Japan Currency Manipulation Act
Latest action · Mar 28, 2007 Read twice and referred to the Committee on Finance.
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.
- IntroducedMar 28, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Japan Currency Manipulation Act - Directs the Secretary of the Treasury to report to Congress on: (1) currency intervention by Japan with respect to the rate of exchange of the Japanese yen and the U.S. dollar and other currencies since 2000; and (2) any effort by Japan to create an exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies since March 2004.
Requires the Secretary to submit to Congress a proposal for a comprehensive joint U.S.-European Union plan to address the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies.
Directs the Secretary to: (1) initiate consultations with Japan to decrease Japan's foreign currency reserve holdings to permit effective balance of payments adjustments and to eliminate its unfair competitive advantage in international trade; and (2) take appropriate action to dissuade, prevent, or object to currency intervention by Japan.
Directs the United States to call for the convening of a special meeting of the International Monetary Fund (IMF) to reach a multilateral agreement regarding: (1) the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies; (2) the destabilizing effects of the exchange-rate misalignment of the Japanese yen; and (3) Japan's excessive foreign currency reserve holdings.
Directs the Secretary to report to Congress on: (1) progress made toward decreasing Japan's foreign currency reserve holdings; and (2) actions taken at meetings of the G-7 Leaders, G-7 Finance Ministers, and the IMF regarding the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies, including any progress toward eliminating such misalignment.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Mar 28, 2007Introduced in Senate
- Mar 28, 2007Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2886 | Japan Currency Manipulation Act | Identical bill | Jul 3, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Foreign Trade and International Finance.
- Balance of payments
- Congress
- Congress and foreign policy
- Congressional reporting requirements
- East Asia
- Europe
- European Union
- Foreign exchange
- Foreign Trade and International Finance
- International Affairs
- International competitiveness
- International monetary system
- Japan
- Nontariff trade barriers
- Trade negotiations
Text 1
Each version as it was printed, newest first.
- Mar 28, 2007Introduced in 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.