US Congress House Bill 2378 (Prior Session Legislation)

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September 29 2010 - Received in the Senate and Read twice and referred to the Committee on Finance.
Text: Latest bill text (Engrossed) [PDF]

Currency Reform for Fair Trade Act - (Sec. 2) Amends the Tariff Act of 1930 to include as a "countervailable subsidy" requiring action under a countervailing duty or antidumping duty proceeding the benefit conferred on merchandise imported into the United States from foreign countries with fundamentally undervalued currency. Defines "benefit conferred," in cases where the currency of a foreign country is exchanged for foreign currency (i.e., U.S. dollars) obtained from export transactions, as the difference between: (1) the amount of currency provided by a foreign country in which the subject merchandise is produced; and (2) the amount of currency such country would have provided if the real effective exchange rate of its currency were not fundamentally undervalued. Declares that the fact that such a subsidy is also provided in circumstances not involving export shall not, for that reason alone, mean it cannot be considered export contingent and actionable under a countervailing duty and antidumping duty proceeding. Requires the administering authority to determine that the currency of a foreign country is fundamentally undervalued if for an 18-month period: (1) the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets; (2) the country's real effective exchange rate is undervalued by at least 5%; (3) the country has experienced significant and persistent global current account surpluses; and (4) the country's government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations falling due within the coming 12 months, 20% percent of the country's money supply, and the value of the country's imports during the previous 4 months. Requires the use, for calculating a country's "real effective exchange rate undervaluation," of certain guidelines of the Consultative Group on Exchange Rate Issues of the International Monetary Fund (IMF) or, if those guidelines are not available, generally accepted economic and econometric techniques and methodologies. Requires the use, also, of inflation-adjusted, trade-weighted exchange rates. (Sec. 3) Directs the Comptroller General to report to Congress on the implementation of this Act.

Currency Reform for Fair Trade Act

Rep Rush, Bobby L.	Rep Altmire, Jason	Rep McHugh, John M.	Rep Sensenbrenner, F. James, Jr.
Rep Hunter, Duncan D.	Rep Coffman, Mike	Rep Rogers, Mike D.	Rep McCotter, Thaddeus G.
Rep Calvert, Ken	Rep Bishop, Rob	Rep Boren, Dan	Rep Ellsworth, Brad
Rep Donnelly, Joe	Rep Dent, Charles W.	Rep Coble, Howard	Rep Carney, Christopher P.
Rep Buyer, Steve	Rep Burton, Dan	Rep Brown, Henry E., Jr.	Rep Duncan, John J., Jr.
Rep Davis, Lincoln	Rep Visclosky, Peter J.	Rep Speier, Jackie	Rep Slaughter, Louise McIntosh
Rep Shea-Porter, Carol	Rep Sestak, Joe	Rep Sanchez, Loretta	Rep Sanchez, Linda T.
Rep Ryan, Tim	Rep Woolsey, Lynn C.	Rep Bishop, Sanford D., Jr.	Rep Ehlers, Vernon J.
Rep Young, Don	Rep Tonko, Paul D.	Rep Platts, Todd Russell	Rep Murphy, Tim
Rep McGovern, James P.	Rep Griffith, Parker	Rep Shuler, Heath	Rep Gerlach, Jim
Rep Hill, Baron P.	Rep Westmoreland, Lynn A.	Rep Rohrabacher, Dana	Rep Kanjorski, Paul E.
Rep Wilson, Joe	Rep Wilson, Charles A.	Rep Upton, Fred	Rep Turner, Michael R.
Rep Thompson, Glenn	Rep Akin, W. Todd	Rep Bachus, Spencer	Rep Owens, William L.
Rep Delahunt, Bill	Rep Whitfield, Ed	Rep Rogers, Mike J.	Rep Rogers, Harold
Rep Pitts, Joseph R.	Rep McHenry, Patrick T.	Rep Barrett, J. Gresham	Rep Souder, Mark E.
Rep Shuster, Bill	Rep Luetkemeyer, Blaine	Rep Lee, Christopher J.	Rep LaTourette, Steven C.
Rep Kissell, Larry	Rep Jones, Walter B., Jr.	Rep Inglis, Bob	Rep Holden, Tim
Rep Hoekstra, Peter	Rep Manzullo, Donald A.	Rep McIntyre, Mike	Rep Schauer, Mark H.
Rep Salazar, John T.	Rep Ross, Mike	Rep Rahall, Nick J., II	Rep Petri, Thomas E.
Rep Myrick, Sue Wilkins	Rep Mollohan, Alan B.	Rep Miller, Candice S.	Rep Critz, Mark S.
Rep Miller, George	Rep Baca, Joe	Rep Arcuri, Michael A.	Rep Andrews, Robert E.
Rep Welch, Peter	Rep Sutton, Betty	Rep Stupak, Bart	Rep Stark, Fortney Pete
Rep Space, Zachary T.	Rep Baldwin, Tammy	Rep Berkley, Shelley	Rep Costello, Jerry F.
Rep Conyers, John, Jr.	Rep Cleaver, Emanuel	Rep Brady, Robert A.	Rep Boswell, Leonard L.
Rep Boccieri, John A.	Rep Blumenauer, Earl	Rep Berry, Marion	Rep Sherman, Brad
Rep Schakowsky, Janice D.	Rep Edwards, Chet	Rep Dingell, John D.	Rep Dahlkemper, Kathleen A.
Rep Connolly, Gerald E. "Gerry"	Rep Braley, Bruce L.	Rep Boucher, Rick	Rep Barrow, John
Rep Spratt, John M., Jr.	Rep Foster, Bill	Rep Green, Gene	Rep Pascrell, Bill, Jr.
Rep Murphy, Christopher S.	Rep Matsui, Doris O.	Rep Massa, Eric J. J.	Rep Markey, Edward J.
Rep Maffei, Daniel B.	Rep Kilroy, Mary Jo	Rep Kagen, Steve	Rep Courtney, Joe
Rep Cummings, Elijah E.	Rep McCarthy, Carolyn	Rep Lynch, Stephen F.	Rep Loebsack, David
Rep Lipinski, Daniel	Rep Larson, John B.	Rep Kucinich, Dennis J.	Rep Kildee, Dale E.
Rep Kaptur, Marcy	Rep McCollum, Betty	Rep Michaud, Michael H.	Rep Pingree, Chellie
Rep Peters, Gary C.	Rep Perriello, Thomas S.P.	Rep Olver, John W.	Rep Norton, Eleanor Holmes
Rep Murtha, John P.	Rep Murphy, Patrick J.	Rep Miller, Brad	Rep Johnson, Eddie Bernice
Rep Jackson, Jesse L., Jr.	Rep Grijalva, Raul M.	Rep Green, Al	Rep Fudge, Marcia L.
Rep Filner, Bob	Rep Ellison, Keith	Rep Doyle, Michael F.	Rep DeLauro, Rosa L.
Rep DeFazio, Peter A.	Rep Gutierrez, Luis V.	Rep Hall, John J.	Rep Holt, Rush D.
Rep Hodes, Paul W.	Rep Hinchey, Maurice D.	Rep Higgins, Brian	Rep Heinrich, Martin
Rep Hastings, Alcee L.	Rep Hare, Phil	Rep Halvorson, Deborah L.	Rep Richardson, Laura

Date	Chamber	Action
2010-09-29		Received in the Senate and Read twice and referred to the Committee on Finance.
2010-09-29		The title of the measure was amended. Agreed to without objection.
2010-09-29		Motion to reconsider laid on the table Agreed to without objection.
2010-09-29		On passage Passed by recorded vote: 348 - 79 (Roll no. 554). (text: CR H7259-7260)
2010-09-29		The previous question was ordered pursuant to the rule. (consideration: CR H7272)
2010-09-29		DEBATE - Pursuant to the provisions of H.Res. 1674, the House proceeded with one hour of debate on H.R. 2378, as amended.
2010-09-29		Rule provides for consideration of H.R. 847 and H.R. 2378. With respect to H.R. 847, the rule grants a closed rule providing one hour of debate in the House, with 30 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce, 20 minutes equally divided and controlled by the chair and ranking minority member of the Committee on the Judiciary, and 10 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Ways and Means.
2010-09-29		Considered under the provisions of rule H. Res. 1674. (consideration: CR H7259-7273)
2010-09-29		Rule H. Res. 1674 passed House.
2010-09-29		Rules Committee Resolution H. Res. 1674 Reported to House. Rule provides for consideration of H.R. 847 and H.R. 2378. With respect to H.R. 847, the rule grants a closed rule providing one hour of debate in the House, with 30 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Energy and Commerce, 20 minutes equally divided and controlled by the chair and ranking minority member of the Committee on the Judiciary, and 10 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Ways and Means.
2010-09-28		Placed on the Union Calendar, Calendar No. 386.
2010-09-28		Reported (Amended) by the Committee on Ways and Means. H. Rept. 111-646.
2009-05-13		Referred to the House Committee on Ways and Means.

SB1027 (Related) 2009-05-13 - Read twice and referred to the Committee on Finance.
SB1254 (Related) 2009-06-11 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB3134 (Related) 2010-03-17 - Read twice and referred to the Committee on Finance.
HR1674 (Related) 2010-09-29 - Motion to reconsider laid on the table Agreed to without objection.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HN02378:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-111hr2378ih/pdf/BILLS-111hr2378ih.pdf
Text	http://gpo.gov/fdsys/pkg/BILLS-111hr2378rh/pdf/BILLS-111hr2378rh.pdf
Text	http://gpo.gov/fdsys/pkg/BILLS-111hr2378eh/pdf/BILLS-111hr2378eh.pdf