Fair Currency Act of 2007
Latest action · Mar 7, 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 7, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Fair Currency Act of 2007 - Amends the Tariff Act of 1930 to expand the authority of the administering authority or the International Trade Commission (ITC) to impose countervailing duties on products from a nonmarket economy country that have been provided a countervailable subsidy. Includes exchange-rate misalignment (undervaluation of a foreign currency) by a country as a countervailable subsidy. Requires the administering authority to use methodologies that measure certain benchmarks outside of a nonmarket economy country where exchange-rate misalignment exists when measuring the benefit of a countervailable subsidy bestowed on a product by such country in a countervailing duty proceeding.
Amends the Trade Act of 1974 to include exchange-rate misalignment by the People's Republic of China as a condition in determining market disruption to the domestic producers of a like or directly competitive product from products imported from China.
Prohibits the Department of Defense from procuring defense articles imported from China if such articles are competitive with domestic industry articles critical to the defense industrial base of the United States.
Applies provisions of this Act to goods from Canada and Mexico.
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, 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 to require the administering authority in determining whether a country is a nonmarket economy country to consider whether such country's manipulation or fundamental misalignment of its currency adversely affects the U.S. economy.
Cosponsors 10
Members who signed on, in the order they did. Signatures ran from Mar 7, 2007 to May 1, 2008, with 4 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MI | Carl Levin | Original | Mar 7, 2007 |
| D-MI | Debbie Stabenow | Original | Mar 7, 2007 |
| D-IN | Evan Bayh | Original | Mar 7, 2007 |
| R-ME | Olympia J. Snowe | Original | Mar 7, 2007 |
| D-PA | Robert P. Casey Jr. | Mar 8, 2007 | |
| D-ND | Kent Conrad | Apr 11, 2007 | |
| D-OH | Sherrod Brown | Apr 18, 2007 | |
| D-WI | Russell D. Feingold | Apr 19, 2007 | |
| D-NY | Hillary Rodham Clinton | Apr 30, 2008 | |
| D-IL | Barack Obama | May 1, 2008 |
Actions 2
Everything that happened, newest first.
- Mar 7, 2007Introduced in Senate
- Mar 7, 2007Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 782 | Fair Currency Act of 2007 | Identical bill | Apr 12, 2007 |
| HR 2942 | Currency Reform for Fair Trade Act of 2007 | Related bill | Jul 12, 2007 |
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.
- Mar 7, 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.