United States Fair Currency Practices Act of 2006
Latest action · Sep 30, 2006 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 656.
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.
- IntroducedSep 28, 2006
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
United States Fair Currency Practices Act of 2006 - Amends the Exchange Rates and International Economic Policy Coordination Act of 1988 to direct the Secretary of the Treasury to consider in the annual analysis of foreign exchange rate policies whether countries have a currency that is in fundamental misalignment (as defined by this Act), and if so, to initiate bilateral corrective negotiations.
Directs the Secretary, prior to U.S. approval of a change in an international financial institution's governance, to determine whether a member who would benefit from such change has a currency that is manipulated or in fundamental misalignment, and if so, oppose such change.
Amends the Tariff Act of 1930, in determining a nonmarket economy country, to consider whether such country's manipulation or fundamental misalignment of its currency adversely affects the U.S. economy.
Includes exchange rate misalignment (as defined by this Act) as a countervailable subsidy.
Amends the Trade Act of 1974 to include exchange rate misalignment by the People's Republic of China (PRC) as a condition in determining market disruption.
Prohibits the Department of Defense (DOD) from procuring defense articles imported from the PRC if such articles are competitive with domestic industry articles critical to the defense industrial base of the United States.
Applies provisions of this Act respecting countervailable subsidies and nonmarket economy status to goods from Canada and Mexico.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Sep 30, 2006Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 656.
- Sep 28, 2006Introduced in Senate
- Sep 28, 2006Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (text of measure as introduced: CR S10486-10489)
Subjects
Assigned by the Library of Congress. Policy area: Foreign Trade and International Finance.
- Armed Forces and National Security
- Balance of payments
- Canada
- China
- Congress
- Congress and foreign policy
- Congressional oversight
- Congressional reporting requirements
- Countervailing duties
- Defense procurement
- East Asia
- Export subsidies
- Foreign exchange
- Foreign Trade and International Finance
- Government Operations and Politics
- Governmental investigations
- Import relief
- International Affairs
- International monetary system
- Latin America
- Mexico
- Trade negotiations
Text 1
Each version as it was printed, newest first.
- Sep 30, 2006Placed on Calendar Senate
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.