H.R. 4986 · 108th Congress
Currency Rate Adjustment and Trade Enforcement Act
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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RogersSponsor2 cosponsors · 1 D, 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Currency Rate Adjustment and Trade Enforcement Act - Requires the Secretary of the Treasury to analyze the exchange rate policies of the People's Republic of China (PRC) to determine whether the PRC maintains the rate of exchange between its currency and the U.S.
What it does: CRS summary · Introduced in House · Jul 22, 2004
Currency Rate Adjustment and Trade Enforcement Act - Requires the Secretary of the Treasury to analyze the exchange rate policies of the People's Republic of China (PRC) to determine whether the PRC maintains the rate of exchange between its currency and the U.S. dollar in a manner that interferes with effective balance of payments adjustments or confers a competitive advantage in international trade that would not exist if the currency value were set by market forces. Directs the Secretary, if such determination is affirmative, to compute the rate of undervaluation against the dollar in the form of a percentage.
Requires the Secretary to determine the PRC global balance of trade by comparing China's import and export data by country, as reported by the Chinese Government, with its export and import data, as reported by the government of each country that is a trading partner of China, taking into account reexports to and from China through Hong Kong.
Requires the President, in any case in which a report of the Secretary to specified congressional committees includes a rate of undervalution, to seek authorization in the World Trade Organization (WTO) through dispute settlement to: (1) offset the subsidy inherent in the undervalued currency by the application of across-the-board equivalent tariffs, on the basis of the rate of such undervaluation, on the importation into the United States of all PRC products; and (2) take measures to offset the disadvantage resulting from such undervaluation to exports to the PRC of U.S. goods and services.
Requires annual modifications of such measure, consistent with U.S. and WTO obligations, to the extent necessary to comply with the Secretary's most recent report.
Authorizes the Secretary to modify any imposed measures or modifications 30 days after notifying Congress of a substantial change in the PRC's degree of currency undervaluation.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Currency Rate Adjustment and Trade Enforcement Act
Latest action (Aug 4, 2004): Referred to the Subcommittee on Trade.
Policy area: Foreign Trade and International Finance · Origin: House · Introduced: Jul 22, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.