S. 1021 · 110th Congress
Japan Currency Manipulation Act
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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.
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StabenowSponsorNo cosponsors.
Japan Currency Manipulation Act - Directs the Secretary of the Treasury to report to Congress on: (1) currency intervention by Japan with respect to the rate of exchange of the Japanese yen and the U.S. dollar and other currencies since 2000; and (2) any effort by Japan to create an exchange-rate misalignment of the Japanese yen with respect to the U.S.
What it does: CRS summary · Introduced in Senate · Mar 28, 2007
Japan Currency Manipulation Act - Directs the Secretary of the Treasury to report to Congress on: (1) currency intervention by Japan with respect to the rate of exchange of the Japanese yen and the U.S. dollar and other currencies since 2000; and (2) any effort by Japan to create an exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies since March 2004.
Requires the Secretary to submit to Congress a proposal for a comprehensive joint U.S.-European Union plan to address the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies.
Directs the Secretary to: (1) initiate consultations with Japan to decrease Japan's foreign currency reserve holdings to permit effective balance of payments adjustments and to eliminate its unfair competitive advantage in international trade; and (2) take appropriate action to dissuade, prevent, or object to currency intervention by Japan.
Directs the United States to call for the convening of a special meeting of the International Monetary Fund (IMF) to reach a multilateral agreement regarding: (1) the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies; (2) the destabilizing effects of the exchange-rate misalignment of the Japanese yen; and (3) Japan's excessive foreign currency reserve holdings.
Directs the Secretary to report to Congress on: (1) progress made toward decreasing Japan's foreign currency reserve holdings; and (2) actions taken at meetings of the G-7 Leaders, G-7 Finance Ministers, and the IMF regarding the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies, including any progress toward eliminating such misalignment.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Japan Currency Manipulation Act
Latest action (Mar 28, 2007): Read twice and referred to the Committee on Finance.
Policy area: Foreign Trade and International Finance · Origin: Senate · Introduced: Mar 28, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.