110 HR 2942 IH: Currency Reform for Fair Trade Act of
U.S. House of Representatives
2007-06-28
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.
1.Short title and table of
contents
(a)This Act may be cited
as the Currency Reform for Fair Trade Act of
2007
.
(b)The table of contents for this Act is as follows:
Sec. 1. Short title and table of contents.
Title I—Remedies to address imports subject to fundamentally
misaligned currencies
Sec. 101. Findings.
Sec. 102. Application of countervailing duties to nonmarket
economy countries.
Sec. 103. Clarification to address fundamental misalignment of
a currency under title VII of the Tariff Act of 1930.
Title II—International monetary and financial policy
Sec. 201. Definitions.
Sec. 202. Findings.
Sec. 203. Report on international monetary policy and currency
exchange rates.
Sec. 204. Identification of fundamentally misaligned
currencies.
Sec. 205. Negotiations and consultations.
Sec. 206. Actions with respect to countries with fundamentally
misaligned currencies designated for priority action.
Sec. 207. Actions with respect to countries that persistently
fail to eliminate fundamentally misaligned currencies designated for priority
action.
Sec. 208. International financial institution governance
arrangements.
Sec. 209. Advisory Committee on International Exchange Rate
Policy.
Sec. 210. Repeal of the Exchange Rates and International
Economic Policy Coordination Act of 1988.
<enum>I</enum><header>Remedies to address
imports subject to fundamentally misaligned currencies</header>
<section id="H2D3F89C61F1248D398C651FE87A18249"><enum>101.</enum><header>Findings</header><text display-inline="no-display-inline">Congress makes the following findings:</text>
<paragraph id="HD422640F86B5453C8EE76FC2C6EA0200"><enum>(1)</enum><text>The economy and
national security of the United States are critically dependent upon a vibrant
manufacturing and agricultural base.</text>
</paragraph><paragraph id="H3C8E7050D7E2461A88CD41E667CA7859"><enum>(2)</enum><text>The good health of
United States manufacturing and agriculture requires, among other things,
unfettered access to open markets abroad and fairly traded raw materials and
products in accord with the international legal principles and agreements of
the World Trade Organization and the International Monetary Fund.</text>
</paragraph><paragraph id="H2FB217E2FDB94A7E815E716E2C071900"><enum>(3)</enum><text>The International
Monetary Fund, the Group of Eight (G–8), and other international organizations
have repeatedly noted that exchange-rate misalignment can cause imbalances in
the international trading system that could ultimately undercut the stability
of the system, but have taken no concrete action to redress such misalignments
and imbalances.</text>
</paragraph><paragraph id="HF157542D7492449199681175F901072F"><enum>(4)</enum><text>Since 1994, the
People’s Republic of China and other countries have repeatedly intervened in
currency markets and taken measures that have significantly misaligned the
values of their currencies against the United States dollar and other
currencies.</text>
</paragraph><paragraph id="H8B59BD7237CE4ED7806D238187C4B325"><enum>(5)</enum><text>This policy by the
People’s Republic of China, for example, has resulted in substantial
undervaluation of the renminbi, by up to 40 percent or more.</text>
</paragraph><paragraph id="H77D0A171D68E403FB269B03F5513134F"><enum>(6)</enum><text>Evidence of this
undervaluation can be found in the large and growing annual trade surpluses of
the People’s Republic of China; substantially expanding foreign direct
investment in China; and the rapidly increasing aggregate amount of foreign
currency reserves that are held by China.</text>
</paragraph><paragraph id="HA823139FCBE14A20A781C700C4DCDAEA"><enum>(7)</enum><text>Undervaluation by
the People’s Republic of China and by other countries acts as both a subsidy
for their exports and as a nontariff barrier against imports into their
territories, to the serious detriment of United States manufacturing and
agriculture.</text>
</paragraph><paragraph id="H62F1B624D59644DD854BB5B2A6E500F4"><enum>(8)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="H9A52215673FB441E0000CA1EA80001A4"><enum>(A)</enum><text>As members of both the
World Trade Organization and the International Monetary Fund, the People’s
Republic of China and other countries have assumed a series of international
legal obligations to eliminate all subsidies for exports and to facilitate
international trade by fostering a monetary system that does not tend to
produce erratic disruptions, that does not prevent effective
balance-of-payments adjustment, and that does not gain unfair competitive
advantage.</text>
</subparagraph><subparagraph id="HEE331C4241F04CAB9452B027F7BE0018" indent="up1"><enum>(B)</enum><text>These obligations are most prominently
set forth in—</text>
<clause id="H4615AE68B9734B6797EEE5B07DA4557B"><enum>(i)</enum><text>Articles VI, XV, and XVI of the
GATT 1994 (as defined in section 2(1)(B) of the Uruguay Round Agreements Act
(<external-xref legal-doc="usc" parsable-cite="usc/19/3501">19 U.S.C. 3501(1)(B)</external-xref>);</text>
</clause><clause id="H7CE93D1DFE4C46A985B24BD0B8BB1C42"><enum>(ii)</enum><text>the Agreement on Subsidies and
Countervailing Measures (as described in section 101(d)(12) of the Uruguay
Round Agreements Act (<external-xref legal-doc="usc" parsable-cite="usc/19/3511">19 U.S.C. 3511(d)(12)</external-xref>); and</text>
</clause><clause id="HD9F0CACBA8C049DCB5D71CCB3194213B"><enum>(iii)</enum><text>Articles IV and VIII of the
International Monetary Fund’s Articles of Agreement.</text>
</clause></subparagraph></paragraph><paragraph id="H8E32494805A44CB7B57417B8E0006035"><enum>(9)</enum><text>Under the
foregoing circumstances, it is consistent with the international legal
obligations of the People’s Republic of China and similarly situated countries
and with the corresponding international legal rights of the United States to
amend relevant United States trade laws to make explicit that exchange-rate
misalignment by any country is actionable as a countervailable export
subsidy.</text>
</paragraph></section><section id="H0852CF9D90594D3B82CDF6B105C1EF6"><enum>102.</enum><header>Application of
countervailing duties to nonmarket economy countries</header>
<subsection id="H460C0958FF4640E5BA6F6836ECBEBB0"><enum>(a)</enum><header>In
general</header><text>Paragraph (1) of section 701(a) of the Tariff Act of 1930
(<external-xref legal-doc="usc" parsable-cite="usc/19/1671">19 U.S.C. 1671(a)</external-xref>) is amended by inserting <quote>(including a nonmarket
economy country)</quote> after <quote>country</quote> each place it
appears.</text>
</subsection><subsection commented="no" id="H8946D82A69904EE7AE99D9F6072E7CD1"><enum>(b)</enum><header>Use of alternate
methodologies</header><text>Subparagraph (E) of section 771(5) of the Tariff
Act of 1930 (<external-xref legal-doc="usc" parsable-cite="usc/19/1677">19 U.S.C. 1677(5)</external-xref>) is amended by adding at the end the following:
<quote>With respect to a nonmarket economy country, for purposes of identifying
and measuring a subsidy benefit described in clause (i), (ii), (iii), or (iv),
or otherwise conferred upon a recipient, the administering authority shall use
methodologies that take into account the possibility that prevailing terms and
conditions in that country might not be available or might themselves be
inappropriate benchmarks due to market distortions. In such circumstances,
unless it is demonstrated that the nonmarket economy country’s prevailing terms
and conditions practicably can be adjusted to serve as appropriate benchmarks,
the administering authority shall use as benchmarks appropriate terms and
conditions prevailing outside the nonmarket economy country. When the party in
possession of the information necessary to identify and measure the benefit of
a subsidy does not timely and completely submit that information for the
record, the administering authority shall use for that purpose the facts
otherwise available and shall, as warranted, draw adverse
inferences.</quote>.</text>
</subsection><subsection commented="no" id="H9C97136679D749E2B868706081A2BE26"><enum>(c)</enum><header>Adjustments for
export price and constructed export price</header><text>Subparagraph (C) of
section 772(c)(1) of the Tariff Act of 1930 (<external-xref legal-doc="usc" parsable-cite="usc/19/1677a">19 U.S.C. 1677a(c)(1)</external-xref>) is amended
by inserting before the end comma the following: <quote>, whether the subject
merchandise is from a country with a market economy, a nonmarket economy, or a
combination thereof</quote>.</text>
</subsection><subsection id="HE323C6D93D3844F5A3FDE32BFD67D428"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by subsections (a), (b), and (c) apply
with respect to a countervailing duty proceeding initiated under subtitle A of
title VII of the Tariff Act of 1930 before, on, or after the date of enactment
of this Act.</text>
</subsection><subsection id="HF3DBAA149F994D298B07499560B31CDB"><enum>(e)</enum><header>Antidumping
provisions not affected</header><text>The amendments made by subsections (a),
(b), and (c) shall not affect the status of a country as a nonmarket economy
country for the purposes of any matter relating to antidumping duties under the
Tariff Act of 1930.</text>
</subsection></section><section id="H76B9CD6B686340F1B92DF077788751FC"><enum>103.</enum><header>Clarification
to address fundamental misalignment of a currency under title VII of the Tariff
Act of 1930</header>
<subsection id="H35D4771F2FF34331BCEF95A7158801B4"><enum>(a)</enum><header>Fundamental and
actionable misalignment of a currency</header><text display-inline="yes-display-inline">Section 771 of the Tariff Act of 1930 (19
U.S.C. 1677) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H56B8CBE376414950A9AA5447341FDDF3" style="OLC">
<paragraph id="H543B9F83AD6C422D82AEDDA115E50076"><enum>(37)</enum><header>Fundamental and
actionable misalignment of a currency</header>
<subparagraph id="HD6C5A7B8788C4493B000FAF0DEECCFBB"><enum>(A)</enum><header>In
general</header><text display-inline="yes-display-inline">The term
<term>fundamental and actionable misalignment</term> means the situation in
which an exporting country’s prevailing real effective exchange rate is
undervalued relative to the exporting country’s equilibrium real effective
exchange rate, and the administering authority determines that—</text>
<clause id="H42B168D37394436A907527EE8A3B581"><enum>(i)</enum><text display-inline="yes-display-inline">the amount of the undervaluation exceeds 5
percent and has consistently exceeded 5 percent on average in the 18-month
period preceding the date of the calculation of the amount of the
undervaluation; and</text>
</clause><clause id="HE4AB1C9FCC3D4D3C95F2FE28A2522DFA"><enum>(ii)</enum><text>the
undervaluation is the result of—</text>
<subclause id="HADE4E2955DA94859B86588A4C61D83B"><enum>(I)</enum><text>protracted,
large-scale intervention in the currency exchange markets;</text>
</subclause><subclause id="HA56E931480A044359BE48109E70FA11"><enum>(II)</enum><text>excessive reserve
accumulation;</text>
</subclause><subclause id="H00E28CE2AB2041D4B64C577DC9D90079"><enum>(III)</enum><text>restrictions on,
or incentives for, the inflow or outflow of capital, that is inconsistent with
the goal of achieving currency convertibility; or</text>
</subclause><subclause id="H39ACFA6B0D0C4D28B40028CA8FB16824"><enum>(IV)</enum><text>any other policy
or action by the country that issues the currency.</text>
</subclause></clause></subparagraph><subparagraph id="HD9F1B87364C34D42A5DB994FE36D938"><enum>(B)</enum><header>Calculation of
undervaluation</header><text display-inline="yes-display-inline">In calculating
the amount of an undervaluation described in subparagraph (A), the
administering authority shall—</text>
<clause id="HBBB17F08FD9D42D39374B5E267589E34"><enum>(i)</enum><text>rely upon data
that are publicly available, reliable, and compiled and maintained by the
International Monetary Fund or, if the International Monetary Fund cannot
provide such data, by other international organizations or by national
governments;</text>
</clause><clause id="H4088AF3F41F7453CBA1EB263001800F1"><enum>(ii)</enum><text>use
inflation-adjusted, trade-weighted exchange rates; and</text>
</clause><clause id="H17A29F4A01D44951B497204E68C1A9E0"><enum>(iii)</enum><text display-inline="yes-display-inline">use the simple average of the
macroeconomic-balance approach, the reduced-form-real-exchange-rate approach,
and the purchasing-power-parity approach.</text>
</clause></subparagraph><subparagraph id="HAE1D2AF6D3B24DBC96D77EA258E581B6"><enum>(C)</enum><header>Methodologies
defined</header><text>For purposes of subparagraph (B)(iii)—</text>
<clause id="HDF0F316EC93B47C89831806EE2180578"><enum>(i)</enum><text display-inline="yes-display-inline">the term <term>macroeconomic-balance
approach</term> means a methodology under which the level of exchange rate
misalignment is defined as the change in the real effective exchange rate
needed to achieve equilibrium in the balance of payments;</text>
</clause><clause id="H7663DEC072A14C97AFD5F5CB247EBE76"><enum>(ii)</enum><text display-inline="yes-display-inline">the term
<term>reduced-form-real-exchange-rate approach</term> means a methodology under
which the level of exchange rate misalignment is defined as the difference
between the observed real effective exchange rate and the real exchange rate
predicted by an econometric model using explanatory variables, including
measures of the rate of productivity growth, terms of trade, and net foreign
asset position; and</text>
</clause><clause id="H6CB51E184BDB4389BDA97D3300E138FA"><enum>(iii)</enum><text display-inline="yes-display-inline">the term <term>purchasing-power-parity
approach</term> means a methodology under which the level of exchange rate
misalignment is defined as the difference between the observed real exchange
rate and the real exchange rate that would equalize prices for a basket of
goods across countries, once prices have been converted into a common
currency.</text>
</clause></subparagraph><subparagraph id="HC7044E7E9C0B4BC59E003523ED740014"><enum>(D)</enum><header>Real effective
exchange rate defined</header><text>For purposes of this paragraph, the term
<term>real effective exchange rate</term> means an inflation-adjusted,
trade-weighted exchange
rate.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H483A7AD6298F4903A554EB3FB94304E7"><enum>(b)</enum><header>Amendments to
definition of countervailable subsidy</header>
<paragraph id="H19D6A8AD098449D393672D1463D41F66"><enum>(1)</enum><header>Financial
contribution</header><text display-inline="yes-display-inline">Paragraph (5)(D)
of such section is amended—</text>
<subparagraph id="H845D5724E18C4586B14C229CBB84DF93"><enum>(A)</enum><text>by striking
<quote>The term</quote> and inserting <quote>(i) The term</quote>;</text>
</subparagraph><subparagraph id="H8C5BDF24B57C4C10B72374FCF7AC00A9"><enum>(B)</enum><text>by redesignating
clauses (i) through (iv) as subclauses (I) through (IV), respectively; and</text>
</subparagraph><subparagraph id="H18CDFC084D56477CB49940E2B02C0179"><enum>(C)</enum><text>by adding at the
end the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H55B260E1C1B5455CA398F85BA7BF7345" style="OLC">
<clause id="H0B3DE9625B174255A5D0608C524F0073" indent="up1"><enum>(ii)</enum><text display-inline="yes-display-inline">A currency that is in fundamental and
actionable misalignment (as defined in paragraph (37)) shall constitute a
financial contribution for purposes of this
subparagraph.</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="HAC237287309B4F100095FB0034C9F439"><enum>(2)</enum><header>Benefit
conferred</header><text display-inline="yes-display-inline">Paragraph (5)(E) of
such section, as amended by section 101(b) of this Act, is further
amended—</text>
<subparagraph id="HB68936CBE83C4BB78447701FD25281A9"><enum>(A)</enum><text>in clause (iii),
by striking “and” at the end;</text>
</subparagraph><subparagraph id="H630D9215B3274119A53FE3EA23A75140"><enum>(B)</enum><text>in clause (iv), by
striking the period at the end and inserting “, and”; and</text>
</subparagraph><subparagraph id="H38C9CB4E20FF4FBD8C9C190039E1CF73"><enum>(C)</enum><text>by inserting after
clause (iv) the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H87A69618250649ADA8999F2B6D9F817D" style="OLC">
<clause id="H8378F21B395B4638B98653F0A8C509EE"><enum>(v)</enum><text display-inline="yes-display-inline">in the case of currency that is in
fundamental and actionable misalignment (as defined in paragraph (37)), if the
price of exported goods in United States dollars is less than what the price of
such goods would be without the
misalignment.</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H00FEB3F7CBA64FB59590CF5E9D26C0AC"><enum>(3)</enum><header>Specificity</header><text display-inline="yes-display-inline">Paragraph (5A) of such section is amended
by adding at the end the following new sentence:</text>
<quoted-block display-inline="no-display-inline" id="H7AF246D0206F4C728C20AB473C62C662" style="OLC">
<quoted-block-continuation-text quoted-block-continuation-text-level="paragraph">For
purposes of this paragraph, a currency that is in fundamental and actionable
misalignment (as such term is defined in paragraph (37)) shall be deemed to be
specific.</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H097A8820C82D48A7A85B01D222B0A45F"><enum>(c)</enum><header>Clarification
under antidumping law</header>
<paragraph id="H736D8EB286164AF6B963EEB9FE1912DB"><enum>(1)</enum><header>In
general</header><text>For purposes of an antidumping investigation or review
under title VII of the Tariff Act of 1930 (<external-xref legal-doc="usc" parsable-cite="usc/19/1671">19 U.S.C. 1671 et seq.</external-xref>), the
administering authority shall ensure a fair comparison of the export price or
the constructed export price with the normal value by adjusting the price used
to establish export price or constructed export price to offset any fundamental
and actionable misalignment of the currency of the exporting country.</text>
</paragraph><paragraph id="H102361127B734B7493AEC30342EAD0C6"><enum>(2)</enum><header>Definitions</header><text>For
purposes of paragraph (1)—</text>
<subparagraph id="H7938FBF0108F42CB98A9928B4004DDE"><enum>(A)</enum><text>the term
<term>administering authority</term> has the meaning given the term in
paragraph (1) of section 771 of the Tariff Act of 1930; and</text>
</subparagraph><subparagraph id="H20C98B15594E457C825EA2472B876DD3"><enum>(B)</enum><text display-inline="yes-display-inline">the term <term>fundamental and actionable
misalignment</term> has the meaning given the term in paragraph (37) of such
section (as added by subsection (a)).</text>
</subparagraph></paragraph><paragraph id="H40B75CE401374A5A846D00FD29A1624E"><enum>(3)</enum><header>Adjustments for
export price and constructed export price</header><text>Paragraph (2) of
section 772(c) of the Tariff Act of 1930 (<external-xref legal-doc="usc" parsable-cite="usc/19/1677a">19 U.S.C. 1677a(c)</external-xref>) is
amended—</text>
<subparagraph id="H53481C926EA84E7FA008FB454B583EB3"><enum>(A)</enum><text>in subparagraph
(A), by striking “and” at the end;</text>
</subparagraph><subparagraph id="HB20C1A8D8FA44D81A3CD2400556C01B3"><enum>(B)</enum><text>in subparagraph
(B), by striking the period at the end and inserting “, and”; and</text>
</subparagraph><subparagraph id="H9444F51DF08349DBBB8FA05E98506E00"><enum>(C)</enum><text>by adding at the
end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H92FD9678FF2E40A68BE3BDCFF214C59C" style="OLC">
<subparagraph id="HC8B0D98A0EBD4B9591BB5500E8BE9D34"><enum>(C)</enum><text display-inline="yes-display-inline">the amount of any fundamental and
actionable misalignment (as defined in section
771(37)).</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="H4CB22578B85941F6AFBDB0DEB13144F"><enum>(d)</enum><header>Amendments to
definition of nonmarket economy country</header><text display-inline="yes-display-inline">Subparagraph (B) of section 771(18) of the
Tariff Act of 1930 (<external-xref legal-doc="usc" parsable-cite="usc/19/1677">19 U.S.C. 1677(18)</external-xref>) is amended—</text>
<paragraph id="H71DF09A2B64A49028E8D8DA307851B92"><enum>(1)</enum><text>in clause (v), by
striking “and” at the end;</text>
</paragraph><paragraph id="H60383A4479944AD0813B78004CA09390"><enum>(2)</enum><text>by redesignating
clause (vi) as clause (vii); and</text>
</paragraph><paragraph id="H46CB202A0E7C445B98F2074730D3F74C"><enum>(3)</enum><text>by inserting after
clause (v) the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H50271F9BA6554097A102CE6C62A2379" style="OLC">
<clause id="HEE7D8605800843DBA57E14B4DE6833E2"><enum>(vi)</enum><text display-inline="yes-display-inline">whether in the view of the administering
authority the currency of the foreign country is in fundamental and actionable
misalignment (as defined in paragraph (37)),
and</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HA7CB294A28C84277A91D6FF515A6D782"><enum>(e)</enum><header>Application to
Canada and Mexico</header><text display-inline="yes-display-inline">Pursuant to
article 1902 of the North American Free Trade Agreement and section 408 of the
North American Free Trade Agreement Implementation Act (<external-xref legal-doc="usc" parsable-cite="usc/19/3438">19 U.S.C. 3438</external-xref>), the
amendments made by this section shall apply with respect to goods from Canada
and Mexico.</text>
</subsection></section><enum>II</enum><header>International
monetary and financial policy</header>
<section id="H67BA20062ADE4F27876564CFB1A38F3C"><enum>201.</enum><header>Definitions</header><text display-inline="no-display-inline">In this title:</text>
<paragraph id="H8EB60BBA1148433BB41E48575588EB2D"><enum>(1)</enum><header>Administering
authority</header><text>The term <term>administering authority</term> has the
meaning given the term in section 771(1) of the Tariff Act of 1930.</text>
</paragraph><paragraph display-inline="no-display-inline" id="HD6C8D3A8AC1B4A26BEA4EB7771D9E3BC"><enum>(2)</enum><header>Fundamental
misalignment of a currency</header>
<subparagraph id="HF9A461411A2A40FD83F13FB6AE9E08C7"><enum>(A)</enum><header>In
general</header><text display-inline="yes-display-inline">The term
<term>fundamental misalignment</term> means the situation in which a country’s
prevailing real effective exchange rate is undervalued relative to the
country’s equilibrium real effective exchange rate, and the Secretary
determines that the amount of the undervaluation exceeds 5 percent and has
consistently exceeded 5 percent in the 18-month period preceding the date of
the calculation of the amount of the undervaluation.</text>
</subparagraph><subparagraph id="HE197F9DB880745B98FB6F7EE2F63EBDF"><enum>(B)</enum><header>Calculation of
undervaluation</header><text display-inline="yes-display-inline">In calculating
the amount of an undervaluation described in subparagraph (A), the Secretary
shall—</text>
<clause id="HA9E6D12B44D8473F89E48D58AB575BE8"><enum>(i)</enum><text>rely
upon data that are publicly available, reliable, and compiled and maintained by
the International Monetary Fund or, if the International Monetary Fund cannot
provide such data, by other international organizations or by national
governments;</text>
</clause><clause id="H8D459011BCD5446B9911B037533FF3F"><enum>(ii)</enum><text>use
inflation-adjusted, trade-weighted exchange rates; and</text>
</clause><clause id="H7E532B58002D42ACBA32A1F1BB59A000"><enum>(iii)</enum><text>use the
macroeconomic-balance approach, the reduced-form-real-exchange-rate approach,
and the purchasing-power-parity approach.</text>
</clause></subparagraph><subparagraph id="H342FB857E9614E05978D6FF0E0666B8D"><enum>(C)</enum><header>Methodologies
defined</header><text>For purposes of subparagraph (B)(iii)—</text>
<clause id="H871B5345D5CF4E3D80253E3F3DBF24CA"><enum>(i)</enum><text display-inline="yes-display-inline">the term <term>macroeconomic-balance
approach</term> means a methodology under which the level of exchange rate
misalignment is defined as the change in the real effective exchange rate
needed to achieve equilibrium in the balance of payments;</text>
</clause><clause id="H0354AEC613684D0200EAF67843B229BE"><enum>(ii)</enum><text display-inline="yes-display-inline">the term
<term>reduced-form-real-exchange-rate approach</term> means a methodology under
which the level of exchange rate misalignment is defined as the difference
between the observed real effective exchange rate and the real exchange rate
predicted by an econometric model using explanatory variables, including
measures of the rate of productivity growth, terms of trade, and net foreign
asset position; and</text>
</clause><clause id="HAA42D42A12B94BB6B6E1F780951CD302"><enum>(iii)</enum><text display-inline="yes-display-inline">the term <term>purchasing-power-parity
approach</term> means a methodology under which the level of exchange rate
misalignment is defined as the difference between the observed real exchange
rate and the real exchange rate that would equalize prices for a basket of
goods across countries, once prices have been converted into a common currency.</text>
</clause></subparagraph></paragraph><paragraph id="H9834F0D882A34F25944354CB60012819"><enum>(3)</enum><header>Fundamentally
misaligned currency</header><text>The term <term>fundamentally misaligned
currency</term> means a foreign currency that is in fundamental
misalignment.</text>
</paragraph><paragraph id="H5C0A2D691009403589F91D9682D7C2C6"><enum>(4)</enum><header>Real effective
exchange rate</header><text>The term <term>real effective exchange rate</term>
means an inflation-adjusted, trade-weighted exchange rate.</text>
</paragraph><paragraph id="H6AA064030DF540F7A79B515854E74B8"><enum>(5)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of the Treasury.</text>
</paragraph></section><section id="H0EFEC19A007147ADB4E20284EEE9F55D"><enum>202.</enum><header>Findings</header><text display-inline="no-display-inline">Congress makes the following
findings:</text>
<paragraph id="HB8ABFFA878AE444892065F1FA98FA2D0"><enum>(1)</enum><text>Since the Exchange
Rates and International Economic Policy Coordination Act of 1988 (22 U.S.C.
5302(3)) was enacted the global economy has changed dramatically, 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="H4605AF8A482848CFB6B4BF5E79009117"><enum>(2)</enum><text>Exchange rates
among major trading nations are occasionally manipulated or fundamentally
misaligned due to direct or indirect governmental intervention in the exchange
market.</text>
</paragraph><paragraph id="HF51277175E92459FB1A118ECA91EC857"><enum>(3)</enum><text>A
major focus of national economic policy should be a market-driven exchange rate
for the United States dollar at a level consistent with a sustainable balance
in the United States current account.</text>
</paragraph><paragraph id="H38F137EA91E04C5EAED3CD26B98097A2"><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="H879D07A9C1604408ADFAFFAC9300BD1"><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, distorting
trade flows and causing economic harm to the United States.</text>
</paragraph><paragraph id="H6B89B30C7A784358A31D00A31EB496F"><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="H6C99EF8D961F4D63A4D4792F1C65A73C"><enum>(7)</enum><text>In the interests
of facilitating the exchange of goods, services, and capital among countries,
sustaining sound economic growth, and fostering financial and economic
stability, Article IV of the International Monetary Fund’s Articles of
Agreement obligates each member of the International Monetary Fund to avoid
manipulating exchange rates in order to prevent effective balance of payments
adjustments or to gain an unfair competitive advantage over other
members.</text>
</paragraph><paragraph id="HB83D3EF62CA5407FAF4999224CDCF218"><enum>(8)</enum><text>The failure of a
government to acknowledge a fundamental misalignment of its currency or to take
timely and effective 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’s Articles of Agreement.</text>
</paragraph></section><section id="H3EBA633526E9471A8946FABE96484323"><enum>203.</enum><header>Report on
international monetary policy and currency exchange rates</header>
<subsection id="H1C7A9B28E6A9452880AE1156E884B9A0"><enum>(a)</enum><header>Reports
required</header>
<paragraph id="H0B924D719567409F86C2045198D31113"><enum>(1)</enum><header>In
general</header><text>Not later than March 15 and September 15 of each calendar
year, the Secretary, after consulting with the Chairman of the Board of
Governors of the Federal Reserve System and the Advisory Committee on
International Exchange Rate Policy, shall submit to Congress, a written report
on international monetary policy and currency exchange rates.</text>
</paragraph><paragraph id="H5AA52829F3E8413EA8B28F7EB7D1751B"><enum>(2)</enum><header>Consultations</header><text>On
or before March 30 and September 30 of each year, the Secretary shall appear,
if requested, before the Committee on Banking, Housing, and Urban Affairs and
the Committee on Finance of the Senate and the Committee on Financial Services
and the Committee on Ways and Means of the House of Representatives to provide
testimony on the reports submitted pursuant to paragraph (1).</text>
</paragraph></subsection><subsection id="H94F93DDA1CDC40B5A8BBDA00918CE38F"><enum>(b)</enum><header>Content of
reports</header><text>Each report submitted under subsection (a) shall
contain—</text>
<paragraph id="H6901B5EB7B2A4650B773E327FAB3F6C5"><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 trading partners of the United
States;</text>
</paragraph><paragraph id="HD09C30F2C7E24F28B01090E313E53F9E"><enum>(2)</enum><text>a
review of the economic and monetary policies of major economies and trading
partners of the United States, and an evaluation of how such policies impact
currency exchange rates;</text>
</paragraph><paragraph id="H2191CD34FFBC46A1B143F70042965D7D"><enum>(3)</enum><text>a
description of any currency intervention by the United States or other major
economies or trading partners of the United States, or other actions undertaken
to adjust the actual exchange rate relative to the United States dollar;</text>
</paragraph><paragraph id="H99E179BD95094BC59386856CD8C3E298"><enum>(4)</enum><text>an evaluation of
the domestic and global factors that underlie the conditions in the currency
markets, including—</text>
<subparagraph id="HB2F8361DD0584E1A9CC8C93138D0464"><enum>(A)</enum><text>monetary and
financial conditions;</text>
</subparagraph><subparagraph id="H5A434E79B4224702006991DCBD931E7"><enum>(B)</enum><text>accumulation of
foreign assets;</text>
</subparagraph><subparagraph id="H2681A4A4536245B693F2272B2964454F"><enum>(C)</enum><text>macroeconomic
trends;</text>
</subparagraph><subparagraph id="H13F599216F864B6BBD5CCF03F5A44ECC"><enum>(D)</enum><text>trends in current
and financial account balances;</text>
</subparagraph><subparagraph id="H76776B6764FF405D91BAD3CD0074E4B"><enum>(E)</enum><text>the size,
composition, and growth of international capital flows;</text>
</subparagraph><subparagraph id="H103173DE44C94C2ABFF2649E479E94BC"><enum>(F)</enum><text>the impact of the
external sector on economic growth;</text>
</subparagraph><subparagraph id="H88A06414D3A04DFEA888AB6837DEDF64"><enum>(G)</enum><text>the size and
growth of external indebtedness;</text>
</subparagraph><subparagraph id="HFD58DA1283634E729BFBEAE990ABE321"><enum>(H)</enum><text>trends in the net
level of international investment; and</text>
</subparagraph><subparagraph id="H61C6C8FF6F1F412797D66600D33BA505"><enum>(I)</enum><text>capital controls,
trade, and exchange restrictions;</text>
</subparagraph></paragraph><paragraph id="H3478E5E08AB146ADAB009B8E76292D41"><enum>(5)</enum><text>a
list of currencies designated as fundamentally misaligned currencies pursuant
to section 204(a)(2), and a description of any economic models or methodologies
used to establish the list;</text>
</paragraph><paragraph id="H42370CC7E7484C36844E1CAB008C937D"><enum>(6)</enum><text>a
list of currencies designated for priority action pursuant to section
204(a)(3);</text>
</paragraph><paragraph id="H719D41A00215499FAB13CCBEE1C5F0C8"><enum>(7)</enum><text>a
description of any consultations conducted or other steps taken pursuant to
section 205, 206, or 207; and</text>
</paragraph><paragraph id="HF26FDE1AF280496E8BFAC65F1F8D76B3"><enum>(8)</enum><text>a
description of any determination made pursuant to section 208(a).</text>
</paragraph></subsection><subsection id="HBD9F6B4C8F784027971E1DB7665C09A6"><enum>(c)</enum><header>Consultations</header><text>The
Secretary shall consult with the Chairman of the Board of Governors of the
Federal Reserve System and the Advisory Committee on International Exchange
Rate Policy 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 or the Advisory Committee on International
Exchange Rate Policy 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 to Congress after taking into account all
such comments received.</text>
</subsection></section><section id="H2AA15FB49834431A80158E32CEF1E3"><enum>204.</enum><header>Identification of
fundamentally misaligned currencies</header>
<subsection id="H4E2A43122C6343809680739020F2BFA9"><enum>(a)</enum><header>Identification</header>
<paragraph id="H8E3E785D871D476482A07D6C38CC6923"><enum>(1)</enum><header>In
general</header><text>The Secretary shall analyze on a semiannual basis the
prevailing real exchange rates between the United States dollar and foreign
currencies.</text>
</paragraph><paragraph id="H122408D175C94E15AE6479BA19B23F03"><enum>(2)</enum><header>Designation of
fundamentally misaligned currencies</header><text>As a result of the analysis
conducted under paragraph (1), the Secretary shall identify any foreign
currency that is in fundamental misalignment and shall designate such currency
as a fundamentally misaligned currency.</text>
</paragraph><paragraph id="H7D830789B0364DB7BFC670BEF6FE7DD"><enum>(3)</enum><header>Designation of
currencies for priority action</header><text>The Secretary shall designate a
currency identified under paragraph (2) for priority action if the country that
issues such currency is—</text>
<subparagraph id="H6FB344548D154F4600122584509CDE86"><enum>(A)</enum><text>engaging in
protracted large-scale intervention in the currency exchange market;</text>
</subparagraph><subparagraph id="H6B76C5B19DD240E18F82F01E6C028F35"><enum>(B)</enum><text>engaging in
excessive reserve accumulation;</text>
</subparagraph><subparagraph id="HC42E8C3797DE45219078AB9AF0000B6"><enum>(C)</enum><text>introducing or
substantially modifying for balance of payments purposes a restriction on, or
incentive for, the inflow or outflow of capital, that is inconsistent with the
goal of achieving full currency convertibility; or</text>
</subparagraph><subparagraph id="H2C735BAA93534B25A064EC3944E30200"><enum>(D)</enum><text>pursuing any other
policy or action that, in the view of the Secretary, warrants designation for
priority action.</text>
</subparagraph></paragraph></subsection><subsection id="HF7FFBCD20F54464190E0E8A4B938BEB9"><enum>(b)</enum><header>Reports</header><text>The
Secretary shall include a list of any foreign currency designated under
paragraph (2) or (3) of subsection (a) in each report required by section
203.</text>
</subsection></section><section id="H82B797F1452E4BC0B1734CC777A0EC6B"><enum>205.</enum><header>Negotiations
and consultations</header>
<subsection id="HEBA2321559E646CB97BA99DAC3FBE282"><enum>(a)</enum><header>In
general</header><text>Upon designation of a currency pursuant to section
204(a)(2), the Secretary shall seek bilateral consultations with the country
that issues such currency in order to facilitate the adoption of appropriate
policies to address the fundamental misalignment.</text>
</subsection><subsection id="H7062206CD51F494596EEB2B8D36911FE"><enum>(b)</enum><header>Consultations
involving currencies designated for priority action</header><text>With respect
to each currency designated for priority action pursuant to section 204(a)(3),
the Secretary shall, in addition to the consultations with the country
described in subsection (a)—</text>
<paragraph id="HE2074F5916774D6495B5B275EE79B688"><enum>(1)</enum><text>seek the advice of
the International Monetary Fund with respect to the Secretary’s findings in the
report submitted to Congress pursuant to section 203(a); and</text>
</paragraph><paragraph id="H4A530351706945A3A0B86BDAF65DC733"><enum>(2)</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 the
country described in subsection (a) to eliminate the fundamental
misalignment.</text>
</paragraph></subsection></section><section id="HE72525F8D99046359B42C5D4E104F2DC"><enum>206.</enum><header>Actions with
respect to countries with fundamentally misaligned currencies designated for
priority action</header>
<subsection id="HB77CE763B0974B91BFAA9C130060EC5F"><enum>(a)</enum><header>Request for IMF
action</header><text>The United States shall inform the Managing Director of
the International Monetary Fund of the failure of a country that issues a
currency designated for priority action pursuant to section 204(a)(3) and shall
request that the Managing Director of the International Monetary Fund—</text>
<paragraph id="HE239B215C4494619913759804B564EF"><enum>(1)</enum><text>consult with such
country regarding the observance of the country’s obligations under article IV
of the International Monetary Fund Articles of Agreement, including through
special consultations, if necessary; and</text>
</paragraph><paragraph id="H04DC0CB3E920483F0005A2960074B94B"><enum>(2)</enum><text>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>
</paragraph></subsection><subsection commented="no" id="HE7651D62F7D043DEA1A13DBB4E20D3EA"><enum>(b)</enum><header>OPIC
financing</header><text display-inline="yes-display-inline">The Overseas
Private Investment Corporation shall not approve any new financing (including
insurance, reinsurance, or guarantee) with respect to a project located within
a country that issues a currency designated for priority action pursuant to
section 204(a)(3).</text>
</subsection><subsection id="HCD95E4C609F6464ABB455200A922BB33"><enum>(c)</enum><header>Multilateral
bank financing</header><text display-inline="yes-display-inline">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 the government of a country, or for a
project located within a country, that issues a currency designated for
priority action pursuant to section 204(a)(3).</text>
</subsection><subsection id="H5417056E157447448400885503ADFB44"><enum>(d)</enum><header>Reports</header><text>The
Secretary shall describe any action or determination pursuant to subsections
(a) through (c) in the first semiannual report required by section 203 after
the date of such action or determination.</text>
</subsection></section><section id="HEAFC5854567E4CD58D00D01157B70344"><enum>207.</enum><header>Actions with
respect to countries that persistently fail to eliminate fundamentally
misaligned currencies designated for priority action</header>
<subsection id="HC3E760E188694ECF9F12F8F00BAC7B9"><enum>(a)</enum><header>Actions
required</header><text>Not later than 360 days after the date on which a
currency is designated for priority action pursuant to section 204(a)(3), the
Secretary shall determine whether the country that issues such currency has
eliminated the fundamental misalignment. The Secretary shall promptly notify
Congress of such determination and shall publish notice of the determination in
the Federal Register. If the Secretary determines that the country that issues
such currency has failed to eliminate the fundamental misalignment, in addition
to the application of the provisions of subsections (a) through (c) of section
206, the following shall apply with respect to the country until a notification
described in subsection (b) is published in the Federal Register:</text>
<paragraph id="HFBE68D8C63BB4F76002B472E556B307C"><enum>(1)</enum><header>Action at the
WTO</header><text>The United States Trade Representative shall request
consultations in the World Trade Organization with the country regarding the
consistency of the country’s actions with its obligations under the WTO
Agreement.</text>
</paragraph><paragraph id="HBD2E2D7C87B34830ACD746C250000285"><enum>(2)</enum><header>Remedial
intervention</header>
<subparagraph id="HA8F9A6F3278945CD006B6551A8DDDE13"><enum>(A)</enum><header>In
general</header><text>The Secretary shall consult with the Board of Governors
of the Federal Reserve System to consider undertaking remedial intervention in
international currency markets in response to the fundamental misalignment of
the currency designated for priority action, and coordinating such intervention
with other monetary authorities and the International Monetary Fund.</text>
</subparagraph><subparagraph id="H19455A2C480B4524BFA318CC93537D80"><enum>(B)</enum><header>Notice to
country</header><text>At the same time the Secretary takes action under
subparagraph (A), the Secretary shall notify the country that issues such
currency of the consultations under subparagraph (A).</text>
</subparagraph></paragraph></subsection><subsection id="HCE0D73469C4F4DB48E8B8B2FE2AFA3CD"><enum>(b)</enum><header>Notification</header><text>The
Secretary shall promptly notify Congress when a country that issues a currency
designated for priority action pursuant to section 204(a)(3) eliminates the
fundamental misalignment, and publish notice of the action of that country in
the Federal Register.</text>
</subsection><subsection id="H481AE7F6BCD14DFDBDB0D9A1E8007834"><enum>(c)</enum><header>Reports</header><text>The
Secretary shall describe any action or determination pursuant to subsection (a)
or (b) in the first semiannual report required by section 203 after the date of
such action or determination.</text>
</subsection></section><section id="HA4166666DEB24290BF09F78BDD240076"><enum>208.</enum><header>International
financial institution governance arrangements</header>
<subsection id="HD7CF0B99ACA0448087DBFFE1CC085CB6"><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 (<external-xref legal-doc="usc" parsable-cite="usc/22/262r">22 U.S.C. 262r(c)(2)</external-xref>), 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 was designated a currency for
priority action pursuant to section 204(a)(3) in the most recent report
required by section 203. The determination shall be reported to
Congress.</text>
</subsection><subsection id="H23C06C5AC1964E1787FEB3D093D3CCD9"><enum>(b)</enum><header>Subsequent
action</header><text>The United States shall oppose any proposed change in the
governance arrangement of the international financial institution (as defined
in subsection (a)), if the Secretary renders an affirmative determination
pursuant to subsection (a).</text>
</subsection><subsection id="HAED3061D80E343DEB38C44E4C873D82F"><enum>(c)</enum><header>Further
action</header><text>The United States shall continue to oppose any proposed
change in the governance arrangement of the international financial
institution, pursuant to subsection (b), until the Secretary determines and
reports to Congress that the proposed change would not benefit any member of
the international financial institution, in the form of increased voting shares
or representation, that has a currency that is designated a currency for
priority action pursuant to section 204(a)(3).</text>
</subsection></section><section id="HDFD6A362097B40B39426531DB4F86BC8"><enum>209.</enum><header>Advisory
Committee on International Exchange Rate Policy</header>
<subsection id="H0862FBBD2E1646B2A1328ECBB34815F"><enum>(a)</enum><header>Establishment</header>
<paragraph id="HF460125C2BCD4645BF331F7B004B0020"><enum>(1)</enum><header>In
general</header><text>There is established an Advisory Committee on
International Exchange Rate Policy (in this section referred to as the
<quote>Committee</quote>). The Committee shall be responsible for—</text>
<subparagraph id="H8B939BD8A7A747069F36975E15FE97F5"><enum>(A)</enum><text>advising the
Secretary in the preparation of each report to Congress on international
monetary policy and currency exchange rates, provided for in section 203;</text>
</subparagraph><subparagraph id="H811A08D31A654ADF99BEFB829CAC6F9E"><enum>(B)</enum><text>advising the
Congress and the President with respect to—</text>
<clause id="H566BE0CEE8BF47799877C95FD3B3A1C1"><enum>(i)</enum><text>international
exchange rates and financial policies; and</text>
</clause><clause id="HC909EE7C29A14FA5AC98DA6839B135A0"><enum>(ii)</enum><text>the
impact of such policies on the economy of the United States; and</text>
</clause></subparagraph><subparagraph commented="no" id="H0EF20A6D21334DEEB7FB1C9C016700CC"><enum>(C)</enum><text display-inline="yes-display-inline">submitting to Congress and publishing in
the Federal Register a statement of disagreement if a majority of the members
of the Committee disagree with—</text>
<clause commented="no" id="H8B07781C5BA845B0AA86F0086B7F1280"><enum>(i)</enum><text>a determination of
the Secretary—</text>
<subclause commented="no" id="HC02A8F98C4914784AD001C1D506879F7"><enum>(I)</enum><text>to designate or
not to designate a foreign currency as a fundamentally misaligned currency
pursuant to section 204(a)(2); or</text>
</subclause><subclause id="H54F06A2D08C14B1D8E3C998879271CD0"><enum>(II)</enum><text display-inline="yes-display-inline">to designate or not to designate a foreign
currency for priority action pursuant to section 204(a)(3); or</text>
</subclause></clause><clause commented="no" id="H7E232DFE046247418E134CD9704C5D9E"><enum>(ii)</enum><text display-inline="yes-display-inline">a determination of the administering
authority under title VII of the Tariff Act of 1930—</text>
<subclause commented="no" id="H18A3887F7C6C454E9F57CFDE80ACC42E"><enum>(I)</enum><text>to designate or
not to designate a foreign currency as a currency in fundamental and actionable
misalignment (as such term is defined in section 771(37) of such Act (as added
by section 103(a) of this Act)); or</text>
</subclause><subclause commented="no" id="H57A7F50CA2CD44F6A31ED6AAC591AB09"><enum>(II)</enum><text display-inline="yes-display-inline">with respect to the amount of any
fundamental and actionable misalignment of a foreign currency designated as a
currency in fundamental and actionable misalignment.</text>
</subclause></clause></subparagraph></paragraph><paragraph id="HB183B4CC4B5E4F9AB5A3006B3475174F"><enum>(2)</enum><header>Membership</header>
<subparagraph id="H687E511F54814701B40422B26F45CD56"><enum>(A)</enum><header>In
general</header><text>The Committee shall be composed of seven members as
follows, none of whom shall be from the Federal Government:</text>
<clause id="H993EC0C8276044F69757A80468AACA22"><enum>(i)</enum><header>Congressional
appointees</header>
<subclause id="HDCCCB339CDE34290807DE961176CF17D"><enum>(I)</enum><header>Senate
appointees</header><text>Three persons shall be appointed by the President pro
tempore of the Senate, upon the recommendation of the Chairmen and Ranking
Members of the Committee on Banking, Housing, and Urban Affairs and the
Committee on Finance of the Senate.</text>
</subclause><subclause id="HA095C9737DB34F7DAD25DB09D38800C0"><enum>(II)</enum><header>House
appointees</header><text>Three persons shall be appointed by the Speaker of the
House of Representatives upon the recommendation of the Chairmen and Ranking
Members of the Committee on Financial Services and the Committee on Ways and
Means of the House of Representatives.</text>
</subclause></clause><clause id="H59CE911D30C244319FC9BBC2E5328B"><enum>(ii)</enum><header>Presidential
appointee</header><text>One person shall be appointed by the President.</text>
</clause></subparagraph><subparagraph id="H76CCE85BA4124266A591494FFB90345C"><enum>(B)</enum><header>Qualifications</header><text>Persons
shall be selected under subparagraph (A) on the basis of their objectivity and
demonstrated expertise in finance, economics, or currency exchange.</text>
</subparagraph></paragraph><paragraph id="H3D3B7EBEAC484B14BD8C05C2F683DC4B"><enum>(3)</enum><header>Terms</header><text>Members
shall be appointed for a term of 4 years or until the Committee terminates. An
individual may be reappointed to the Committee for additional terms.</text>
</paragraph><paragraph id="H845B6B644CC54ADF880084D43874A51E"><enum>(4)</enum><header>Vacancies</header><text>Any
vacancy in the Committee shall not affect its powers, but shall be filled in
the same manner as the original appointment.</text>
</paragraph></subsection><subsection id="H469D623078484510ADDC51FC6F67C4E"><enum>(b)</enum><header>Duration of
committee</header><text>The Committee shall terminate on the date that is 12
years after the date of the enactment of this Act unless renewed by the
President pursuant to <external-xref legal-doc="usc-act" parsable-cite="usc-act/Federal Advisory Committee Act /14">section 14</external-xref> of the Federal Advisory Committee Act (5
U.S.C. App.) for a subsequent 12-year period. The President may continue to
renew the Committee for successive 12-year periods by taking appropriate action
prior to the date on which the Committee would otherwise terminate.</text>
</subsection><subsection id="H35144EFE207D45C3B55822020022709B"><enum>(c)</enum><header>Public
meetings</header><text>The Committee shall hold at least two public meetings
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="H700769E44A9547F6A7239D4E452305DD"><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="HC4C71BBA4FE0427B8188DA12B7E38B06"><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 commented="no" id="H6BE43495D08642A1B74CD0CDC2DE5EE"><enum>(f)</enum><header>Application of
federal advisory committee act</header>
<paragraph commented="no" id="HD1FBCC4F925A4E3F8003C3FF35DCFF97"><enum>(1)</enum><header>In
general</header><text>The provisions of the Federal Advisory Committee Act (5
U.S.C. App.) shall apply to the Committee.</text>
</paragraph><paragraph commented="no" id="HCBA78568F1FD400DBD00BD2ECA62D1A3"><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 monetary and financial policy.</text>
</paragraph></subsection></section><section id="HB6C31954885E4B22995941E437311070"><enum>210.</enum><header>Repeal of the
Exchange Rates and International Economic Policy Coordination Act of
1988</header><text display-inline="no-display-inline">The Exchange Rates and
International Economic Policy Coordination Act of 1988 (<external-xref legal-doc="usc" parsable-cite="usc/22/5301">22 U.S.C. 5301–5306</external-xref>) is
repealed.</text>
</section>