Currency Rate Adjustment and Trade Enforcement Act
Latest action · May 26, 2005 Referred to the Subcommittee on Trade.
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 17, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Currency Rate Adjustment and Trade Enforcement Act - Requires the Secretary of the Treasury to analyze the exchange rate policies of the People's Republic of China (PRC) to determine whether the PRC maintains the rate of exchange between its currency and the U.S. dollar in a manner that interferes with effective balance of payments adjustments or confers a competitive advantage in international trade that would not exist if the currency value were set by market forces. Directs the Secretary, if such determination is affirmative, to compute the rate of undervaluation against the dollar in the form of a percentage.
Requires the Secretary to determine the PRC global balance of trade by comparing China's import and export data by country, as reported by the Chinese Government, with its export and import data, as reported by the government of each country that is a trading partner of China, taking into account reexports to and from China through Hong Kong.
Requires the President, in any case in which a report of the Secretary to specified congressional committees includes a rate of undervalution, to seek authorization in the World Trade Organization (WTO) through dispute settlement to: (1) offset the subsidy inherent in the undervalued currency by the application of across-the-board equivalent tariffs, on the basis of the rate of such undervaluation, on the importation into the United States of all PRC products; and (2) take measures to offset the disadvantage resulting from such undervaluation to exports to the PRC of U.S. goods and services.
Requires annual modifications of such measure, consistent with U.S. and WTO obligations, to the extent necessary to comply with the Secretary's most recent report.
Authorizes the Secretary to modify any imposed measures or modifications 30 days after notifying Congress of a substantial change in the PRC's degree of currency undervaluation.
Cosponsors 1
Members who signed on, in the order they did. All signed on May 17, 2005.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MI | Thaddeus G. McCotter | Original | May 17, 2005 |
Actions 3
Everything that happened, newest first.
- May 26, 2005Referred to the Subcommittee on Trade.
- May 17, 2005Introduced in House
- May 17, 2005Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Foreign Trade and International Finance.
- Balance of payments
- China
- Congress
- Congress and foreign policy
- Congressional oversight
- Congressional reporting requirements
- Currency devaluation
- Dispute settlement
- East Asia
- Export subsidies
- Exports
- Foreign exchange
- Foreign Trade and International Finance
- Governmental investigations
- Imports
- International Affairs
- International agencies
- International competitiveness
- Tariff
Text 1
Each version as it was printed, newest first.
- May 17, 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.