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H.R. 2942 · 110th Congress

Currency Reform for Fair Trade Act of 2007

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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

TRD RyanSponsor
77 cosponsors · 44 D, 33 R
DHR Hunter JAD Altmire DBR Burton RDD DeLauro DKD Kildee CMD McCarthy JMD McGovern MMD Michaud CMD Murphy HSD Shuler BSD Sutton CWD Wilson JGR Gerlach RHR Hayes LSD Sanchez LSD Slaughter CED Edwards PGR Gingrey JJD Jackson KMD Meek PVD Visclosky JDD Donnelly EGR Gallegly SLR LaTourette SMR Myrick ZSD Space SBR Bachus PDD DeFazio JDD Dingell RHD Holt BIR Inglis EJD Johnson WJR Jones CKD Kilpatrick JMR McHugh BBD Braley LGR Gohmert DRR Rohrabacher FSR Sensenbrenner JSD Schakowsky RAR Aderholt MDD Doyle AMD Mollohan DMR Manzullo BSD Stupak SLD Lynch JSR Saxton ECD Cleaver VER Ehlers BHD Higgins EPD Pastor HRR Rogers MAD Arcuri JGR Gresham Barrett JPR Pitts GBR Brown-Waite HCR Coble DLD Lipinski TPR Platts JWR Wilson THD Holden SKD Kagen JWR Walsh HSD Solis TMR Murphy JOD Olver KCD Castor MSR Souder AWD Wynn PHD Hare WJD Jefferson ZWR Wamp RAD Andrews BED Ellsworth MRR Rogers SGR Graves RKR Kuhl

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Currency Reform for Fair Trade Act of 2007 - Amends the Tariff Act of 1930 to expand the authority of the administering authority or the International Trade Commission (ITC) to impose countervailing duties on products from a nonmarket economy country that have been provided a countervailable subsidy.

What it does: CRS summary · Introduced in House · Jun 28, 2007

Currency Reform for Fair Trade Act of 2007 - Amends the Tariff Act of 1930 to expand the authority of the administering authority or the International Trade Commission (ITC) to impose countervailing duties on products from a nonmarket economy country that have been provided a countervailable subsidy. Requires, when measuring subsidy benefits, the use of benchmarks outside of a nonmarket economy country when benchmarks in such a country are not available or are inappropriate.

Includes fundamental and actionable misalignment of a currency (undervaluation of a foreign currency) by a foreign country as a countervailable subsidy.

Directs the Secretary of the Treasury (Secretary) to: (1) report annually to Congress on international monetary policy and currency exchange rates (including fundamentally misaligned currencies); (2) analyze semiannually the prevailing real exchange rates between the U.S. dollar and foreign currencies and to designate fundamentally misaligned foreign currencies for priority action; and (3) seek bilateral consultations with fundamentally misaligned currency countries designated for priority action to eliminate such misalignment.

Requires the United States to inform the Managing Director of the International Monetary Fund (IMF) of countries that fail to eliminate fundamentally misaligned currencies designated for priority action and to request the IMF Managing Director to consult with such countries regarding their observance of the IMF Articles of Agreement and to report the results of such consultations to the IMF Executive Board. Prohibits the Overseas Private Investment Corporation (OPIC) from, and instructs multilateral banks to oppose, financing projects in countries that issue fundamentally misaligned currencies designated for priority action.

Requires: (1) the Secretary to take certain actions with respect to countries that fail to eliminate fundamentally misaligned currencies designated for priority action; and (2) the United States Trade Representative (USTR) to request consultations in the World Trade Organization (WTO) with such countries regarding the consistency of their actions with regard the WTO Agreement.

Establishes an Advisory Committee on International Exchange Rate Policy.

Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Currency Reform for Fair Trade Act of 2007

Latest action (Jul 12, 2007): Referred to the Subcommittee on Trade.

Policy area: Foreign Trade and International Finance · Origin: House · Introduced: Jun 28, 2007

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.