Fair Currency Practices Act of 2005
Latest action · Jun 3, 2005 Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
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.
- IntroducedMay 10, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Fair Currency Practices Act of 2005 - Amends the Exchange Rates and International Economic Policy Coordination Act of 1988 with respect to bilateral negotiations with countries considered to manipulate the rate of exchange between their currency and the U.S. dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade.
Modifies the preconditions for the initiation of negotiations by the Secretary of the Treasury to make them alternative rather than joint. (Requires the Secretary to consider that such manipulation is occurring with respect to countries that possess material global current account surpluses or (currently, and) significant bilateral trade surpluses with the United States.)
Declares that a country shall be considered to be manipulating the rate of exchange between its currency and the U.S. dollar if there is a protracted large-scale intervention in one direction in the exchange markets.
Authorizes the Secretary to find that a country is manipulating the rate of exchange based on any other factor or combination of factors.
Requires the Secretary to examine and report to Congress on the trade surplus of the People's Republic of China (PRC), particularly on: (1) why the trade surplus with the United States and other countries reported by the PRC differs from the trade surplus reported by the other countries; and (2) quantification of such differences.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from May 23, 2005 to Jun 8, 2005.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IN | Dan Burton | May 23, 2005 | |
| D-IL | Danny K. Davis | May 23, 2005 | |
| R-TN | Marsha Blackburn | May 23, 2005 | |
| R-MI | Thaddeus G. McCotter | May 23, 2005 | |
| R-GA | Lynn A. Westmoreland | Jun 8, 2005 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred May 10, 2005 |
| Trade Subcommittee | Referred May 16, 2005 | |
| House | Financial Services Committee | Referred May 10, 2005 |
| Domestic Monetary Policy and Technology Subcommittee | Referred Jun 3, 2005 | |
| House | Foreign Affairs Committee | Referred May 10, 2005 |
Actions 5
Everything that happened, newest first.
- Jun 3, 2005Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
- May 16, 2005Referred to the Subcommittee on Trade.
- May 10, 2005Introduced in House
- May 10, 2005Sponsor introductory remarks on measure. (CR E920-921)
- May 10, 2005Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and International Relations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E920 | Donald A. Manzullo R-IL | May 10, 2005 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 109-18 | DOES CHINA ENACT BARRIERS TO FAIR TRADE?192 pages | Small Business Committee | May 26, 2005 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 984 | Fair Currency Practices Act of 2005 | Identical bill | May 10, 2005 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Exchange Rates and International Economic Policy Coordination Act of 1988 to clarify the definition of manipulation with respect to currency, and for other purposes.
- Short Titles as Introduced
- Fair Currency Practices Act of 2005
Subjects
Assigned by the Library of Congress. Policy area: Foreign Trade and International Finance.
Text 1
Each version as it was printed, newest first.
- May 10, 2005Introduced in House
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.