A bill to amend the Exchange Rates and International Economic Coordination Act of 1988 and for other purposes.

Summary: Currency Reform and Financial Markets Access Act of 2007 - Amends the Exchange Rates and International Economic Policy Coordination Act of 1988 to revise U.S. policy provisions by urging: (1) the United States, and other major industrialized countries, to work together to ensure that the exchange rate of the currencies of major trading nations and the U.S. dollar reflect market forces and contribute to the growth and balance of the international economy; and (2) the United States to take appropriate action to ensure that U.S. trading partners are not engaged in hidden or unfair subsidies through management of their currency or international exchange rates.

Revises a certain annual analysis the Secretary of the Treasury (Secretary) must make with respect to the exchange rate policies of foreign countries to include an analysis of whether any country, regardless of intent, manipulates the exchange rate between its currency and the U.S. dollar in a manner that results in an accumulation of substantial dollar currency reserves. Requires the Secretary, if the Secretary makes specified findings, to make an affirmative determination that a country is manipulating its currency and to take the following actions, including: (1) establishing a plan to remedy the currency manipulation; and (2) initiating bilateral negotiations with such country, and instructing the Executive Director to the International Monetary Fund to use the U.S. vote, in order to ensure that such country adjusts the exchange rate between its currency and the U.S. dollar to permit balance of payment adjustments and to eliminate the unfair competitive advantage.

Provides procedures for a joint resolution of congressional disapproval when Congress disapproves of the Secretary's findings concerning currency manipulation.

Promoting Market Access for Financial Services Act - Amends the Financial Reports Act of 1988 to require: (1) the Secretary to report annually (under current law, every four years) to Congress beginning July 1, 2008, on the treatment of U.S. financial institutions by foreign countries; and (2) such report to include a summary of the results of the most recent U.S.-China Strategic Economic Dialogue (SED) and how such results pertain to promoting foreign market access for U.S. financial institutions.

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    ``(a) In General.--In this section, the term `joint resolution' 
means only a joint resolution introduced in the period beginning on the 
date on which the report referred to section 3004(b)(3) of the Exchange 
Rates and International Economic Policy Coordination Act of 1988 is 
received by the Committee on Banking, Housing and Urban Affairs of the 
Senate or the Committee on Financial Services of the House of 
Representatives and ending 60 days thereafter (excluding days either 
House of Congress is adjourned for more than 3 days during a session of 
Congress), the matter after the resolving clause of which is as 
follows: `That Congress disapproves of the determination of the 
Secretary of the Treasury relating to the finding of currency 
manipulation as described in section 3004(b) of the Exchange Rates and 
International Economic Policy Coordination Act of 1988 in the report 
relating to ________, submitted on ___________.', with the first blank 
space being filled with the name of the country (or countries) to which 
the determination relates and the second blank space being filled with 
the date the report was submitted.
    ``(b) Procedures for Considering Resolutions.--
            ``(1) Original resolutions.--Resolutions of disapproval 
        shall be original resolutions, which--
                    ``(A) in the House of Representatives shall 
                originate from the Committee on Financial Services and, 
                in addition, be referred to the Committee on Rules; and
                    ``(B) in the Senate shall originate from the 
                Committee on Banking, Housing, and Urban Affairs.
            ``(2) Floor consideration.--
                    ``(A) In general.--Except as otherwise provided in 
                this section, the provisions of subsections (d) through 
                (f) of section 152 of the Trade Act of 1974 (19 U.S.C. 
                2192(d) through (f)) (relating to floor consideration 
                of certain resolutions in the House and Senate) apply 
                to a joint resolution of disapproval under this section 
                to the same extent as such subsections apply to joint 
                resolutions under such section 152.
                    ``(B) Modification of section 152.--Section 152(f) 
                of the Trade Act of 1974 shall be applied--
                            ``(i) by substituting `described in section 
                        3004A of the Exchange Rates and International 
                        Economic Policy Coordination Act of 1988' for 
                        `described in section 152 or 153(a), whichever 
                        is applicable,' in paragraph (2); and
                            ``(ii) by substituting `a joint resolution 
                        described in section 3004A of the Exchange 
                        Rates and International Economic Policy 
                        Coordination Act of 1988' for `a joint 
                        resolution described in subsection (a)(2)(B)' 
                        in paragraph (3).
    ``(c) Rules of House of Representatives and Senate.--This section 
is enacted by the Congress--
            ``(1) as an exercise of the rulemaking power of the House 
        of Representatives and the Senate, respectively, and as such 
        are deemed a part of the rules of each House, respectively, and 
        such procedures supersede other rules only to the extent that 
        they are inconsistent with such other rules; and
            ``(2) with the full recognition of the constitutional right 
        of either House to change the rules (so far as relating to the 
        procedures of that House) at any time, in the same manner, and 
        to the same extent as any other rule of that House.''.

                TITLE II--FINANCIAL REPORTS ACT OF 1988

SEC. 201. SHORT TITLE.

    This title may be cited as the ``Promoting Market Access for 
Financial Services Act''.

SEC. 202. REPORT ON FOREIGN TREATMENT OF UNITED STATES FINANCIAL 
              INSTITUTIONS.

    The Financial Reports Act of 1988 (22 U.S.C. 5351 et seq.) is 
amended--
            (1) in section 3602--
                    (A) by striking ``quadrennial'' and inserting 
                ``annual'' in the heading;
                    (B) by striking ``not less frequently than every 4 
                years, beginning December 1, 1990'' and inserting 
                ``beginning July 1, 2008, and annually thereafter,''; 
                and
                    (C) by striking ``to the Congress'' and inserting 
                ``to the Committee on Banking, Housing, and Urban 
                Affairs of the Senate and the Committee on Financial 
                Services of the House of Representatives'';
            (2) in section 3603--
                    (A) by redesignating subsections (b), (c), and (d) 
                as subsections (c), (d), and (e), respectively; and
                    (B) by inserting after subsection (a), the 
                following:
    ``(b) Report on SED.--The Secretary shall include in the initial 
report required under section 3602 a summary of the results of the most 
recent US-China Strategic Economic Dialogue (SED) and the results of 
the SED as it relates to promoting market access for financial 
institutions. The reports required under section 3602 shall include a 
progress report on the implementation of any agreements resulting from 
the SED, a description of the remaining challenges, if any, in 
improving market access for financial institutions, and a plan, 
including benchmarks and timeframes, for dealing with the remaining 
challenges. Each report shall specifically address issues regarding--
            ``(1) foreign investment rules;
            ``(2) the problems of a dual-share stock market;
            ``(3) the openness of the derivatives market;
            ``(4) restrictions on foreign bank branching;
            ``(5) the ability to offer insurance (including innovative 
        products); and
            ``(6) regulatory and procedural transparency.''.