A bill to amend the Exchange Rates and International Economic Policy Coordination Act of 1988 to clarify the conditions under which the Secretary should enter into negotiations to correct currency manipulations by other countries.
Latest action · Jul 22, 2004 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8754)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 22, 2004
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Exchange Rates and International Economic Policy Coordination Act of 1988 with respect to the conditions for required actions by the Secretary of the Treasury to initate expedited negotiations for exchange rate adjustments by a foreign country the Secretary considers to be manipulating the rate of exchange between its currency and the U.S. dollar in order to prevent effective balance of payments adjustments or gain unfair competitive advantage in international trade.
Repeals the requirement that such a country have a material global account surplus as well as a significant bilateral trade surplus with the United States. (Thus requires only that it have a significant bilateral trade surplus with the United States; that is, the Secretary is required to take action to initiate exchange rate adjustment negotiations with any country that has a significant bilateral trade surplus with the United States, regardless of its material global account status.)
Requires the Secretary's annual report to specified congressional committees to contain a detailed explanation of the test used to determine if a country is manipulating the rate of exchange between its currency and the dollar for such purposes.
Cosponsors 2
Members who signed on, in the order they did. All signed on Jul 22, 2004.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NC | Elizabeth Dole | Original | Jul 22, 2004 |
| R-OH | George V. Voinovich | Original | Jul 22, 2004 |
Actions 2
Everything that happened, newest first.
- Jul 22, 2004Introduced in Senate
- Jul 22, 2004Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8754)
Subjects
Assigned by the Library of Congress. Policy area: Foreign Trade and International Finance.
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.