[Federal Register Volume 71, Number 54 (Tuesday, March 21, 2006)]
[Notices]
[Pages 14291-14292]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-2768]


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DEPARTMENT OF THE TREASURY


Request for Comments on Treasury's Report to Congress on 
International and Exchange Rate Policies

AGENCY: Office of the Under Secretary for International Affairs, 
Treasury.

ACTION: Request for comments.

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SUMMARY: The Office of the Under Secretary for International Affairs of 
the U.S. Department of the Treasury invites all interested parties to 
comment on the methodology used in preparing its semi-annual report to 
Congress on International and Exchange Rate Policies and to submit 
views on the contents of its next report.

DATES: Written comments must be received on or before April 7, 2006.

ADDRESSES: Comments may be submitted by mail, facsimile or email. All 
comments should contain the following information in the heading: 
``Attn: Request for Public Comments on the Report to Congress on 
International and Exchange Rate Policies.''
    Mailing address: Office of the Under Secretary for International 
Affairs, Department of the Treasury, 1500 Pennsylvania Avenue, NW., 
Washington, DC 20220.
    Facsimile: (202) 622-2009 (not a toll-free number).
    Email: [email protected].

For further information concerning the submission of comments, refer to 
the heading ``Request for Comments'' in the SUPPLEMENTARY INFORMATION 
portion of this notice.

FOR FURTHER INFORMATION CONTACT: John Weeks, Director, Global Economics 
Unit, Department of the Treasury, 1500 Pennsylvania Avenue, NW., 
Washington, DC 20220, (202) 622-9885 (not a toll-free number), 
[email protected].

SUPPLEMENTARY INFORMATION:

Background

    Section 3004 of Public Law 100-418 (22 U.S.C. 5304) requires, inter 
alia, that the Secretary of the Treasury analyze on an annual basis the 
exchange rate policies of foreign countries, in consultation with the 
International Monetary Fund, and consider whether countries manipulate 
the rate of exchange between their currency and the United States 
dollar for purposes of preventing effective balance of payments 
adjustment or gaining unfair competitive advantage in international 
trade. Section 3004 further requires that: ``If the Secretary considers 
that such manipulation is occurring with respect to countries that (1) 
have material global current account surpluses; and (2) have 
significant bilateral trade surpluses with the United States, the 
Secretary of the Treasury shall take action to initiate negotiations 
with such foreign countries on an expedited basis, in the International 
Monetary Fund or bilaterally, for the purpose of ensuring that such 
countries regularly and promptly adjust the rate of exchange between 
their currencies and the United States dollar to permit effective 
balance of payment adjustments and to eliminate the unfair advantage.''
    Section 3005 (22 U.S.C. 5305) requires, inter alia, the Secretary 
of the Treasury to provide each six months a report on international 
economic policy, including exchange rate policy. Among other matters, 
the reports are to contain the results of negotiations conducted 
pursuant to Section 3004. Each of these reports bears the title, Report 
to Congress on International Economic and Exchange Rate Policies, (the 
``Report'').
    Treasury is soliciting comments on the methods used by Treasury to 
analyze the economies and exchange rate policies of foreign countries 
in order to help improve the process of carrying out its 
responsibilities under Sections 3004 and 3005. The most recent Report 
can be found on the Web site of the Office of the Under Secretary for 
International Affairs, at http://www.treas.gov/offices/international-affairs/economic-exchange-rates/. Treasury is also soliciting views on 
approaches that might be fruitful in the upcoming spring 2006 Report.

Request for Comments

    Comments must be submitted in writing by one of the methods 
specified in the ADDRESSES portion of this notice. All comments should 
contain the following information in the heading: ``Attn: Request for 
Comments on the Report to Congress on International and Exchange Rate 
Policies.'' Comments must be received by April 7, 2006. Treasury 
requests that comments be no more than two pages in length.
    The Office of the Under Secretary for International Affairs will 
not accept

[[Page 14292]]

comments accompanied by a request that all or part of the submission be 
treated as confidential because of its business proprietary nature or 
for any other reason. All comments received by April 7, 2006 will be a 
matter of public record.

Clay Lowery,
Assistant Secretary of the Treasury.
[FR Doc. 06-2768 Filed 3-20-06; 8:45 am]
BILLING CODE 4811-37-P