCAECA9D41"><enum>(1)</enum><text>in paragraph (1),
by striking <quote>5314</quote> and inserting <quote>5315</quote>; and</text>
</paragraph><paragraph id="idF4266BA596D049ECA1DA51D549783925"><enum>(2)</enum><text>in paragraph (2),
by striking <quote>the maximum rate of pay for grade GS–18, as provided in
section 5332</quote> and inserting <quote>the maximum rate of pay for level IV
of the Executive Schedule, as provided in section 5315</quote>.</text>
</paragraph></subsection></section><enum>II</enum><header>International
monetary and financial policy</header>
<section id="idE198A93CC92F4396B1DC2E3FAC3F5C67"><enum>201.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>International Monetary and
Financial Policy Cooperation Act of 2006</short-title></quote>.</text>
</section><section id="idA69DD886F6404A7A8E646B56EDFFFEE2"><enum>202.</enum><header>Findings</header><text display-inline="no-display-inline">Congress finds as follows:</text>
<paragraph id="IDe6dc976f64dd4ba39cf8da61bdef669e"><enum>(1)</enum><text>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.</text>
</paragraph><paragraph id="ID826bb675008b41b89756175611457e8f"><enum>(2)</enum><text>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.</text>
</paragraph><paragraph id="IDef843a50404344c7a53eacb1a839b10c"><enum>(3)</enum><text>As a result of
the evolutionary changes in the international monetary and financial system,
the 1988 concept of currency manipulation appears increasingly dated.</text>
</paragraph><paragraph id="ID9d3dc1e5dfdf419aa92cb864da522e59"><enum>(4)</enum><text>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.</text>
</paragraph><paragraph id="ID901115fe7b444529b174511c79baca15"><enum>(5)</enum><text>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.</text>
</paragraph><paragraph id="IDf4c6bcd168304ab18483217a20e5d586"><enum>(6)</enum><text>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.</text>
</paragraph><paragraph id="IDec5066a983744c39b0587fb21e7abdd7"><enum>(7)</enum><text>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.</text>
</paragraph><paragraph id="ID25c9e3e0993d4f468f5ca92c2ba24366"><enum>(8)</enum><text>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.</text>
</paragraph></section><section id="ID5a43dc2797804d4c8b1242c84558af6f"><enum>203.</enum><header>Definitions</header><text display-inline="no-display-inline">In this title:</text>
<paragraph id="ID4ba7390c7ed34641b32f5ecebb4bfbb7"><enum>(1)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of the Treasury.</text>
</paragraph><paragraph id="IDb250680ffd5f4a49bb40405c9a740e8d"><enum>(2)</enum><header>Fundamental
misalignment</header><text>The term <term>fundamental misalignment</term> 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.</text>
</paragraph><paragraph id="idF07EACB558534C189ADCF8DD8CC2445B"><enum>(3)</enum><header>Effective
exchange rate</header><text>The term <term>effective exchange rate</term> means
a weighted average of bilateral exchange rates, expressed in either nominal or
real terms.</text>
</paragraph><paragraph id="IDa45db9397cf8471aa11beca93fb89fc8"><enum>(4)</enum><header>Generally
accepted economic rationale</header><text>The term <term>generally accepted
economic rationale</term> means an explanation drawn on widely recognized
macroeconomic theory for which there is a significant degree of empirical
support.</text>
</paragraph></section><section id="idE534F4081AA34123AD92A5166C38C383"><enum>204.</enum><header>Repeal of the
Exchange Rates and International Economic Policy Coordination Act of
1988</header><text display-inline="no-display-inline">Subtitle A of title III
of the Omnibus Trade and Competitiveness Act of 1988 (22 U.S.C. 5301–5306) is
repealed.</text>
</section><section id="idBEEBF908A09D4DAB8A7081092F4584DA"><enum>205.</enum><header>Advisory
Committee on International Monetary and Financial Policy</header>
<subsection id="ID33e6dba4595d499e8e8e71fa8ab154af"><enum>(a)</enum><header>Establishment</header>
<paragraph id="idBDC34861C12D4D05823FDC911D24B5A2"><enum>(1)</enum><header>In
general</header><text>The President shall establish an Advisory Committee on
International Monetary and Financial Policy (in this title referred to as the
<quote>Committee</quote>) 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.</text>
</paragraph><paragraph id="id8077684333344472B800D607C82B435B"><enum>(2)</enum><header>Membership</header><text>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.</text>
</paragraph></subsection><subsection id="id9077ADC2131B43E8B22586E0FD32DC11"><enum>(b)</enum><header>Duration of
Committee</header><text>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.</text>
</subsection><subsection id="IDd51a8e0e7e054759a5a5e3a6237b4e6a"><enum>(c)</enum><header>Public
meetings</header><text>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.</text>
</subsection><subsection id="id6CB6ADDE9C1046DCB602AC7CDB4DB2AA"><enum>(d)</enum><header>Chairperson</header><text>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.</text>
</subsection><subsection id="ID48c3c28635454fc8a36cfae3c46a7b28"><enum>(e)</enum><header>Staff</header><text>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.</text>
</subsection><subsection id="IDe3874edc75894745af94a3799559fc3a"><enum>(f)</enum><header>Application of
Federal Advisory Committee Act</header>
<paragraph id="id9A1E5FB95AA04A739A3B02F23A297195"><enum>(1)</enum><header>In
general</header><text>The provisions of the Federal Advisory Committee Act (5
U.S.C. App.) apply to the Committee.</text>
</paragraph><paragraph commented="no" id="id16177633C2C441C08F3309696E531BFC"><enum>(2)</enum><header>Exception</header><text>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.</text>
</paragraph></subsection></section><section id="ID494f5ce1be41459cba6f391c4887d1cf"><enum>206.</enum><header>Reporting
requirements</header>
<subsection id="IDf24803d2f7c44ef1b29c2f65577d5824"><enum>(a)</enum><header>Reports
required</header>
<paragraph id="id932DEF2AF9E74ADE9FB042BC0E665EA3"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="idC9C86D7909454BAEA260BA98B1FEF5B5"><enum>(2)</enum><header>Interim
report</header><text>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.</text>
</paragraph></subsection><subsection id="IDb568d3eaf82446a9a503492abe29084f"><enum>(b)</enum><header>Contents of
report</header><text>Each report submitted under subsection (a) shall
contain—</text>
<paragraph id="ID7acdaa35270a47f592778a9ac8d7b2c9"><enum>(1)</enum><text>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;</text>
</paragraph><paragraph id="ID9af25428960d48dc86b051a6bec67f8a"><enum>(2)</enum><text>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;</text>
</paragraph><paragraph id="ID25c2e26b040a43c9898bc2d8116c78ee"><enum>(3)</enum><text>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;</text>
</paragraph><paragraph id="ID16452f46bfac43b3a01cf363dccf07d3"><enum>(4)</enum><text>an evaluation of
the factors that underlie conditions in the currency markets, including—</text>
<subparagraph id="id86227BCFE4174BFEADADEF63F814EA55"><enum>(A)</enum><text>monetary and
financial conditions;</text>
</subparagraph><subparagraph id="id779CD785216541F7ABD87BE9A24F1EC9"><enum>(B)</enum><text>foreign exchange
reserve accumulation;</text>
</subparagraph><subparagraph id="id58A2177D32AE4FDCAB5B3EA0BE3F0E17"><enum>(C)</enum><text>macroeconomic
trends;</text>
</subparagraph><subparagraph id="idB627BCBF5A8A4768916BDD0527C592B0"><enum>(D)</enum><text>trends in current
and financial account balances;</text>
</subparagraph><subparagraph id="idF024A38F7FF54F0282F159E92C3BCCE0"><enum>(E)</enum><text>the size,
composition, and growth of international capital flows;</text>
</subparagraph><subparagraph id="idB365BA7B7F6445A6ADDF3D718F811014"><enum>(F)</enum><text>the impact of the
external sector on economic growth;</text>
</subparagraph><subparagraph id="idA7833D7872EA44DC879C624815BCB9B7"><enum>(G)</enum><text>the size and
growth of external indebtedness;</text>
</subparagraph><subparagraph id="id29EA0E469CA44D05AE6D5CFD469515FC"><enum>(H)</enum><text>trends in the net
level of international investment; and</text>
</subparagraph><subparagraph id="id9261F534C6B34872B253687C669A82B6"><enum>(I)</enum><text>capital controls,
trade, and exchange restrictions;</text>
</subparagraph></paragraph><paragraph id="idF6B697C4C14045F6908133A5EB54DFC4"><enum>(5)</enum><text>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;</text>
</paragraph><paragraph id="IDaea25a04c5d44ffcb491d379d3e38b43"><enum>(6)</enum><text>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;</text>
</paragraph><paragraph id="idE7F035841621482FBBA9E72A0C7F8891"><enum>(7)</enum><text>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</text>
</paragraph><paragraph id="ID5a9c358e028a4a4e8d5fd6cb5e1b4f96"><enum>(8)</enum><text>the results of
any prior consultations conducted or other steps taken pursuant to section
207.</text>
</paragraph></subsection><subsection id="ID277f41b4881f482db37d4a2b10233e1b"><enum>(c)</enum><header>Development of
report</header><text>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.</text>
</subsection></section><section id="ID82dc11c1007444af9a5957ec114ef9ab"><enum>207.</enum><header>Subsequent
actions</header>
<subsection id="IDe6abfd4f1c5a4ef9aed74faccc9388f9"><enum>(a)</enum><header>Negotiations
and consultations</header><text>With respect to each currency identified under
section 206(b)(7), the Secretary shall—</text>
<paragraph id="ID789656cc06994d938ed81f31478ad567"><enum>(1)</enum><text>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;</text>
</paragraph><paragraph id="ID0c3b02a3362f4b5ab6ccc1045a8ef12e"><enum>(2)</enum><text>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</text>
</paragraph><paragraph id="IDfa12099cb7b640d596d656979bd56866"><enum>(3)</enum><text>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.</text>
</paragraph></subsection><subsection id="ID20b2d47bf7b842f4b4e8d7012887ce00"><enum>(b)</enum><header>Additional
action</header>
<paragraph id="idB9FB29A8CF5E4A21805F5C9ED8C28FB6"><enum>(1)</enum><header>In
general</header><text>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:</text>
<subparagraph id="id301C7ED7C3DA47449B38D8A1CDBAC919"><enum>(A)</enum><text>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.</text>
</subparagraph><subparagraph id="id8F996CE29D6E40C4BB3ACF1D643FEEB7"><enum>(B)</enum><text>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.</text>
</subparagraph><subparagraph commented="no" id="id5A57CCA040CF4F57A112D8191A5EB006"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="id29235379D40E482085FF133901F1EC51"><enum>(2)</enum><header>Notification</header><text>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.</text>
</paragraph></subsection><subsection id="ID300885ecb39042b1955da2b31fe6d71c"><enum>(c)</enum><header>Failure
<enum-in-header>To</enum-in-header> adopt changes</header>
<paragraph id="id22F8BFE0BF954F9F9A270D7E10328E8F"><enum>(1)</enum><header>In
general</header><text>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:</text>
<subparagraph id="idE78CCB8504864DEEBA39C9F314A8595C"><enum>(A)</enum><text>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.</text>
</subparagraph><subparagraph id="idB31C71E9ED964A8EA2DA900304CFDE75"><enum>(B)</enum><text>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.</text>
</subparagraph><subparagraph id="id48E9A510EF91454689F1F5E6C3AC57FA"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="id6CF2E0A372614125AE5EA78A24C537D9"><enum>(2)</enum><header>Notification</header><text>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.</text>
</paragraph><paragraph id="ID1edab8b821c64dd8a2f0ff8d099bd8cc"><enum>(3)</enum><header>Waiver</header><text>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.</text>
</paragraph></subsection></section><section id="id3A425D85A31C4F98A158C333D9CBAAA8"><enum>208.</enum><header>International
financial institution governance arrangements</header>
<subsection id="IDa78bf2ab9c564a8eb12b1569d6c8a66c"><enum>(a)</enum><header>Initial
review</header><text>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.</text>
</subsection><subsection id="IDc8daf40e5a6b41029a8d3a7ae8743551"><enum>(b)</enum><header>Subsequent
action</header><text>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).</text>
</subsection><subsection id="ID0e51bfa0ebbe45568329ecd1dd785a30"><enum>(c)</enum><header>Further
action</header><text>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.</text>
</subsection></section><section id="id3099E60F23744520BEAB20B7341A3E0E"><enum>209.</enum><header>Nonmarket
economy status</header>
<subsection id="idFB8F75D67A6E4B1BA5725149AFD3754E"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">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: <quote>, 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</quote>.</text>
</subsection><subsection id="idB71EEC67CB914D0BB75E5D53F500883F"><enum>(b)</enum><header>Termination</header><text display-inline="yes-display-inline">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.</text>
</subsection></section><section id="ID14ad8583a89a456dba788839177d43b9"><enum>210.</enum><header>Additional
Assistant Secretary</header>
<subsection id="id21429C70D972459AA5AF51B179990D5C"><enum>(a)</enum><header>In
general</header>
<paragraph id="idC4EF421F6F964DCCB9FAB267B228F8A3"><enum>(1)</enum><header>Additional
Assistant Secretary</header><text>Section 5315 of title 5, United States Code,
is amended by striking <quote>(8)</quote> in the item relating to Assistant
Secretaries of the Treasury, and inserting <quote>(9)</quote>.</text>
</paragraph><paragraph id="idE11CD950E5CA4E408186B1ADDE9BFBF9"><enum>(2)</enum><header>Duties and
responsibilities</header><text>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.</text>
</paragraph></subsection><subsection id="id81D41EFCA4AB4C55B7FD21F4B71A5956"><enum>(b)</enum><header> Continuation
in office</header><text>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. <italic></italic></text>
</subsection></section><enum>III</enum><header>Authorization
of appropriations</header>
<section id="id2287EE0619C7489BAE349F5E59679F7C"><enum>301.</enum><header>Office of the
United States Trade Representative</header><text display-inline="no-display-inline">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:</text>
<quoted-block display-inline="no-display-inline" id="id6F85EC6251BA44E49C66205A0657B510" style="OLC">
<clause id="IDc68f1f401f2c450db8ceea6e7c2b7785" indent="up2"><enum>(i)</enum><text>$47,800,000 for fiscal year
2007.</text>
</clause><clause id="ID5c68ec8bbf654047ad22156d5f996339" indent="up2"><enum>(ii)</enum><text>$49,700,000 for fiscal year
2008.</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</section>
March 29, 2006
Read the second time and placed on the
calendar