[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3134 Introduced in Senate (IS)]
111th CONGRESS
2d Session
S. 3134
To provide for identification of misaligned currency, require action to
correct the misalignment, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 17, 2010
Mr. Schumer (for himself, Ms. Stabenow, Mr. Graham, Mr. Brownback, Mr.
Brown of Ohio, Ms. Snowe, Mr. Feingold, Mr. Specter, Mr. Casey, Mr.
Bayh, Mr. Levin, Mr. Cardin, Mrs. Gillibrand, Mr. Webb, Mr. Reed, Mrs.
Lincoln, and Ms. Collins) introduced the following bill; which was read
twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To provide for identification of misaligned currency, require action to
correct the misalignment, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Currency Exchange Rate Oversight
Reform Act of 2010''.
TITLE I--CURRENCY EXCHANGE RATE OVERSIGHT REFORM
SEC. 101. DEFINITIONS.
In this title:
(1) Administering authority.--The term ``administering
authority'' means the authority referred to in section 771(1)
of the Tariff Act of 1930 (19 U.S.C. 1677(1)).
(2) Agreement on government procurement.--The term
``Agreement on Government Procurement'' means the agreement
referred to in section 101(d)(17) of the Uruguay Round
Agreements Act (19 U.S.C. 3511(d)(17)).
(3) Country.--The term ``country'' 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.
(4) Exporting country.--The term ``exporting country''
means the country in which the subject merchandise is produced
or manufactured.
(5) Fundamental misalignment.--The term ``fundamental
misalignment'' 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.
(6) Fundamentally misaligned currency.--The term
``fundamentally misaligned currency'' means a foreign currency
that is in fundamental misalignment.
(7) Real effective exchange rate.--The term ``real
effective exchange rate'' means a weighted average of bilateral
exchange rates, expressed in price-adjusted terms.
(8) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(9) Sterilization.--The term ``sterilization'' means
domestic monetary operations taken to neutralize the monetary
impact of increases in reserves associated with intervention in
the currency exchange market.
(10) Subject merchandise.--The term ``subject merchandise''
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)).
(11) WTO agreement.--The term ``WTO Agreement'' means the
agreement referred to in section 2(9) of the Uruguay Round
Agreements Act (19 U.S.C. 3501(9)).
SEC. 102. REPORT ON INTERNATIONAL MONETARY POLICY AND CURRENCY EXCHANGE
RATES.
(a) Reports Required.--
(1) In general.--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 and make public, a
written report on international monetary policy and currency
exchange rates.
(2) Consultations.--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).
(b) Content of Reports.--Each report submitted under subsection (a)
shall contain the following:
(1) 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.
(2) 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.
(3) 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.
(4) An evaluation of the domestic and global factors that
underlie the conditions in the currency markets, including--
(A) monetary and financial conditions;
(B) accumulation of foreign assets;
(C) macroeconomic trends;
(D) trends in current and financial account
balances;
(E) the size, composition, and growth of
international capital flows;
(F) the impact of the external sector on economic
growth;
(G) the size and growth of external indebtedness;
(H) trends in the net level of international
investment; and
(I) capital controls, trade, and exchange
restrictions.
(5) A list of currencies designated as fundamentally
misaligned currencies pursuant to section 103(a)(2), and a
description of any economic models or methodologies used to
establish the list.
(6) A list of currencies designated for priority action
pursuant to section 103(a)(3).
(7) 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).
(8) A description of any consultations conducted or other
steps taken pursuant to section 104, 105, or 106, including any
actions taken to eliminate the fundamental misalignment.
(9) A description of any determination made pursuant to
section 108(a).
(c) Consultations.--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.
SEC. 103. IDENTIFICATION OF FUNDAMENTALLY MISALIGNED CURRENCIES.
(a) Identification.--
(1) In general.--The Secretary shall analyze on a
semiannual basis the prevailing real effective exchange rates
of foreign currencies.
(2) Designation of fundamentally misaligned currencies.--
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.
(3) Designation of currencies for priority action.--The
Secretary shall designate a currency identified under paragraph
(2) for priority action if the country that issues such
currency is--
(A) engaging in protracted large-scale intervention
in the currency exchange market, particularly if
accompanied by partial or full sterilization;
(B) engaging in excessive and prolonged official or
quasi-official accumulation of foreign exchange
reserves and other foreign assets, for balance of
payments purposes;
(C) 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
(D) pursuing any other policy or action that, in
the view of the Secretary, warrants designation for
priority action.
(b) Reports.--The Secretary shall include a list of any foreign
currency designated under paragraph (2) or (3) of subsection (a) and
the data and reasoning underlying such designations in each report
required by section 102.
SEC. 104. NEGOTIATIONS AND CONSULTATIONS.
(a) In General.--Upon designation of a currency pursuant to section
103(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.
(b) Consultations Involving Currencies Designated for Priority
Action.--With respect to each currency designated for priority action
pursuant to section 103(a)(3), the Secretary shall, in addition to
seeking to consult with a country pursuant to subsection (a)--
(1) seek the advice of the International Monetary Fund with
respect to the Secretary's findings in the report submitted to
Congress pursuant to section 102(a); and
(2) 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.
SEC. 105. FAILURE TO ADOPT APPROPRIATE POLICIES.
(a) In General.--Not later than 90 days after the date on which a
currency is designated for priority action pursuant to section
103(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 106(b)
is published in the Federal Register:
(1) Adjustment under antidumping law.--For purposes of an
antidumping investigation under subtitle B of title VII of the
Tariff Act of 1930 (19 U.S.C. 1673 et seq.), or a review under
subtitle C of such Act (19 U.S.C. 1675 et seq.), the following
shall apply:
(A) In general.--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.
(B) Sales subject to adjustment.--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 103(a)(3).
(2) Federal procurement.--
(A) In general.--The President shall prohibit the
procurement by the Federal Government of products or
services from the country.
(B) Exception.--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.
(3) Request for imf action.--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, to eliminate the fundamental
misalignment, and the actions the country is engaging in that
are identified in section 103(a)(3), and shall request that the
Managing Director of the International Monetary Fund--
(A) 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
(B) 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.
(4) OPIC financing.--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.
(5) Multilateral bank financing.--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.
(b) Waiver.--
(1) In general.--The President may waive any action
provided for under subsection (a) if the President determines
that--
(A) taking such action would cause serious harm to
the national security of the United States; or
(B) 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.
(2) Notification.--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.
(c) Reports.--The Secretary shall describe any action or
determination pursuant to subsection (a) or (b) in the first semiannual
report required by section 102 after the date of such action or
determination.
SEC. 106. PERSISTENT FAILURE TO ADOPT APPROPRIATE POLICIES.
(a) Persistent Failure To Adopt Appropriate Policies.--Not later
than 360 days after the date on which a currency is designated for
priority action pursuant to section 103(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 actions described in section 105(a), the following
shall apply with respect to the country until a notification described
in subsection (b) is published in the Federal Register:
(1) Action at the wto.--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.
(2) Remedial intervention.--
(A) In general.--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.
(B) Notice to country.--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).
(b) Notification.--The Secretary shall promptly notify Congress
when a country that issues a currency designated for priority action
pursuant to section 103(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.
(c) Waiver.--
(1) In general.--The President may waive any action
provided for under this section, or extend any waiver provided
for under section 105(b), if the President determines that--
(A) taking such action would cause serious harm to
the national security of the United States; or
(B) 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.
(2) Notification.--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.
(d) Disapproval of Waiver.--If the President waives an action
pursuant to subsection (c)(1)(B), or extends a waiver provided for
under section 105(b)(1)(B), the waiver shall cease to have effect upon
the enactment of a joint resolution described in section 107(a)(2).
(e) Reports.--The Secretary shall describe any action or
determination pursuant to subsection (a), (b), or (c) in the first
semiannual report required by section 102 after the date of such action
or determination.
SEC. 107. CONGRESSIONAL DISAPPROVAL OF WAIVER.
(a) Resolution of Disapproval.--
(1) Introduction.--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 Trade Act of 1974 (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 106(c)(1)(B), that
resolution of disapproval shall be considered in accordance
with this subsection.
(2) Resolution of disapproval.--In this subsection, the
term ``resolution of disapproval'' means only a joint
resolution of the two Houses of the Congress, the sole matter
after the resolving clause of which is as follows: ``That
Congress does not approve the determination of the President
under section 106(c)(1)(B) of the Currency Exchange Rate
Oversight Reform Act of 2010 with respect to ______, of which
Congress was notified on _____.'', 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.
(3) Procedures for considering resolutions.--
(A) Introduction and referral.--Resolutions of
disapproval--
(i) in the House of Representatives--
(I) may be introduced by any Member
of the House;
(II) shall be referred to the
Committee on Financial Services and, in
addition, to the Committee on Rules;
and
(III) may not be amended by either
Committee; and
(ii) in the Senate--
(I) may be introduced by any Member
of the Senate;
(II) shall be referred to the
Committee on Banking, Housing, and
Urban Affairs; and
(III) may not be amended.
(B) Committee discharge and floor consideration.--
The provisions of subsections (c) through (f) of
section 152 of the Trade Act of 1974 (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.
(b) Rules of House of Representatives and Senate.--This section is
enacted by Congress--
(1) 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
(2) 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.
SEC. 108. INTERNATIONAL FINANCIAL INSTITUTION GOVERNANCE ARRANGEMENTS.
(a) Initial Review.--Notwithstanding any other provision of law,
before the United States approves a proposed change in the governance
arrangement of any international financial institution, as defined in
section 1701(c)(2) of the International Financial Institutions Act (22
U.S.C. 262r(c)(2)), the Secretary shall determine whether any member of
the international financial institution that would benefit from the
proposed change, in the form of increased voting shares or
representation, has a currency that was designated a currency for
priority action pursuant to section 103(a)(3) in the most recent report
required by section 102. The determination shall be reported to
Congress.
(b) Subsequent Action.--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).
(c) Further Action.--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
103(a)(3).
SEC. 109. ADJUSTMENT FOR FUNDAMENTALLY MISALIGNED CURRENCY DESIGNATED
FOR PRIORITY ACTION.
(a) In General.--Subsection (c)(2) of section 772 of the Tariff Act
of 1930 (19 U.S.C. 1677a(c)(2)) is amended--
(1) by striking ``and'' at the end of subparagraph (A);
(2) by striking the period at the end of subparagraph (B)
and inserting ``; and''; and
(3) by adding at the end the following:
``(C) if required by section 105(a)(1) of the
Currency Exchange Rate Oversight Reform Act of 2010,
the percentage by which the domestic currency of the
producer or exporter is undervalued in relation to the
United States dollar as determined under section
771(37).''.
(b) Calculation Methodology.--Section 771 of the Tariff Act of 1930
(19 U.S.C. 1677) is amended by adding at the end the following:
``(37) Percentage undervaluation.--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 102(b)(7) of the Currency
Exchange Rate Oversight Reform Act of 2010, to the official
daily exchange rate identified by the administering
authority.''.
SEC. 110. CURRENCY UNDERVALUATION UNDER COUNTERVAILING DUTY LAW.
(a) Investigation or Review.--Subsection (c) of section 702 of the
Tariff Act of 1930 (19 U.S.C. 1671a(c)) is amended by adding at the end
the following:
``(6) Currency undervaluation.--For purposes of a
countervailing duty investigation under this subtitle, or a
review under subtitle C of this title, the following shall
apply:
``(A) In general.--The administering authority
shall initiate an investigation to determine whether
currency undervaluation by the government of a country
or any public entity within the territory of a country
is providing, directly or indirectly, a countervailable
subsidy as described in section 771(5), if--
``(i) a petition filed by an interested
party (described in subparagraph (C), (D), (E),
(F), or (G) of section 771(9)) alleges the
elements necessary for the imposition of the
duty imposed by section 701(a); and
``(ii) the petition is accompanied by
information reasonably available to the
petitioner supporting those allegations.
``(B) Designation of fundamentally misaligned
currency for priority action.--Upon designation of a
currency as a fundamentally misaligned currency for
priority action pursuant to section 103(a)(3) of the
Currency Exchange Rate Oversight Reform Act of 2010,
the administering authority shall initiate an
investigation to determine whether the country that
issues such currency is providing, directly or
indirectly, a countervailable subsidy as defined in
section 771(5), if--
``(i) a petition filed by an interested
party (described in subparagraph (C), (D), (E),
(F), or (G) of section 771(9)) alleges the
elements necessary for the imposition of the
duty imposed by section 701(a); and
``(ii) the petition is accompanied by
information reasonably available to the
petitioner supporting those allegations.''.
(b) Benefit Calculation Methodology.--Section 771 of the Tariff Act
of 1930 (19 U.S.C. 1677), as amended by section 109(b), is amended by
adding at the end the following:
``(38) Currency undervaluation benefit.--For purposes of a
countervailing duty investigation under subtitle A of this
title, or a review under subtitle C of this title, the
following shall apply:
``(A) In general.--If the administering authority
determines to investigate whether currency
undervaluation is a countervailable subsidy as defined
in section 771(5), the administering authority shall
determine whether there is a benefit to the recipient
and measure such benefit as the simple average of the
results yielded from application of the macroeconomic-
balance approach and the equilibrium-real-exchange-rate
approach. The administering authority shall rely upon
data that are publicly available, reliable, and
complied and maintained by the International Monetary
Fund or the World Bank, or other international
organizations or national governments if International
Monetary Fund or World Bank data is not available.
``(B) Designation of fundamentally misaligned
currency for priority action.--In the case of
designation of a currency as a fundamentally misaligned
currency for priority action pursuant to section
103(a)(3) of the Currency Exchange Rate Oversight
Reform Act of 2010, the administering authority shall
determine whether there is a benefit to the recipient
and measure such benefit by comparing the nominal value
associated with the medium-term equilibrium exchange
rate of the currency of the exporting country,
identified by the Secretary pursuant to section
102(b)(7) of such Act, to the official daily exchange
rate identified by the administering authority.
``(C) Definitions.--
``(i) Macroeconomic-balance approach.--The
term `marcroeconomic-balance approach' means a
methodology under which the level of
undervaluation of the real effective exchange
rate of the exporting country's currency is
defined as the change in the real effective
exchange rate needed to achieve equilibrium in
the exporting country's balance of payments, as
such methodology is described in the guidelines
of the International Monetary Fund's
Consultative Group on Exchange Rate Issues, if
available.
``(ii) Equilibrium-real-exchange-rate
approach.--The term `equilibrium-real-exchange-
rate approach' means a methodology under which
the level of undervaluation of the real
effective exchange rate of the exporting
country's currency is defined as the difference
between the observed real effective exchange
rate and the real effective exchange rate
predicted by an econometric model, as such
methodology is described in the guidelines of
the International Monetary Fund's Consultative
Group on Exchange Rate Issues, if available.''.
SEC. 111. NONMARKET ECONOMY STATUS.
Paragraph (18)(B) of section 771 of the Tariff Act of 1930 (19
U.S.C. 1677(18)(B)) is amended--
(1) by striking ``and'' at the end of clause (v); and
(2) by redesignating clause (vi) as clause (vii) and
inserting after clause (v) the following:
``(vi) whether the currency of the foreign
country is designated, or has been designated
at any time over the 5 years prior to review of
nonmarket economy status, a currency for
priority action pursuant to section 103(a)(3)
of the Currency Exchange Rate Oversight Reform
Act of 2010, and''.
SEC. 112. APPLICATION TO CANADA AND MEXICO.
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 105(a)(1) and the
amendments made by sections 109, 110, and 111 shall apply with respect
to goods from Canada and Mexico.
SEC. 113. ADVISORY COMMITTEE ON INTERNATIONAL EXCHANGE RATE POLICY.
(a) Establishment.--
(1) In general.--There is established an Advisory Committee
on International Exchange Rate Policy (in this section referred
to as the ``Committee''). The Committee shall be responsible
for--
(A) advising the Secretary in the preparation of
each report to Congress on international monetary
policy and currency exchange rates, provided for in
section 102; and
(B) advising Congress and the President with
respect to--
(i) international exchange rates and
financial policies; and
(ii) the impact of such policies on the
economy of the United States.
(2) Membership.--
(A) In general.--The Committee shall be composed of
9 members as follows, none of whom shall be from the
Federal Government:
(i) Congressional appointees.--
(I) Senate appointees.--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.
(II) House appointees.--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.
(ii) Presidential appointee.--One person
shall be appointed by the President.
(B) Qualifications.--Persons shall be selected
under subparagraph (A) on the basis of their
objectivity and demonstrated expertise in finance,
economics, or currency exchange.
(3) Terms.--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.
(4) Vacancies.--Any vacancy in the Committee shall not
affect its powers, but shall be filled in the same manner as
the original appointment.
(b) Duration of Committee.--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.
(c) Public Meetings.--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.
(d) Chairperson.--The Committee shall elect from among its members
a chairperson for a term of 4 years or until the Committee terminates.
A chairperson of the Committee may be reelected chairperson but is
ineligible to serve consecutive terms as chairperson.
(e) Staff.--The Secretary shall make available to the Committee
such staff, information, personnel, administrative services, and
assistance as the Committee may reasonably require to carry out its
activities.
(f) Application of Federal Advisory Committee Act.--
(1) In general.--The provisions of the Federal Advisory
Committee Act (5 U.S.C. App.) shall apply to the Committee.
(2) Exception.--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.
SEC. 114. REPEAL OF THE EXCHANGE RATES AND INTERNATIONAL ECONOMIC
POLICY COORDINATION ACT OF 1988.
The Exchange Rates and International Economic Policy Coordination
Act of 1988 (22 U.S.C. 5301 et seq.) is repealed.
TITLE II--PERMANENT EXTENSION OF CERTAIN CHARITABLE PROVISIONS
SEC. 201. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT PLANS FOR
CHARITABLE PURPOSES.
(a) In General.--Section 408(d)(8) of the Internal Revenue Code of
1986 is amended by striking subparagraph (F).
(b) Effective Date.--The amendment made by this section shall apply
to distributions made in taxable years beginning after December 31,
2009.
SEC. 202. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF FOOD
INVENTORY.
(a) In General.--Section 170(e)(3)(C) of the Internal Revenue Code
of 1986 is amended by striking clause (iv).
(b) Effective Date.--The amendment made by this section shall apply
to contributions made after December 31, 2009.
SEC. 203. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF BOOK
INVENTORIES TO PUBLIC SCHOOLS.
(a) In General.--Section 170(e)(3)(D) of the Internal Revenue Code
of 1986 is amended by striking clause (iv).
(b) Effective Date.--The amendment made by this section shall apply
to contributions made after December 31, 2009.
SEC. 204. ENHANCED CHARITABLE DEDUCTION FOR CORPORATE CONTRIBUTIONS OF
COMPUTER INVENTORY FOR EDUCATIONAL PURPOSES.
(a) In General.--Section 170(e)(6) of the Internal Revenue Code of
1986 is amended by striking subparagraph (G).
(b) Effective Date.--The amendment made by this section shall apply
to contributions made in taxable years beginning after December 31,
2009.
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