US HB639 | 2011-2012 | 112th Congress
Status
Sponsorship: Slight Partisan Bill (Democrat 170-65)
Status: Introduced on February 10 2011 - 25% progression, died in committee
Action: 2011-02-14 - Referred to the Subcommittee on Trade.
Pending: House Subcommittee on Trade Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 10 2011 - 25% progression, died in committee
Action: 2011-02-14 - Referred to the Subcommittee on Trade.
Pending: House Subcommittee on Trade Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Currency Reform for Fair Trade Act - 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. Applies the amendments made by this Act to goods from Canada and Mexico.
Title
Currency Reform for Fair Trade Act
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2011-02-14 | House | Referred to the Subcommittee on Trade. |
| 2011-02-10 | House | Referred to the House Committee on Ways and Means. |
Same As/Similar To
SB328 (Same As) 2011-02-14 - Read twice and referred to the Committee on Finance.
HB3638 (Related) 2012-02-09 - Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
HB3638 (Related) 2012-02-09 - Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Subjects
Canada
Currency
Foreign trade and international finance
International monetary system and foreign exchange
Latin America
Mexico
Tariffs
Currency
Foreign trade and international finance
International monetary system and foreign exchange
Latin America
Mexico
Tariffs
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/112th-congress/house-bill/639/all-info |
| Text | https://www.congress.gov/112/bills/hr639/BILLS-112hr639ih.pdf |
