1.This Act may be cited as the
Currency Exchange Rate Oversight
Reform Act of 2007
.
<enum>I</enum><header>Currency exchange
rate oversight reform</header>
<section id="ID8396c97c2e604cb6a6ad6b9fe06eeb92"><enum>111.</enum><header>Definitions</header><text display-inline="no-display-inline">In this Act:</text>
<paragraph id="ID38f9361d7e1f460a8a88009115ebf43a"><enum>(1)</enum><header>Administering
authority</header><text>The term <term>administering authority</term> means the
authority referred to in section 771(1) of the Tariff Act of 1930 (19 U.S.C.
1677(1)).</text>
</paragraph><paragraph id="ID85d8be33e089462ca53e10e82afb70c2"><enum>(2)</enum><header>Agreement on
government procurement</header><text>The term <term>Agreement on Government
Procurement</term> means the agreement referred to in section 101(d)(17) of the
Uruguay Round Agreements Act (19 U.S.C. 3511(d)(17)).</text>
</paragraph><paragraph id="ID948479270fe540639cae148031683544"><enum>(3)</enum><header>Country</header><text>The
term <term>country</term> means a foreign country, dependent territory, or
possession of a foreign country, and may include an association of 2 or more
foreign countries, dependent territories, or possessions of countries into a
customs union outside the United States.</text>
</paragraph><paragraph id="IDc569d91aeb4f4d98914eb73999b62c55"><enum>(4)</enum><header>Exporting
country</header><text>The term <term>exporting country</term> means the country
in which the subject merchandise is produced or manufactured.</text>
</paragraph><paragraph id="ID368483c61843466e851f3a9393f4e08f"><enum>(5)</enum><header>Fundamental
misalignment</header><text>The term <term>fundamental misalignment</term> means
a significant and prolonged undervaluation of the prevailing real exchange rate
between the United States dollar and a foreign currency from its medium-term
equilibrium level.</text>
</paragraph><paragraph id="ID07d414d4fecd45739216be394354d759"><enum>(6)</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="ID019b9f77bd0949b1b1895e3cf31e9c1b"><enum>(7)</enum><header>Real exchange
rate</header><text>The term <term>real exchange rate</term> means a nominal
exchange rate, expressed in price-adjusted terms.</text>
</paragraph><paragraph id="ID96eab650d652423fa7381d477979d323"><enum>(8)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of the Treasury.</text>
</paragraph><paragraph id="IDfa2db420657a49c78c62ef4e7982db7e"><enum>(9)</enum><header>Subject
merchandise</header><text>The term <term>subject merchandise</term> means the
merchandise subject to an antidumping investigation, review, suspension
agreement, or order referred to in section 771(25) of the Tariff Act of 1930
(19 U.S.C. 1677(25)).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDf6ec72bc3f8c4f2dba1f6408f6d562b6"><enum>(10)</enum><header>WTO
agreement</header><text>The term <term>WTO Agreement</term> means the agreement
referred to in section 2(9) of the Uruguay Round Agreements Act (19 U.S.C.
3501(9)).</text>
</paragraph></section><section id="IDdd9c243d0e90420783f4c55262af9b1c"><enum>112.</enum><header>Report on
international monetary policy and currency exchange rates</header>
<subsection id="ID91225c99a1c847ee8aa7ead6a1484ec2"><enum>(a)</enum><header>Reports
required</header>
<paragraph id="IDed80040935284769a507623c613d0055"><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="ID1518ba88dbd94c268d0eac1641a204ee"><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 of
the Senate and the Committee on Financial Services of the House of
Representatives to provide testimony on the reports submitted pursuant to
paragraph (1).</text>
</paragraph></subsection><subsection id="IDd0605f6908974f45aceedc479cf140bc"><enum>(b)</enum><header>Content of
reports</header><text>Each report submitted under subsection (a) shall
contain—</text>
<paragraph id="IDc9fc4c88186f43679ab4507fcfd281a4"><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="ID3853b08be2b6419cbdc5b1f110b54578"><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="ID0f03edae4b91474d93f49ccd521b6ac5"><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="ID44a73da8718c4e3c8951c6bb3adf7157"><enum>(4)</enum><text>an evaluation of
the domestic and global factors that underlie the conditions in the currency
markets, including—</text>
<subparagraph id="IDb7a9ea5552dd48cc8d85f8fcfc53e42c"><enum>(A)</enum><text>monetary and
financial conditions;</text>
</subparagraph><subparagraph id="ID7190cf715b57437e987dd676f5d292e4"><enum>(B)</enum><text>accumulation of
foreign assets;</text>
</subparagraph><subparagraph id="IDbe8e80f659174c41a93ba587bf6d9098"><enum>(C)</enum><text>macroeconomic
trends;</text>
</subparagraph><subparagraph id="ID0a2aed29dbc944e180a3d666ed6aecf6"><enum>(D)</enum><text>trends in current
and financial account balances;</text>
</subparagraph><subparagraph id="ID196e1670211e45ed8faec3d0cc232ee6"><enum>(E)</enum><text>the size,
composition, and growth of international capital flows;</text>
</subparagraph><subparagraph id="ID933909c0c5964688b24310d4a5d419f9"><enum>(F)</enum><text>the impact of the
external sector on economic growth;</text>
</subparagraph><subparagraph id="IDa67358b5dd994543b7a14ba33cb29d7b"><enum>(G)</enum><text>the size and
growth of external indebtedness;</text>
</subparagraph><subparagraph id="IDc92d7fb61eae42e3a10ce8883fbaa4ed"><enum>(H)</enum><text>trends in the net
level of international investment; and</text>
</subparagraph><subparagraph id="ID24f1a246b0274822ae1da18e805b400d"><enum>(I)</enum><text>capital controls,
trade, and exchange restrictions;</text>
</subparagraph></paragraph><paragraph id="ID9ea7019f4a3742558e88d8e82f383c67"><enum>(5)</enum><text>a list of
currencies designated as fundamentally misaligned currencies pursuant to
section 113(a)(2), and a description of any economic models or methodologies
used to establish the list;</text>
</paragraph><paragraph id="IDe318bc61ea7d410ca01855ceab80d4b6"><enum>(6)</enum><text>a list of
currencies designated for priority action pursuant to section 113(a)(3);</text>
</paragraph><paragraph id="ID43b29cebec0a49918d6cce954e917d06"><enum>(7)</enum><text>an identification
of the nominal value associated with the medium-term equilibrium exchange rate,
relative to the United States dollar, for each currency listed under paragraph
(6);</text>
</paragraph><paragraph id="ID42a64faa853b429188245a6ba429f8d3"><enum>(8)</enum><text>a description of
any consultations conducted or other steps taken pursuant to section 114, 115,
or 116; and</text>
</paragraph><paragraph id="ID7bb0c82fc09a40599e7b40f502b9dc58"><enum>(9)</enum><text>a description of
any determination made pursuant to section 118(a).</text>
</paragraph></subsection><subsection id="IDa938a2a944d04921abcc7cd44f117156"><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="ID2474604102d8470b9cf811fb4688d55b"><enum>113.</enum><header>Identification
of fundamentally misaligned currencies</header>
<subsection id="IDe4ecad577fac4e34a32bb09f676555f8"><enum>(a)</enum><header>Identification</header>
<paragraph id="ID993606d613e247e49078e37046fe5a0b"><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="ID4c30228518404c23993c690650e20eb5"><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="IDea8215f47c2e4123b99c5e3253b11e1b"><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="IDfe10765a8c6d402a964b7892f12b6e6f"><enum>(A)</enum><text>engaging in
protracted large-scale intervention in one direction in the currency exchange
market;</text>
</subparagraph><subparagraph id="IDba273fe543de47afaacfaec9ae64658d"><enum>(B)</enum><text>engaging in
excessive reserve accumulation;</text>
</subparagraph><subparagraph id="IDaef505af0be2460896df3a285e9cfd4f"><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="ID2e29afe9c4c3462bb3a6808a91378051"><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="ID6e6a5dbb20c6479cb70f350bf41fd632"><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
112.</text>
</subsection></section><section id="ID6e732a6040ca4c1bb97775b067935187"><enum>114.</enum><header>Negotiations
and consultations</header>
<subsection id="ID02d0e8b6a64c48288d321402cd1f2bea"><enum>(a)</enum><header>In
general</header><text>Upon designation of a currency pursuant to section
113(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="IDabe1fe0898584771a6e5989c0911acd4"><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 113(a)(3),
the Secretary shall, in addition to the consultations with the country
described in subsection (a)—</text>
<paragraph id="ID1a1e4fac57064759805719fc7f0c08a8"><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 112(a); and</text>
</paragraph><paragraph id="IDa6c77ec332604eb680b262d549041381"><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="ID80f4cd6188c14ce08d375d60e505f589"><enum>115.</enum><header>Failure to
adopt appropriate policies</header>
<subsection id="ID038a2649d42245a4a52bbc5c2f6419ff"><enum>(a)</enum><header>In
general</header><text>Not later than 180 days after the date on which a
currency is designated for priority action pursuant to section 113(a)(3), the
Secretary shall determine whether the country that issues such currency has
adopted appropriate policies to eliminate the fundamental misalignment. The
Secretary shall promptly notify Congress of such determination and publish
notice of the determination in the Federal Register. If the Secretary
determines that the country that issues such currency has failed to adopt
appropriate policies to eliminate the fundamental misalignment, the following
shall apply with respect to the country until a notification described in
section 116(b) is published in the Federal Register:</text>
<paragraph id="IDbef8ab3012d9452389998ae819c27313"><enum>(1)</enum><header>Adjustment under
antidumping law</header><text>For purposes of an antidumping investigation or
review under title VII of the Tariff Act of 1930 (19 U.S.C. 1673 et seq.) the
following shall apply:</text>
<subparagraph id="ID0c95f3a3bf4c4127b4c6116fd8932dc4"><enum>(A)</enum><header>In
general</header><text>The administering authority shall ensure a fair
comparison between the export price and the normal value by adjusting the price
used to establish export price or constructed export price to reflect the
fundamental misalignment of the currency of the exporting country.</text>
</subparagraph><subparagraph id="IDa9f17f11718c4e328b665befe269e35f"><enum>(B)</enum><header>Sales subject to
adjustment</header><text>The adjustment described in subparagraph (A) shall
apply with respect to subject merchandise sold on or after the date that is 30
days after the date the currency of the exporting country is designated for
priority action pursuant to section 113(a)(3).</text>
</subparagraph></paragraph><paragraph id="IDe364d691ff6946dbad75bfea612599c9"><enum>(2)</enum><header>Federal
procurement</header>
<subparagraph id="ID9fbbe04b1874461ab07a30f838e90ed8"><enum>(A)</enum><header>In
general</header><text>The President shall prohibit the procurement by the
Federal Government of products or services from the country.</text>
</subparagraph><subparagraph id="IDcbcde5e07b6a489598baaadd1c200dd0"><enum>(B)</enum><header>Exception</header><text>The
prohibition provided for in subparagraph (A) shall not apply with respect to a
country that is a party to the Agreement on Government Procurement.</text>
</subparagraph></paragraph><paragraph id="ID232297ac669541f5b2790fbe4b74f434"><enum>(3)</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 the country to adopt
appropriate policies to eliminate the fundamental misalignment, and the actions
the country is engaging in that are identified in section 113(a)(3), and shall
request that the Managing Director of the International Monetary Fund—</text>
<subparagraph id="idC18AD3141BA8489D92A4834C9DBBC5DC"><enum>(A)</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>
</subparagraph><subparagraph id="idE8078397689F48E592027835B11F4C5F"><enum>(B)</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>
</subparagraph></paragraph><paragraph id="ID540a43c353ba4ab596db0d51ac0aa94b"><enum>(4)</enum><header>OPIC
financing</header><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 country.</text>
</paragraph><paragraph id="ID079523cbfe544bb697a0dac9589c5a6b"><enum>(5)</enum><header>Multilateral
bank financing</header><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 the government of the country or for a project located within the
country.</text>
</paragraph></subsection><subsection id="ID38f7299f677446ccabff3baade7c985b"><enum>(b)</enum><header>Waiver</header>
<paragraph id="id647BEC43EA404E298545BB93D2D4C8C1"><enum>(1)</enum><header>In
general</header><text>The President may waive any action provided for under
subsection (a) if the President determines that—</text>
<subparagraph id="ID265e77de9b954a48b2aa8975a645284e"><enum>(A)</enum><text>taking such action
would cause serious harm to the national security of the United States;
or</text>
</subparagraph><subparagraph id="ID37cb938d1be94d33a556fabbaf91e5b7"><enum>(B)</enum><text>it is in the vital
economic interest of the United States to do so and taking such action would
have an adverse impact on the United States economy greater than the benefits
of such action.</text>
</subparagraph></paragraph><paragraph id="idC76C292196E14051A13AF2FE5339E6BA"><enum>(2)</enum><header>Notification</header><text>The
President shall promptly notify Congress of a determination under paragraph (1)
(and the reasons for the determination, if made under paragraph (1)(B)) and
shall publish notice of the determination in the Federal Register.</text>
</paragraph></subsection><subsection id="ID216d42a555154e8f99f65c2d0f95d166"><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 112 after the date of
such action or determination.</text>
</subsection></section><section id="IDf54bdcbc694f42fa880d1815cfcb22bc"><enum>116.</enum><header>Persistent
failure to adopt appropriate policies</header>
<subsection id="ID8406941d040f4a3ca8bacba4a928a2d6"><enum>(a)</enum><header>Persistent
failure To adopt appropriate policies</header><text>Not later than 360 days
after the date on which a currency is designated for priority action pursuant
to section 113(a)(3), the Secretary shall determine whether the country that
issues such currency has adopted appropriate policies to eliminate 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 adopt appropriate policies to eliminate the fundamental
misalignment, in addition to the provisions of section 115(a), 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="IDcfef838766ce4961a157f4a00c10c15b"><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="IDc84bec4344144dd7bf2c5486d5f38b03"><enum>(2)</enum><header>Remedial
intervention</header>
<subparagraph id="ID045eaede914845cca91b4ffdff678f95"><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="ID8d42e9ea1e68455cb3296a12f79f6e12"><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="ID4e9593ac53e34681a1bdbb5da6cbf442"><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 113(a)(3) adopts appropriate
policies to eliminate the fundamental misalignment, and publish notice of the
action of that country in the Federal Register.</text>
</subsection><subsection id="ID92171800b8f048c99210bcab57286cbe"><enum>(c)</enum><header>Waiver</header>
<paragraph id="idD81443B31769490BBE87D94DA22B1D0A"><enum>(1)</enum><header>In
general</header><text>The President may waive any action provided for under
this section, or extend any waiver provided for pursuant to section 115(b), if
the President determines that—</text>
<subparagraph id="ID1ad64bfe3920428ead99a10bef1c03ba"><enum>(A)</enum><text>taking such action
would cause serious harm to the national security of the United States;
or</text>
</subparagraph><subparagraph id="IDef99f3171fe54024b694d74fcdbe297a"><enum>(B)</enum><text>it is in the vital
economic interest of the United States to do so, and that taking such action
would have an adverse impact on the United States economy substantially out of
proportion to the benefits of such action.</text>
</subparagraph></paragraph><paragraph id="id01D41E97E0DC423E9B8C78CC80006E7F"><enum>(2)</enum><header>Notification</header><text>The
President shall promptly notify Congress of a determination under paragraph (1)
(and the reasons for the determination, if made under paragraph (1)(B)) and
shall publish notice of the determination in the Federal Register.</text>
</paragraph></subsection><subsection id="IDf3470f84eda847a3bc8d284ac173d9a3"><enum>(d)</enum><header>Reports</header><text>The
Secretary shall describe any action or determination pursuant to subsection
(a), (b), or (c) in the first semiannual report required by section 112 after
the date of such action or determination.</text>
</subsection></section><section id="ID91D850FFF73D4706B8305C75DE758D64"><enum>117.</enum><header>Congressional
disapproval of waiver</header>
<subsection id="IDAC609C8DEF3D46D09FD4BC3E234B82DD"><enum>(a)</enum><header>Resolution of
Disapproval</header>
<paragraph id="ID2A9F514C952143E4AC40796593FFB1C1"><enum>(1)</enum><header>Introduction</header><text>If
a resolution of disapproval is introduced in the House of Representatives or
the Senate during the 90-day period (not counting any day which is excluded
under section 154(b)(1) of the <act-name parsable-cite="TA74">Trade Act of
1974</act-name> (19 U.S.C. 2194(b)(1)), beginning on the date on which the
President first notifies the Congress of a determination to waive action with
respect to a country pursuant to section 116(c)(1)(B), that resolution of
disapproval shall be considered in accordance with this subsection.</text>
</paragraph><paragraph id="ID38037F187B8B4F4B8B2133AE1865FF55"><enum>(2)</enum><header>Resolution of
disapproval</header><text>In this subsection, the term <term>resolution of
disapproval</term> means only a concurrent resolution of the two Houses of the
Congress, the sole matter after the resolving clause of which is as follows:
<quote>That the Congress does not approve the determination of the President
under section 116(c)(1)(B) of the Currency Exchange Rate Oversight Reform Act
of 2007 with respect to ______, of which Congress was notified on
_____.</quote>, with the first blank space being filled with the name of the
appropriate country and the second blank space being filled with the
appropriate date.</text>
</paragraph><paragraph id="ID5CDB54DEAA564D7F8A990A03A1226653"><enum>(3)</enum><header>Procedures for
considering resolutions</header>
<subparagraph id="ID7D84EF70E36C48C79E506A3FB464CE5F"><enum>(A)</enum><header>Introduction and
referral</header><text>Resolutions of disapproval—</text>
<clause id="ID1DB6F619130E4C74A67B19B615499042"><enum>(i)</enum><text>in the House of
Representatives—</text>
<subclause id="IDE9E570073A6F4558A62524565970AE2C"><enum>(I)</enum><text>may be introduced
by any Member of the House;</text>
</subclause><subclause id="ID870B7B4983E740C7A89DE86A5557409F"><enum>(II)</enum><text>shall be referred
to the Committee on Financial Services and, in addition, to the Committee on
Rules; and</text>
</subclause><subclause id="IDA0DC4AB6059241A29FCF7F9CFD2C34EE"><enum>(III)</enum><text>may not be
amended by either Committee; and</text>
</subclause></clause><clause id="ID11FABFC021F040B788C538EDF3A9A74D"><enum>(ii)</enum><text>in the
Senate—</text>
<subclause id="IDE326880CA25E4543BEC2CB85475DB9DA"><enum>(I)</enum><text>may be introduced
by any Member of the Senate;</text>
</subclause><subclause id="IDE7D17FE6D7904CE8BC22F668BB27AA71"><enum>(II)</enum><text>shall be referred
to the Committee on Banking, Housing, and Urban Affairs; and</text>
</subclause><subclause id="ID8B44A810453244DAAD7B1CFEE0677DA2"><enum>(III)</enum><text>may not be
amended.</text>
</subclause></clause></subparagraph><subparagraph id="IDAA22FCE6ABAA4CCC9E6A196FA3EB9992"><enum>(B)</enum><header>Committee
discharge and floor consideration</header><text>The provisions of subsections
(c) through (f) of section 152 of the <act-name parsable-cite="TA74">Trade Act
of 1974</act-name> (other than paragraph (3) of such subsection (f)) (19 U.S.C.
2192(c) through (f)) (relating to committee discharge and floor consideration
of certain resolutions in the House and Senate) apply to a concurrent
resolution of disapproval under this section to the same extent as such
subsections apply to joint resolutions under such section 152.</text>
</subparagraph></paragraph></subsection><subsection id="ID4D4DD4D83D6F46CEAEA8542A58789AB0"><enum>(b)</enum><header>Rules of House
of Representatives and Senate</header><text>This section is enacted by the
Congress—</text>
<paragraph id="ID34F8806C7E5E41E8B61AFB6E90C951C6"><enum>(1)</enum><text>as an exercise of
the rulemaking power of the House of Representatives and the Senate,
respectively, and as such are deemed a part of the rules of each House,
respectively, and such procedures supersede other rules only to the extent that
they are inconsistent with such other rules; and</text>
</paragraph><paragraph id="ID9CFB3C390F4241A9823B2C991E2F3985"><enum>(2)</enum><text>with the full
recognition of the constitutional right of either House to change the rules (so
far as relating to the procedures of that House) at any time, in the same
manner, and to the same extent as any other rule of that House.</text>
</paragraph></subsection></section><section id="ID3fc6889f7c0949a99e142525f1a0c50e"><enum>118.</enum><header>International
financial institution governance arrangements</header>
<subsection id="IDf0f5f6220e20434789c97aa407e99aa7"><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 was designated a currency for
priority action pursuant to section 113(a)(3) in the most recent report
required by section 112. The determination shall be reported to
Congress.</text>
</subsection><subsection id="ID75e69e132a2747aca6f5c2ee9f126a05"><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="IDb5188174392b41b1af23130d0ee1a853"><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 113(a)(3).</text>
</subsection></section><section id="ID44a5695cbb574ada88d3d2f4f0aa55ac"><enum>119.</enum><header>Adjustment for
fundamentally misaligned currency designated for priority action</header>
<subsection id="ID7dface359b584890b2d90f1d2965b475"><enum>(a)</enum><header>In
general</header><text>Subsection (c)(2) of section 772 of the Tariff Act of
1930 (19 U.S.C. 1677a(c)(2)) is amended—</text>
<paragraph id="idE2A5C77FA89842E39AC0CAF92B13253C"><enum>(1)</enum><text>by striking
<quote>and</quote> at the end of subparagraph (A);</text>
</paragraph><paragraph id="idBDD0286B517E4A0A95B8E3979F9359E4"><enum>(2)</enum><text>by striking the
period at the end of subparagraph (B) and inserting <quote>; and</quote>;
and</text>
</paragraph><paragraph id="id2C798664BD4D4FCE91247B660B3CE112"><enum>(3)</enum><text>by adding at the
end the following:</text>
<quoted-block changed="deleted" committee-id="SSFI00" display-inline="no-display-inline" id="id80D0840399524BEDAB2B66D0A98FCB27" reported-display-style="strikethrough" style="OLC">
<subparagraph id="id53BE619236304DE4A02AFA4769A5712B"><enum>(C)</enum><text>if required by
section 115(a)(1) of the Currency Exchange Rate Oversight Reform Act of 2007,
the percentage by which the domestic currency of the producer or exporter is
undervalued in relation to the United States
dollar.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" id="ID32fe612b91df4ac6b826d4290d94ffef"><enum>(b)</enum><header>Calculation
methodology</header><text>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 changed="deleted" committee-id="SSFI00" display-inline="no-display-inline" id="id6E65B270951744FC80D7540333E044E4" reported-display-style="strikethrough" style="OLC">
<paragraph commented="no" id="id84D379511FA04BD9970B361F98F85E36"><enum>(37)</enum><header>Percentage
undervaluation</header><text>The administering authority shall determine the
percentage by which the domestic currency of the producer or exporter is
undervalued in relation to the United States dollar by comparing the nominal
value associated with the medium-term equilibrium exchange rate of the domestic
currency of the producer or exporter, identified by the Secretary pursuant to
section 112(b)(7) of the Currency Exchange Rate Oversight Reform Act of 2007,
to the exchange rate used by the administering authority to convert the
domestic currency to United States
dollars.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="ID56d5e176954549e18d1a6dec21f6ae2c"><enum>120.</enum><header>Nonmarket
economy status</header><text display-inline="no-display-inline">Paragraph
(18)(B) of section 771 of the Tariff Act of 1930 (19 U.S.C. 1677(18)(B)) is
amended—</text>
<paragraph id="id2FBD1861CEBB42658F3DC0B68534D94B"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>and</quote> at the end
of clause (v); and</text>
</paragraph><paragraph id="id3E7C499C836541678388A5CDCDC051AF"><enum>(2)</enum><text display-inline="yes-display-inline">by redesignating clause (vi) as clause
(vii) and inserting after clause (v) the following:</text>
<quoted-block changed="deleted" committee-id="SSFI00" display-inline="no-display-inline" id="id57253E6AE928410087FB299DEDFB7588" reported-display-style="strikethrough" style="OLC">
<clause id="id4AE6616B70034C049AD4D77D9F22F472"><enum>(vi)</enum><text display-inline="yes-display-inline">whether the currency of the foreign country
is designated a currency for priority action pursuant to section 113(a)(3) of
the Currency Exchange Rate Oversight Reform Act of 2007,
and</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="idF55B4875C4E340FD87A01A4AB0F47008"><enum>121.</enum><header>Application to
Canada and Mexico</header><text display-inline="no-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 (19 U.S.C. 3438),
section 115(a)(1) and the amendments made by sections 119 and 120 shall apply
with respect to goods from Canada and Mexico.</text>
</section><section id="ID6c3ed19c0ee5482e82879e128e64f287"><enum>122.</enum><header>Advisory
committee on international exchange rate policy</header>
<subsection id="ID43ed526601be4906b491fecf010847ec"><enum>(a)</enum><header>Establishment</header>
<paragraph id="ID2d58fa2907d5463d92c9a71fede44778"><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="idA73228424CCF4A7F9FED82446311CB74"><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 112;
and</text>
</subparagraph><subparagraph id="id51751D923BD141AB9474061110333BCA"><enum>(B)</enum><text>advising the
Congress and the President with respect to—</text>
<clause id="id6AE8D466EEE64DCA99071A0DC07E51D0"><enum>(i)</enum><text>international
exchange rates and financial policies; and</text>
</clause><clause id="idAF68032AE9CC4F3AA33BFF2EA5DA774F"><enum>(ii)</enum><text>the impact of
such policies on the economy of the United States.</text>
</clause></subparagraph></paragraph><paragraph id="ID5d184fc7bb9a40f49851f197112fd8d6"><enum>(2)</enum><header>Membership</header>
<subparagraph id="id741C1420341F4638A73D36B14EC206F1"><enum>(A)</enum><header>In
general</header><text>The Committee shall be composed of 9 members as follows,
none of whom shall be from the Federal Government:</text>
<clause id="idD498EEC3F0AE479EAA92670AAC5C07EA"><enum>(i)</enum><header>Congressional
appointees</header>
<subclause id="idC226ACB7D8914E8B86B4A7E085AF86BB"><enum>(I)</enum><header>Senate
appointees</header><text>Four 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="id628745B2678B42D6A1B4F66A743D75EB"><enum>(II)</enum><header>House
appointees</header><text>Four 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="id63479D52DB434267991968666AEEE0E0"><enum>(ii)</enum><header>Presidential
appointee</header><text>One person shall be appointed by the President.</text>
</clause></subparagraph><subparagraph id="id826159CD4E4A4ECAB3255DFB342004D5"><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="id4F9BE712635846C3BC4112F7CB9DFCD7"><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="ID1b0e34e7439e4f7e95b80c0acee532a7"><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="IDd2cab56f9af6427dabc8d7e0104664ac"><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="IDf9d93867a7b041c8867d2ec9faa8c284"><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="ID60421626000e4b0c9a6c70ecc32b55b2"><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="ID4c71bcc233cc47058d5865d18e3d6120"><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="IDa2b0d938a4c840f0bce571aef18379b0"><enum>(f)</enum><header>Application of
Federal advisory committee Act</header>
<paragraph commented="no" id="IDe20113284a43471eb22310da2f054c89"><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="ID372e4929ef10468682868987d3cace96"><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="IDd0890ce450304f0387a2c62597815c10"><enum>123.</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 (22 U.S.C. 5301–5306) is
repealed.</text>
</section><enum>II</enum><header>Tax
reform</header>
<section changed="deleted" committee-id="SSFI00" id="id2D5A741908F7476CAA39EFF994ADE49E" reported-display-style="strikethrough"><enum>201.</enum><header>Permanent
subpart f exemption for active financing income</header>
<subsection id="ID84e3b96ac75040fbbf127ce5efb94f37"><enum>(a)</enum><header>Banking,
financing, or similar businesses</header><text>Subsection (h) of section 954 of
the Internal Revenue Code of 1986 (relating to special rule for income derived
in the active conduct of banking, financing, or similar businesses) is amended
by striking paragraph (9).</text>
</subsection><subsection id="IDb5404f51fc724dddbdb56aecf6c28a59"><enum>(b)</enum><header>Insurance
businesses</header><text>Subsection (e) of section 953 of such Code (relating
to exempt insurance income) is amended by striking paragraph (10) and by
redesignating paragraph (11) as paragraph (10).</text>
</subsection><subsection id="ID71bce76b0d1348488c3d234bf63e8817"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to taxable
years of a foreign corporation beginning after the date of the enactment of
this Act, and to taxable years of United States shareholders with or within
which such taxable years of such foreign corporation end.</text>
</subsection></section><section changed="added" committee-id="SSHR00" id="id94C329C345B448D9A92D2FE799AA40CE" reported-display-style="italic" section-type="section-one"><enum>1.</enum><header>Short title</header><text display-inline="no-display-inline">This Act may be cited as the
<quote><short-title>Currency Exchange Rate Oversight
Reform Act of 2007</short-title></quote>.</text>
</section><section changed="added" committee-id="SSHR00" id="id8F9A450492114A7C8F1BFD48C8FDC222" reported-display-style="italic"><enum>2.</enum><header>Definitions</header><text display-inline="no-display-inline">In this Act:</text>
<paragraph id="idA81E55C5A85B43D29413A320F0670B5E"><enum>(1)</enum><header>Administering
authority</header><text>The term <term>administering authority</term> means the
authority referred to in section 771(1) of the Tariff Act of 1930 (19 U.S.C.
1677(1)).</text>
</paragraph><paragraph id="id5095CBD372364F849FA1E8FEC4903A90"><enum>(2)</enum><header>Agreement on government
procurement</header><text>The term <term>Agreement on Government
Procurement</term> means the agreement referred to in section 101(d)(17) of the
Uruguay Round Agreements Act (19 U.S.C. 3511(d)(17)).</text>
</paragraph><paragraph id="id0666B89758634034807663164D126972"><enum>(3)</enum><header>Country</header><text>The
term <term>country</term> means a foreign country, dependent territory, or
possession of a foreign country, and may include an association of 2 or more
foreign countries, dependent territories, or possessions of countries into a
customs union outside the United States.</text>
</paragraph><paragraph id="idD6FB7C9698CE4022938FB0724685B45B"><enum>(4)</enum><header>Exporting
country</header><text>The term <term>exporting country</term> means the country
in which the subject merchandise is produced or manufactured.</text>
</paragraph><paragraph id="id6016170DCE3B42BC89E63F7646FE1DCF"><enum>(5)</enum><header>Fundamental
misalignment</header><text>The term <term>fundamental misalignment</term> means
a significant and sustained undervaluation of the prevailing real effective
exchange rate, adjusted for cyclical and transitory factors, from its
medium-term equilibrium level.</text>
</paragraph><paragraph id="id76676EB9866B4E24BA47137D0825F389"><enum>(6)</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="id6653E77219B1459FA24D3E930C7CFC13"><enum>(7)</enum><header>Real effective exchange
rate</header><text>The term <term>real effective exchange rate</term> means a
weighted average of bilateral exchange rates, expressed in price-adjusted
terms.</text>
</paragraph><paragraph id="id3A0957225708445090D4AEF53862B82A"><enum>(8)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of the Treasury.</text>
</paragraph><paragraph id="ID722f843cc79541f3a930e57fa613e0fd"><enum>(9)</enum><header>Sterilization</header><text>The
term <term>sterilization</term> means domestic monetary operations taken to
neutralize the monetary impact of increases in reserves associated with
intervention in the currency exchange market.</text>
</paragraph><paragraph id="id03AC769F09484B4397D686854F338394"><enum>(10)</enum><header>Subject
merchandise</header><text>The term <term>subject merchandise</term> means the
merchandise subject to an antidumping investigation, review, suspension
agreement, or order referred to in section 771(25) of the Tariff Act of 1930
(19 U.S.C. 1677(25)).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id91554A4F991D4A97AD7C7DCEF84DECB7"><enum>(11)</enum><header>WTO
agreement</header><text>The term <term>WTO Agreement</term> means the agreement
referred to in section 2(9) of the Uruguay Round Agreements Act (19 U.S.C.
3501(9)).</text>
</paragraph></section><section changed="added" committee-id="SSHR00" id="idC4A457B89C874E898DD4F80957AECD28" reported-display-style="italic"><enum>3.</enum><header>Report on international
monetary policy and currency exchange rates</header>
<subsection id="idB8144C15D561473AAD498D0DC6318FCE"><enum>(a)</enum><header>Reports
required</header>
<paragraph id="idD46A0C356A0646229C1967B5B291A4FC"><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="id2062715DCC4D46549D82E4B4C78A1E3D"><enum>(2)</enum><header>Consultations</header><text>On
or before March 30 and September 30 of each calendar 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="id80414D891E844ACBA82DFDFD8C6E2327"><enum>(b)</enum><header>Content of
reports</header><text>Each report submitted under subsection (a) shall
contain—</text>
<paragraph id="idC32308C0EB184984B3060F2EA9881DF2"><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="id30F54690C13246E39498EC6014DAFFCB"><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="id2052A49CC6E14A0C9D98D7964F87E710"><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="id438A62039630415FB3236949C13B8C2E"><enum>(4)</enum><text>an evaluation of the
domestic and global factors that underlie the conditions in the currency
markets, including—</text>
<subparagraph id="id0A17E2B85E6541359D30D520C93473C4"><enum>(A)</enum><text>monetary and financial
conditions;</text>
</subparagraph><subparagraph id="idFD33087580164C5C8B948043CEE826EA"><enum>(B)</enum><text>accumulation of foreign
assets;</text>
</subparagraph><subparagraph id="id8F242CF0809444C08D9191D361C3125C"><enum>(C)</enum><text>macroeconomic
trends;</text>
</subparagraph><subparagraph id="idCCEBAEDC515C4F0B81C8C352417BABDB"><enum>(D)</enum><text>trends in current and
financial account balances;</text>
</subparagraph><subparagraph id="id2307C41755F5437B8066A6A2FCF7C3B4"><enum>(E)</enum><text>the size, composition,
and growth of international capital flows;</text>
</subparagraph><subparagraph id="id4D4F28243FA44073A05C31EB7F03FCE3"><enum>(F)</enum><text>the impact of the
external sector on economic growth;</text>
</subparagraph><subparagraph id="id294E97967AD7420D9EA6C9BC4E26DD38"><enum>(G)</enum><text>the size and growth of
external indebtedness;</text>
</subparagraph><subparagraph id="idE06A1D6475E14D98BAC2F2CAC00BDAA6"><enum>(H)</enum><text>trends in the net level
of international investment; and</text>
</subparagraph><subparagraph id="id3F5E45677CB84464A185A30024216839"><enum>(I)</enum><text>capital controls, trade,
and exchange restrictions;</text>
</subparagraph></paragraph><paragraph id="id4BD319BDB0914550986981F6FEB87B84"><enum>(5)</enum><text>a list of currencies
designated as fundamentally misaligned currencies pursuant to section 4(a)(2),
and a description of any economic models or methodologies used to establish the
list;</text>
</paragraph><paragraph id="idFA862F2030544CEFBED8CBC675E3CDF9"><enum>(6)</enum><text>a list of currencies
designated for priority action pursuant to section 4(a)(3);</text>
</paragraph><paragraph id="idF0AAE22EC9D6445BA379E8F71EC8CC38"><enum>(7)</enum><text>an identification of the
nominal value associated with the medium-term equilibrium exchange rate,
relative to the United States dollar, for each currency listed under paragraph
(6);</text>
</paragraph><paragraph id="id33AA0CF523434EEAA8C9806A7B02B0E3"><enum>(8)</enum><text>a description of any
consultations conducted or other steps taken pursuant to section 5, 6, or 7,
including any actions taken to eliminate the fundamental misalignment;
and</text>
</paragraph><paragraph id="idFB08D2F354D543E38EF1170ED5F79913"><enum>(9)</enum><text>a description of any
determination made pursuant to section 9(a).</text>
</paragraph></subsection><subsection id="id97EF66F091E44D39806FED27AF42BC8B"><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 changed="added" committee-id="SSHR00" id="idF206F6934C504F7094AAE8CB3B3311F8" reported-display-style="italic"><enum>4.</enum><header>Identification of
fundamentally misaligned currencies</header>
<subsection id="id243EDC85043D4ED5A6A810FDC4949F06"><enum>(a)</enum><header>Identification</header>
<paragraph id="id5EA8791E885046718EA98F7E86384A88"><enum>(1)</enum><header>In
general</header><text>The Secretary shall analyze on a semiannual basis the
prevailing real effective exchange rates of foreign currencies.</text>
</paragraph><paragraph id="id6CB9FE6D72EE40DC9B2D397C3663D3F0"><enum>(2)</enum><header>Designation of
fundamentally misaligned currencies</header><text>With respect to the
currencies of countries that have significant bilateral trade flows with the
United States, and currencies that are otherwise significant to the operation,
stability, or orderly development of regional or global capital markets, the
Secretary shall determine whether any such currency is in fundamental
misalignment and shall designate such currency as a fundamentally misaligned
currency.</text>
</paragraph><paragraph id="idF7556EEC21D14D99BD26906E543B4145"><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="ID9c421fe7ef4249329547f1b6a856bde0"><enum>(A)</enum><text>engaging in protracted
large-scale intervention in one direction in the currency exchange market,
particularly if accompanied by partial or full sterilization;</text>
</subparagraph><subparagraph id="ID566fdfd5c90d4f45b47b7a4c71d60a9a"><enum>(B)</enum><text>engaging in excessive and
prolonged official or quasi-official accumulation of foreign assets, for
balance of payments purposes;</text>
</subparagraph><subparagraph id="id2D82A16261EB4C02B0E2928C71FDCDFE"><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="id91A7C60066BA49AB893C4A276CDCCC7F"><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="idDC90D655933A4C95A98D19C8E36388A9"><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
3.</text>
</subsection></section><section changed="added" committee-id="SSHR00" id="id5A96633EE77543CC9E315E423A0A72F9" reported-display-style="italic"><enum>5.</enum><header>Negotiations and
consultations</header>
<subsection id="idDD3F7D882F7D46FC94974B0B378D8835"><enum>(a)</enum><header>In
general</header><text>Upon designation of a currency pursuant to section
4(a)(2), the Secretary shall seek to consult bilaterally 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="id00540EDC393445398707947A8504ABF1"><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 4(a)(3), the
Secretary shall, in addition to seeking to consult with a country pursuant to
subsection (a)—</text>
<paragraph id="id39714FDDEF204952872C095F4FA9BB16"><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 3(a); and</text>
</paragraph><paragraph id="idBB274AEE85EA4757811369E0AA6F3215"><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 changed="added" committee-id="SSHR00" id="id4BDDC61EE34F4B9AA2E060D1D4B77CDC" reported-display-style="italic"><enum>6.</enum><header>Failure to adopt
appropriate policies</header>
<subsection id="idECBB7075307F4876ACDAF04A7D8880D8"><enum>(a)</enum><header>In
general</header><text>Not later than 90 days after the date on which a currency
is designated for priority action pursuant to section 4(a)(3), the Secretary
shall determine whether the country that issues such currency has adopted
appropriate policies, and taken identifiable action, to eliminate the
fundamental misalignment. The Secretary shall promptly notify Congress of such
determination and publish notice of the determination in the Federal Register.
If the Secretary determines that the country that issues such currency has
failed to adopt appropriate policies, or take identifiable action, to eliminate
the fundamental misalignment, the following shall apply with respect to the
country until a notification described in section 7(b) is published in the
Federal Register:</text>
<paragraph id="id8DE63FAF878749F4A76E15E402DB8A05"><enum>(1)</enum><header>Adjustment under
antidumping law</header><text>For purposes of an antidumping investigation or
review under subtitle B of title VII of the Tariff Act of 1930 (19 U.S.C. 1673
et seq.) the following shall apply:</text>
<subparagraph id="idA40676677A9C44019514E2E291A20F41"><enum>(A)</enum><header>In
general</header><text>The administering authority shall ensure a fair
comparison between the export price and the normal value by adjusting the price
used to establish export price or constructed export price to reflect the
fundamental misalignment of the currency of the exporting country.</text>
</subparagraph><subparagraph id="idFE5D1FD40AB34A5CA8518E2C6A9FA6AF"><enum>(B)</enum><header>Sales subject to
adjustment</header><text>The adjustment described in subparagraph (A) shall
apply with respect to subject merchandise sold on or after the date that is 30
days after the date the currency of the exporting country is designated for
priority action pursuant to section 4(a)(3).</text>
</subparagraph></paragraph><paragraph id="idCE24D1AD88CE4B6F83BF5271007DC3B2"><enum>(2)</enum><header>Federal
procurement</header>
<subparagraph id="idD69D1ED473304D018C1B3626C36BEED6"><enum>(A)</enum><header>In
general</header><text>The President shall prohibit the procurement by the
Federal Government of products or services from the country.</text>
</subparagraph><subparagraph id="id3B727DFC7BB34E27BF277F9E36EE954C"><enum>(B)</enum><header>Exception</header><text>The
prohibition provided for in subparagraph (A) shall not apply with respect to a
country that is a party to the Agreement on Government Procurement.</text>
</subparagraph></paragraph><paragraph id="id68CA6D8B9C404B0294A9D98DB149ED4B"><enum>(3)</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 the country to adopt
appropriate policies, or to take identifiable action, eliminate the fundamental
misalignment, and the actions the country is engaging in that are identified in
section 4(a)(3), and shall request that the Managing Director of the
International Monetary Fund—</text>
<subparagraph id="idA78D86B646FA4BA68C50245C22CE4633"><enum>(A)</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>
</subparagraph><subparagraph id="id5A2BB47416AD443B8CE8A99EF7F5A6FA"><enum>(B)</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>
</subparagraph></paragraph><paragraph id="id3D44FFACE9C9472896E7A8A950831E78"><enum>(4)</enum><header>OPIC
financing</header><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 country.</text>
</paragraph><paragraph id="id2869C54F87B64BA883ADC87FAE7A5266"><enum>(5)</enum><header>Multilateral bank
financing</header><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 the government of the country or for a project located within the
country.</text>
</paragraph></subsection><subsection id="idE67E827AE7134451B9E4D3639658D3F9"><enum>(b)</enum><header>Waiver</header>
<paragraph id="id90A1E9E2350848EE82E7027BD59BF80B"><enum>(1)</enum><header>In
general</header><text>The President may waive any action provided for under
subsection (a) if the President determines that—</text>
<subparagraph id="id649A30CA8F23470D8CED26349916BD04"><enum>(A)</enum><text>taking such action would
cause serious harm to the national security of the United States; or</text>
</subparagraph><subparagraph id="id430172E68F174EDB88FBD3DB5FC91858"><enum>(B)</enum><text>it is in the vital
economic interest of the United States to do so and taking such action would
have an adverse impact on the United States economy greater than the benefits
of such action.</text>
</subparagraph></paragraph><paragraph id="id38156A83E9464B8CA3A981380C0CF583"><enum>(2)</enum><header>Notification</header><text>The
President shall promptly notify Congress of a determination under paragraph (1)
(and the reasons for the determination, if made under paragraph (1)(B)) and
shall publish notice of the determination (and the reasons for the
determination, if made under paragraph (1)(B)) in the Federal Register.</text>
</paragraph></subsection><subsection id="id6C0FFC7B7A5C4840A89054BF38C2C131"><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 3 after the date of
such action or determination.</text>
</subsection></section><section changed="added" committee-id="SSHR00" id="id94ED23FAA8B54FB9A1BCF37F3A465B86" reported-display-style="italic"><enum>7.</enum><header>Persistent failure to
adopt appropriate policies</header>
<subsection id="idA4EDE0F80AB543D3A6D4EA80B1FD4976"><enum>(a)</enum><header>Persistent failure To
adopt appropriate policies</header><text>Not later than 360 days after the date
on which a currency is designated for priority action pursuant to section
4(a)(3), the Secretary shall determine whether the country that issues such
currency has adopted appropriate policies, and taken identifiable action, to
eliminate 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 adopt appropriate policies, or take identifiable
action, to eliminate the fundamental misalignment, in addition to the
provisions of section 6(a), 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="idB3D2E238AC9D4743A41DF100224B914C"><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="idCDBF17BF8FAB47E585437CC77D64AC5F"><enum>(2)</enum><header>Remedial
intervention</header>
<subparagraph id="id7B1C71D520084661B12D65BA1636A02F"><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. In doing
so, the Secretary shall consider the impact of such intervention on domestic
economic growth and stability, including the impact on interest rates.</text>
</subparagraph><subparagraph id="idF3C1FD1E27B246E7ABF2E87644F78059"><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="idABFFCDFA065B4A39A84C9917298C5293"><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 4(a)(3) adopts appropriate
policies, or takes identifiable action, to eliminate the fundamental
misalignment, and publish notice of the action of that country in the Federal
Register.</text>
</subsection><subsection id="id620D52A60C4F46B488D9EDB9656B5133"><enum>(c)</enum><header>Waiver</header>
<paragraph id="id9D18637620054D13AB79DB8798F81ACD"><enum>(1)</enum><header>In
general</header><text>The President may waive any action provided for under
this section, or extend any waiver provided for under section 6(b), if the
President determines that—</text>
<subparagraph id="idC600D50089C44AD6910BA4AC58C32844"><enum>(A)</enum><text>taking such action would
cause serious harm to the national security of the United States; or</text>
</subparagraph><subparagraph id="idDBBDDB1D76BD455F97491ACC230AE449"><enum>(B)</enum><text>it is in the vital
economic interest of the United States to do so, and that taking such action
would have an adverse impact on the United States economy substantially out of
proportion to the benefits of such action.</text>
</subparagraph></paragraph><paragraph id="id4FC56CC8B92342D0B147FAA36E6DAAC4"><enum>(2)</enum><header>Notification</header><text>The
President shall promptly notify Congress of a determination under paragraph (1)
(and the reasons for the determination, if made under paragraph (1)(B)) and
shall publish notice of the determination (and the reasons for the
determination, if made under paragraph (1)(B)) in the Federal Register.</text>
</paragraph></subsection><subsection id="IDe9d31dae407e4977a0e09ce8805f06ad"><enum>(d)</enum><header>Disapproval of
waiver</header><text>If the President waives an action pursuant to subsection
(c)(1)(B), or extends a waiver provided for under section 6(b)(1)(B), the
waiver shall cease to have effect upon the enactment of a joint resolution
described in section 8(a)(2).</text>
</subsection><subsection id="id2BFE1C9207BC407D831A6A564BA2F91A"><enum>(e)</enum><header>Reports</header><text>The
Secretary shall describe any action or determination pursuant to subsection
(a), (b), or (c) in the first semiannual report required by section 3 after the
date of such action or determination.</text>
</subsection></section><section changed="added" committee-id="SSHR00" id="idC09D875C403B4D22884E95E5CABAD8BF" reported-display-style="italic"><enum>8.</enum><header>Congressional
disapproval of waiver</header>
<subsection id="idAE60877499D04DA39530CED9F9F52B6B"><enum>(a)</enum><header>Resolution of
Disapproval</header>
<paragraph id="id6311ED7E02E14906B34C323495F80538"><enum>(1)</enum><header>Introduction</header><text>If
a resolution of disapproval is introduced in the House of Representatives or
the Senate during the 90-day period (not counting any day which is excluded
under section 154(b)(1) of the <act-name parsable-cite="TA74">Trade Act of
1974</act-name> (19 U.S.C. 2194(b)(1)), beginning on the date on which the
President first notifies Congress of a determination to waive action with
respect to a country pursuant to section 7(c)(1)(B), that resolution of
disapproval shall be considered in accordance with this subsection.</text>
</paragraph><paragraph id="idA018B288C2DD416DAEE0445504B6B81B"><enum>(2)</enum><header>Resolution of
disapproval</header><text>In this subsection, the term <term>resolution of
disapproval</term> means only a joint resolution of the two Houses of the
Congress, the sole matter after the resolving clause of which is as follows:
<quote>That Congress does not approve the determination of the President under
section 7(c)(1)(B) of the Currency Exchange Rate Oversight Reform Act of 2007
with respect to ______, of which Congress was notified on _____.</quote>, with
the first blank space being filled with the name of the appropriate country and
the second blank space being filled with the appropriate date.</text>
</paragraph><paragraph id="idBE6E2FE5F78549F3B03099BAF90A1672"><enum>(3)</enum><header>Procedures for
considering resolutions</header>
<subparagraph id="idBF2F80DE71A04923A0A8993D55A32113"><enum>(A)</enum><header>Introduction and
referral</header><text>Resolutions of disapproval—</text>
<clause id="id7D81B71FF7624347951B593FCD81023F"><enum>(i)</enum><text>in the House of
Representatives—</text>
<subclause id="id171B8148D4464E028EB34B252F2A01E9"><enum>(I)</enum><text>may be introduced by any
Member of the House;</text>
</subclause><subclause id="idBDAD923980D7466581266661544BB609"><enum>(II)</enum><text>shall be referred to the
Committee on Financial Services and, in addition, to the Committee on Rules;
and</text>
</subclause><subclause id="id7F1A8A76DC2846E4BE826C56A70F5F9C"><enum>(III)</enum><text>may not be amended by
either Committee; and</text>
</subclause></clause><clause id="id0E7FAB5D55F24C2EAE343B7A7DEBC0F5"><enum>(ii)</enum><text>in the Senate—</text>
<subclause id="idA57217EC04444A50B08A62157DDF0A90"><enum>(I)</enum><text>may be introduced by any
Member of the Senate;</text>
</subclause><subclause id="id35946602555C4352A12974EA8F23EC19"><enum>(II)</enum><text>shall be referred to the
Committee on Banking, Housing, and Urban Affairs; and</text>
</subclause><subclause id="id2E0A9B76DA0246C4AC88A505F53F3F15"><enum>(III)</enum><text>may not be
amended.</text>
</subclause></clause></subparagraph><subparagraph id="id77F312A8340345A6B58720DA83279FDA"><enum>(B)</enum><header>Committee discharge and
floor consideration</header><text>The provisions of subsections (c) through (f)
of section 152 of the <act-name parsable-cite="TA74">Trade Act of
1974</act-name> (other than paragraph (3) of such subsection (f)) (19 U.S.C.
2192(c) through (f)) (relating to committee discharge and floor consideration
of certain resolutions in the House and Senate) apply to a joint resolution of
disapproval under this section to the same extent as such subsections apply to
joint resolutions under such section 152.</text>
</subparagraph></paragraph></subsection><subsection id="idD726BBA379754EACB97ED883B1973999"><enum>(b)</enum><header>Rules of House of
Representatives and Senate</header><text>This section is enacted by
Congress—</text>
<paragraph id="idD2EEB8779B5A4135BF1BE8BEFAFFFA85"><enum>(1)</enum><text>as an exercise of the
rulemaking power of the House of Representatives and the Senate, respectively,
and as such is deemed a part of the rules of each House, respectively, and the
rules provided for in this section supersede other rules only to the extent
that they are inconsistent with such other rules; and</text>
</paragraph><paragraph id="idFD27CB2DB60040AB8E35C82D872B5528"><enum>(2)</enum><text>with the full recognition
of the constitutional right of either House to change the rules provided for in
this section (so far as relating to the procedures of that House) at any time,
in the same manner, and to the same extent as any other rule of that
House.</text>
</paragraph></subsection></section><section changed="added" committee-id="SSHR00" id="idF564406D44424253912F75C3914CE76E" reported-display-style="italic"><enum>9.</enum><header>International financial
institution governance arrangements</header>
<subsection id="idEE373B99060D480D91ADE7CA9AC4E193"><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 was designated a currency for
priority action pursuant to section 4(a)(3) in the most recent report required
by section 3. The determination shall be reported to Congress.</text>
</subsection><subsection id="idB708EF341A4B4FC7878376788EB0959B"><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 (described in
subsection (a)), if the Secretary renders an affirmative determination pursuant
to subsection (a).</text>
</subsection><subsection id="idDEFB7609E1A3456E8D7762C37DD0AB48"><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 4(a)(3).</text>
</subsection></section><section changed="added" committee-id="SSHR00" id="id811AA70062904B32A1CC5F4445145E32" reported-display-style="italic"><enum>10.</enum><header>Adjustment for
fundamentally misaligned currency designated for priority action</header>
<subsection id="id77C73EF13F9C47B28EC6A8F2449945DA"><enum>(a)</enum><header>In
general</header><text>Subsection (c)(2) of section 772 of the Tariff Act of
1930 (19 U.S.C. 1677a(c)(2)) is amended—</text>
<paragraph id="id87545AA182CE40F6B863F3351765057D"><enum>(1)</enum><text>by striking
<quote>and</quote> at the end of subparagraph (A);</text>
</paragraph><paragraph id="id812962F494FE4657BE6C2A175FD1989A"><enum>(2)</enum><text>by striking the period at
the end of subparagraph (B) and inserting <quote>; and</quote>; and</text>
</paragraph><paragraph id="idCA8BAB38DA1848429A807226D206B87E"><enum>(3)</enum><text>by adding at the end the
following:</text>
<quoted-block changed="added" committee-id="SSHR00" display-inline="no-display-inline" id="idB179E8B95C914077BBA4EE62E010DAA1" reported-display-style="italic" style="OLC">
<subparagraph id="id69B851288BE34D52A8B6AC719C3EC437"><enum>(C)</enum><text>if required by section
6(a)(1) of the Currency Exchange Rate Oversight Reform Act of 2007, the
percentage by which the domestic currency of the producer or exporter is
undervalued in relation to the United States
dollar.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" id="id9812D47013ED42D4BC89ABE9E443659E"><enum>(b)</enum><header>Calculation
methodology</header><text>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 changed="added" committee-id="SSHR00" display-inline="no-display-inline" id="idB8D951B5AD0C4665A9CBB573B61D312A" reported-display-style="italic" style="OLC">
<paragraph commented="no" id="id4D19919CD53645DBA7C4CA85EC100E0E"><enum>(37)</enum><header>Percentage
undervaluation</header><text>The administering authority shall determine the
percentage by which the domestic currency of the producer or exporter is
undervalued in relation to the United States dollar by comparing the nominal
value associated with the medium-term equilibrium exchange rate of the domestic
currency of the producer or exporter, identified by the Secretary pursuant to
section 3(b)(7) of the Currency Exchange Rate Oversight Reform Act of 2007, to
the official daily exchange rate identified by the administering authority for
purposes of antidumping
proceedings.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section changed="added" committee-id="SSHR00" id="idBF8D4302576C46B6B34B9FE456AF4E84" reported-display-style="italic"><enum>11.</enum><header>Nonmarket economy
status</header><text display-inline="no-display-inline">Paragraph (18)(B) of
section 771 of the Tariff Act of 1930 (19 U.S.C. 1677(18)(B)) is
amended—</text>
<paragraph id="id184F2F68A5FD45ED88EEACC5D883F43F"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>and</quote> at the end
of clause (v); and</text>
</paragraph><paragraph id="id127DACFAF94145B3A0DDA07594875840"><enum>(2)</enum><text display-inline="yes-display-inline">by redesignating clause (vi) as clause
(vii) and inserting after clause (v) the following:</text>
<quoted-block changed="added" committee-id="SSHR00" display-inline="no-display-inline" id="idB2844BD34D384F25A9D24257C37D58F0" reported-display-style="italic" style="OLC">
<clause id="id921A6E13199442E4832FFCEAE04F4AF1"><enum>(vi)</enum><text display-inline="yes-display-inline">whether the currency of the foreign country
is designated a currency for priority action pursuant to section 4(a)(3) of the
Currency Exchange Rate Oversight Reform Act of 2007,
and</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section changed="added" committee-id="SSHR00" id="idCA07483F4AF248ACA87E398B2E29E0A5" reported-display-style="italic"><enum>12.</enum><header>Application to Canada
and Mexico</header><text display-inline="no-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 (19 U.S.C. 3438), section
6(a)(1) and the amendments made by sections 10 and 11 shall apply with respect
to goods from Canada and Mexico.</text>
</section><section changed="added" committee-id="SSHR00" id="id1F98C00C60BB470C9D067046DC397CF8" reported-display-style="italic"><enum>13.</enum><header>Advisory committee on
international exchange rate policy</header>
<subsection id="idDF1696E984CA43F69C1E2356F7080F69"><enum>(a)</enum><header>Establishment</header>
<paragraph id="idDB07E8474183475A8F982CC2BA5EF4AE"><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="idA0A5815BB496431694BE3610304414F1"><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 3; and</text>
</subparagraph><subparagraph id="id746E055226404A0CAA76420F5F8B6738"><enum>(B)</enum><text>advising Congress and the
President with respect to—</text>
<clause id="id61EE98FF1C544706A3231B10097ACA55"><enum>(i)</enum><text>international exchange
rates and financial policies; and</text>
</clause><clause id="id9AF33422512B4C7DB427D9192C34E43B"><enum>(ii)</enum><text>the impact of such
policies on the economy of the United States.</text>
</clause></subparagraph></paragraph><paragraph id="id712708D6DBC844FCBC5A7CB1114EB0C3"><enum>(2)</enum><header>Membership</header>
<subparagraph id="idABDB3388A9054B599130F89F7D9D015E"><enum>(A)</enum><header>In
general</header><text>The Committee shall be composed of 9 members as follows,
none of whom shall be from the Federal Government:</text>
<clause id="idAC28BEB482CC4A3A8F85074875F5D1F0"><enum>(i)</enum><header>Congressional
appointees</header>
<subclause id="id94B1A03517F54E0A891374B2435C5334"><enum>(I)</enum><header>Senate
appointees</header><text>Four 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="id47139B624A0641A9B3C15CC992C0D7B1"><enum>(II)</enum><header>House
appointees</header><text>Four 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="id3280BD8132324A7181C19524E4268046"><enum>(ii)</enum><header>Presidential
appointee</header><text>One person shall be appointed by the President.</text>
</clause></subparagraph><subparagraph id="idCC460A0928EF42CA83B59097BEF2CC49"><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="idF30B464332684F6397E323A215A18440"><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="id42E28EDE12904BB1A0C389E14D3C72EC"><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="id970235DE2C124A4CA8F339745012A1E8"><enum>(b)</enum><header>Duration of
committee</header><text>Notwithstanding section 14(c) of the Federal Advisory
Committee Act (5 U.S.C. App.), 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="idA1F2CBF0DC1B47889F48D723A6B540F9"><enum>(c)</enum><header>Public
meetings</header><text>The Committee shall hold at least 2 public meetings each
year for the purpose of accepting public comments, including comments from
small business owners. 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="id7EDF644B11804C96960A8196377DC884"><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="id911936DDEECC4E32961B5E8074CBC8F2"><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="idB30E3452E97C4C61A30F13961EB8CC21"><enum>(f)</enum><header>Application of Federal
advisory committee Act</header>
<paragraph commented="no" id="idE01D0756F61C4976A2050263D14D1AB2"><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="id8533907FD17246189F45DFE8CFDB0B10"><enum>(2)</enum><header>Exception</header><text>Except
for the 2 annual public meetings 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 changed="added" committee-id="SSHR00" id="id6A0E6F726DB44FCB9FC69A1530000399" reported-display-style="italic"><enum>14.</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 (22 U.S.C. 5301 et seq.) is
repealed.</text>
</section>
July 31, 2007
Reported with an amendment