Expresses congressional concern over the detrimental effects of currency manipulation by foreign governments on the U.S. economy, especially the manufacturing sector.
Calls on the President to: (1) vigorously enforce U.S. trade laws dealing with such practices; (2) encourage the harmonization of an international exchange rate policy of freely floating exchange rates based on market forces; and (3) review all tools available to counteract currency manipulation.
Urges that: (1) the executive branch take certain steps to enable the dollar and other major currencies to move toward their equilibrium rates; (2) the Secretary of the Treasury include in each semiannual report on international economic and exchange rate policies the currency manipulation practices of foreign governments; and (3) the U.S. Trade Representative take action under section 301 of the Trade Act of 1974 to combat such practices should negotiations fail to produce meaningful results.