II 

111TH CONGRESS 

1ST SESSION S. 1254 

To provide for identification of misaligned currency, require action to correct 

the misalignment, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JUNE 11, 2009 

Mr. SCHUMER (for himself and Mr. GRAHAM) introduced the following bill; 

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To provide for identification of misaligned currency, require 

action to correct the misalignment, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Currency Exchange 

5 Rate Oversight Reform Act of 2009’’. 

6 SEC. 2. DEFINITIONS. 

7 In this Act: 

8 (1) ADMINISTERING AUTHORITY.—The term 

9 ‘‘administering authority’’ means the authority reVerDate Nov 24 2008 02:56 Jun 12, 2009 Jkt 079200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1254.IS S1254

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1 ferred to in section 771(1) of the Tariff Act of 1930 

2 (19 U.S.C. 1677(1)). 

3 (2) AGREEMENT ON GOVERNMENT PROCURE4 MENT.—The term ‘‘Agreement on Government Pro5 curement’’ means the agreement referred to in sec6 tion 101(d)(17) of the Uruguay Round Agreements 

7 Act (19 U.S.C. 3511(d)(17)). 

8 (3) COUNTRY.—The term ‘‘country’’ means a 

9 foreign country, dependent territory, or possession of 

10 a foreign country, and may include an association of 

11 2 or more foreign countries, dependent territories, or 

12 possessions of countries into a customs union out13 side the United States. 

14 (4) EXPORTING COUNTRY.—The term ‘‘export15 ing country’’ means the country in which the subject 

16 merchandise is produced or manufactured. 

17 (5) FUNDAMENTAL MISALIGNMENT.—The term 

18 ‘‘fundamental misalignment’’ means a significant 

19 and sustained undervaluation of the prevailing real 

20 effective exchange rate, adjusted for cyclical and 

21 transitory factors, from its medium-term equilibrium 

22 level. 

23 (6) FUNDAMENTALLY MISALIGNED CUR24 RENCY.—The term ‘‘fundamentally misaligned curVerDate Nov 24 2008 02:56 Jun 12, 2009 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1254.IS S1254

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1 rency’’ means a foreign currency that is in funda2 mental misalignment. 

3 (7) REAL EFFECTIVE EXCHANGE RATE.—The 

4 term ‘‘real effective exchange rate’’ means a weight5 ed average of bilateral exchange rates, expressed in 

6 price-adjusted terms. 

7 (8) SECRETARY.—The term ‘‘Secretary’’ means 

8 the Secretary of the Treasury. 

9 (9) STERILIZATION.—The term ‘‘sterilization’’ 

10 means domestic monetary operations taken to neu11 tralize the monetary impact of increases in reserves 

12 associated with intervention in the currency ex13 change market. 

14 (10) SUBJECT MERCHANDISE.—The term ‘‘sub15 ject merchandise’’ means the merchandise subject to 

16 an antidumping investigation, review, suspension 

17 agreement, or order referred to in section 771(25) of 

18 the Tariff Act of 1930 (19 U.S.C. 1677(25)). 

19 (11) WTO AGREEMENT.—The term ‘‘WTO 

20 Agreement’’ means the agreement referred to in sec21 tion 2(9) of the Uruguay Round Agreements Act (19 

22 U.S.C. 3501(9)). 

23 SEC. 3. REPORT ON INTERNATIONAL MONETARY POLICY 

24 AND CURRENCY EXCHANGE RATES. 

25 (a) REPORTS REQUIRED.— 


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1 (1) IN GENERAL.—Not later than March 15 

2 and September 15 of each calendar year, the Sec3 retary, after consulting with the Chairman of the 

4 Board of Governors of the Federal Reserve System 

5 and the Advisory Committee on International Ex6 change Rate Policy, shall submit to Congress, a 

7 written report on international monetary policy and 

8 currency exchange rates. 

9 (2) CONSULTATIONS.—On or before March 30 

10 and September 30 of each calendar year, the Sec11 retary shall appear, if requested, before the Com12 mittee on Banking, Housing, and Urban Affairs and 

13 the Committee on Finance of the Senate and the 

14 Committee on Financial Services and the Committee 

15 on Ways and Means of the House of Representatives 

16 to provide testimony on the reports submitted pursu17 ant to paragraph (1). 

18 (b) CONTENT OF REPORTS.—Each report submitted 

19 under subsection (a) shall contain— 

20 (1) an analysis of currency market develop21 ments and the relationship between the United 

22 States dollar and the currencies of major economies 

23 and trading partners of the United States; 

24 (2) a review of the economic and monetary poli25 cies of major economies and trading partners of the 


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1 United States, and an evaluation of how such poli2 cies impact currency exchange rates; 

3 (3) a description of any currency intervention 

4 by the United States or other major economies or 

5 trading partners of the United States, or other ac6 tions undertaken to adjust the actual exchange rate 

7 relative to the United States dollar; 

8 (4) an evaluation of the domestic and global 

9 factors that underlie the conditions in the currency 

10 markets, including— 

11 (A) monetary and financial conditions; 

12 (B) accumulation of foreign assets; 

13 (C) macroeconomic trends; 

14 (D) trends in current and financial ac15 count balances; 

16 (E) the size, composition, and growth of 

17 international capital flows; 

18 (F) the impact of the external sector on 

19 economic growth; 

20 (G) the size and growth of external indebt21 edness; 

22 (H) trends in the net level of international 

23 investment; and 

24 (I) capital controls, trade, and exchange 

25 restrictions; 


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1 (5) a list of currencies designated as fundamen2 tally misaligned currencies pursuant to section 

3 4(a)(2), and a description of any economic models or 

4 methodologies used to establish the list; 

5 (6) a list of currencies designated for priority 

6 action pursuant to section 4(a)(3); 

7 (7) an identification of the nominal value asso8 ciated with the medium-term equilibrium exchange 

9 rate, relative to the United States dollar, for each 

10 currency listed under paragraph (6); 

11 (8) a description of any consultations conducted 

12 or other steps taken pursuant to section 5, 6, or 7, 

13 including any actions taken to eliminate the funda14 mental misalignment; and 

15 (9) a description of any determination made 

16 pursuant to section 9(a). 

17 (c) CONSULTATIONS.—The Secretary shall consult 

18 with the Chairman of the Board of Governors of the Fed19 eral Reserve System and the Advisory Committee on 

20 International Exchange Rate Policy with respect to the 

21 preparation of each report required under subsection (a). 

22 Any comments provided by the Chairman of the Board 

23 of Governors of the Federal Reserve System or the Advi24 sory Committee on International Exchange Rate Policy 

25 shall be submitted to the Secretary not later than the date 


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1 that is 15 days before the date each report is due under 

2 subsection (a). The Secretary shall submit the report to 

3 Congress after taking into account all such comments re4 ceived. 

5 SEC. 4. IDENTIFICATION OF FUNDAMENTALLY MISALIGNED 

6 CURRENCIES. 

7 (a) IDENTIFICATION.— 

8 (1) IN GENERAL.—The Secretary shall analyze 

9 on a semiannual basis the prevailing real effective 

10 exchange rates of foreign currencies. 

11 (2) DESIGNATION OF FUNDAMENTALLY MIS12 ALIGNED CURRENCIES.—With respect to the cur13 rencies of countries that have significant bilateral 

14 trade flows with the United States, and currencies 

15 that are otherwise significant to the operation, sta16 bility, or orderly development of regional or global 

17 capital markets, the Secretary shall determine 

18 whether any such currency is in fundamental mis19 alignment and shall designate such currency as a 

20 fundamentally misaligned currency. 

21 (3) DESIGNATION OF CURRENCIES FOR PRI22 ORITY ACTION.—The Secretary shall designate a 

23 currency identified under paragraph (2) for priority 

24 action if the country that issues such currency is— 


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1 (A) engaging in protracted large-scale 

2 intervention in one direction in the currency ex3 change market, particularly if accompanied by 

4 partial or full sterilization; 

5 (B) engaging in excessive and prolonged 

6 official or quasi-official accumulation of foreign 

7 assets, for balance of payments purposes; 

8 (C) introducing or substantially modifying 

9 for balance of payments purposes a restriction 

10 on, or incentive for, the inflow or outflow of 

11 capital, that is inconsistent with the goal of 

12 achieving full currency convertibility; or 

13 (D) pursuing any other policy or action 

14 that, in the view of the Secretary, warrants des15 ignation for priority action. 

16 (b) REPORTS.—The Secretary shall include a list of 

17 any foreign currency designated under paragraph (2) or 

18 (3) of subsection (a) in each report required by section 

19 3. 

20 SEC. 5. NEGOTIATIONS AND CONSULTATIONS. 

21 (a) IN GENERAL.—Upon designation of a currency 

22 pursuant to section 4(a)(2), the Secretary shall seek to 

23 consult bilaterally with the country that issues such cur24 rency in order to facilitate the adoption of appropriate 

25 policies to address the fundamental misalignment. 


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1 (b) CONSULTATIONS INVOLVING CURRENCIES DES2 IGNATED FOR PRIORITY ACTION.—With respect to each 

3 currency designated for priority action pursuant to section 

4 4(a)(3), the Secretary shall, in addition to seeking to con5 sult with a country pursuant to subsection (a)— 

6 (1) seek the advice of the International Mone7 tary Fund with respect to the Secretary’s findings in 

8 the report submitted to Congress pursuant to section 

9 3(a); and 

10 (2) encourage other governments, whether bilat11 erally or in appropriate multinational fora, to join 

12 the United States in seeking the adoption of appro13 priate policies by the country described in subsection 

14 (a) to eliminate the fundamental misalignment. 

15 SEC. 6. FAILURE TO ADOPT APPROPRIATE POLICIES. 

16 (a) IN GENERAL.—Not later than 90 days after the 

17 date on which a currency is designated for priority action 

18 pursuant to section 4(a)(3), the Secretary shall determine 

19 whether the country that issues such currency has adopted 

20 appropriate policies, and taken identifiable action, to 

21 eliminate the fundamental misalignment. The Secretary 

22 shall promptly notify Congress of such determination and 

23 publish notice of the determination in the Federal Reg24 ister. If the Secretary determines that the country that 

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1 cies, or take identifiable action, to eliminate the funda2 mental misalignment, the following shall apply with re3 spect to the country until a notification described in sec4 tion 7(b) is published in the Federal Register: 

5 (1) ADJUSTMENT UNDER ANTIDUMPING LAW.— 

6 For purposes of an antidumping investigation or re7 view under subtitle B of title VII of the Tariff Act 

8 of 1930 (19 U.S.C. 1673 et seq.) the following shall 

9 apply: 

10 (A) IN GENERAL.—The administering au11 thority shall ensure a fair comparison between 

12 the export price and the normal value by ad13 justing the price used to establish export price 

14 or constructed export price to reflect the funda15 mental misalignment of the currency of the ex16 porting country. 

17 (B) SALES SUBJECT TO ADJUSTMENT.— 

18 The adjustment described in subparagraph (A) 

19 shall apply with respect to subject merchandise 

20 sold on or after the date that is 30 days after 

21 the date the currency of the exporting country 

22 is designated for priority action pursuant to 

23 section 4(a)(3). 

24 (2) FEDERAL PROCUREMENT.— 


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1 (A) IN GENERAL.—The President shall 

2 prohibit the procurement by the Federal Gov3 ernment of products or services from the coun4 try. 

5 (B) EXCEPTION.—The prohibition pro6 vided for in subparagraph (A) shall not apply 

7 with respect to a country that is a party to the 

8 Agreement on Government Procurement. 

9 (3) REQUEST FOR IMF ACTION.—The United 

10 States shall inform the Managing Director of the 

11 International Monetary Fund of the failure of the 

12 country to adopt appropriate policies, or to take 

13 identifiable action, eliminate the fundamental mis14 alignment, and the actions the country is engaging 

15 in that are identified in section 4(a)(3), and shall re16 quest that the Managing Director of the Inter17 national Monetary Fund— 

18 (A) consult with such country regarding 

19 the observance of the country’s obligations 

20 under article IV of the International Monetary 

21 Fund Articles of Agreement, including through 

22 special consultations, if necessary; and 

23 (B) formally report the results of such con24 sultations to the Executive Board of the InterVerDate Nov 24 2008 02:56 Jun 12, 2009 Jkt 079200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\S1254.IS S1254

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1 national Monetary Fund within 180 days of the 

2 date of such request. 

3 (4) OPIC FINANCING.—The Overseas Private 

4 Investment Corporation shall not approve any new 

5 financing (including insurance, reinsurance, or guar6 antee) with respect to a project located within the 

7 country. 

8 (5) MULTILATERAL BANK FINANCING.—The 

9 Secretary shall instruct the United States Executive 

10 Director at each multilateral bank to oppose the ap11 proval of any new financing (including loans, other 

12 credits, insurance, reinsurance, or guarantee) to the 

13 government of the country or for a project located 

14 within the country. 

15 (b) WAIVER.— 

16 (1) IN GENERAL.—The President may waive 

17 any action provided for under subsection (a) if the 

18 President determines that— 

19 (A) taking such action would cause serious 

20 harm to the national security of the United 

21 States; or 

22 (B) it is in the vital economic interest of 

23 the United States to do so and taking such ac24 tion would have an adverse impact on the 


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1 United States economy greater than the bene2 fits of such action. 

3 (2) NOTIFICATION.—The President shall 

4 promptly notify Congress of a determination under 

5 paragraph (1) (and the reasons for the determina6 tion, if made under paragraph (1)(B)) and shall 

7 publish notice of the determination (and the reasons 

8 for the determination, if made under paragraph 

9 (1)(B)) in the Federal Register. 

10 (c) REPORTS.—The Secretary shall describe any ac11 tion or determination pursuant to subsection (a) or (b) 

12 in the first semiannual report required by section 3 after 

13 the date of such action or determination. 

14 SEC. 7. PERSISTENT FAILURE TO ADOPT APPROPRIATE 

15 POLICIES. 

16 (a) PERSISTENT FAILURE TO ADOPT APPROPRIATE

17 POLICIES.—Not later than 360 days after the date on 

18 which a currency is designated for priority action pursuant 

19 to section 4(a)(3), the Secretary shall determine whether 

20 the country that issues such currency has adopted appro21 priate policies, and taken identifiable action, to eliminate 

22 the fundamental misalignment. The Secretary shall 

23 promptly notify Congress of such determination and shall 

24 publish notice of the determination in the Federal Reg25 ister. If the Secretary determines that the country that 


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1 issues such currency has failed to adopt appropriate poli2 cies, or take identifiable action, to eliminate the funda3 mental misalignment, in addition to the provisions of sec4 tion 6(a), the following shall apply with respect to the 

5 country until a notification described in subsection (b) is 

6 published in the Federal Register: 

7 (1) ACTION AT THE WTO.—The United States 

8 Trade Representative shall request consultations in 

9 the World Trade Organization with the country re10 garding the consistency of the country’s actions with 

11 its obligations under the WTO Agreement. 

12 (2) REMEDIAL INTERVENTION.— 

13 (A) IN GENERAL.—The Secretary shall 

14 consult with the Board of Governors of the 

15 Federal Reserve System to consider under16 taking remedial intervention in international 

17 currency markets in response to the funda18 mental misalignment of the currency designated 

19 for priority action, and coordinating such inter20 vention with other monetary authorities and the 

21 International Monetary Fund. In doing so, the 

22 Secretary shall consider the impact of such 

23 intervention on domestic economic growth and 

24 stability, including the impact on interest rates. 


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1 (B) NOTICE TO COUNTRY.—At the same 

2 time the Secretary takes action under subpara3 graph (A), the Secretary shall notify the coun4 try that issues such currency of the consulta5 tions under subparagraph (A). 

6 (b) NOTIFICATION.—The Secretary shall promptly 

7 notify Congress when a country that issues a currency des8 ignated for priority action pursuant to section 4(a)(3) 

9 adopts appropriate policies, or takes identifiable action, to 

10 eliminate the fundamental misalignment, and publish no11 tice of the action of that country in the Federal Register. 

12 (c) WAIVER.— 

13 (1) IN GENERAL.—The President may waive 

14 any action provided for under this section, or extend 

15 any waiver provided for under section 6(b), if the 

16 President determines that— 

17 (A) taking such action would cause serious 

18 harm to the national security of the United 

19 States; or 

20 (B) it is in the vital economic interest of 

21 the United States to do so, and that taking 

22 such action would have an adverse impact on 

23 the United States economy substantially out of 

24 proportion to the benefits of such action. 


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1 (2) NOTIFICATION.—The President shall 

2 promptly notify Congress of a determination under 

3 paragraph (1) (and the reasons for the determina4 tion, if made under paragraph (1)(B)) and shall 

5 publish notice of the determination (and the reasons 

6 for the determination, if made under paragraph 

7 (1)(B)) in the Federal Register. 

8 (d) DISAPPROVAL OF WAIVER.—If the President 

9 waives an action pursuant to subsection (c)(1)(B), or ex10 tends a waiver provided for under section 6(b)(1)(B), the 

11 waiver shall cease to have effect upon the enactment of 

12 a joint resolution described in section 8(a)(2). 

13 (e) REPORTS.—The Secretary shall describe any ac14 tion or determination pursuant to subsection (a), (b), or 

15 (c) in the first semiannual report required by section 3 

16 after the date of such action or determination. 

17 SEC. 8. CONGRESSIONAL DISAPPROVAL OF WAIVER. 

18 (a) RESOLUTION OF DISAPPROVAL.— 

19 (1) INTRODUCTION.—If a resolution of dis20 approval is introduced in the House of Representa21 tives or the Senate during the 90-day period (not 

22 counting any day which is excluded under section 

23 154(b)(1) of the Trade Act of 1974 (19 U.S.C. 

24 2194(b)(1)), beginning on the date on which the 

25 President first notifies Congress of a determination 


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1 to waive action with respect to a country pursuant 

2 to section 7(c)(1)(B), that resolution of disapproval 

3 shall be considered in accordance with this sub4 section. 

5 (2) RESOLUTION OF DISAPPROVAL.—In this 

6 subsection, the term ‘‘resolution of disapproval’’ 

7 means only a joint resolution of the two Houses of 

8 the Congress, the sole matter after the resolving 

9 clause of which is as follows: ‘‘That Congress does 

10 not approve the determination of the President 

11 under section 7(c)(1)(B) of the Currency Exchange 

12 Rate Oversight Reform Act of 2009 with respect to 

13 llllll, of which Congress was notified on 

14 lllll.’’, with the first blank space being filled 

15 with the name of the appropriate country and the 

16 second blank space being filled with the appropriate 

17 date. 

18 (3) PROCEDURES FOR CONSIDERING RESOLU19 TIONS.— 

20 (A) INTRODUCTION AND REFERRAL.—Res21 olutions of disapproval— 

22 (i) in the House of Representatives— 

23 (I) may be introduced by any 

24 Member of the House; 


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1 (II) shall be referred to the Com2 mittee on Financial Services and, in 

3 addition, to the Committee on Rules; 

4 and 

5 (III) may not be amended by ei6 ther Committee; and 

7 (ii) in the Senate— 

8 (I) may be introduced by any 

9 Member of the Senate; 

10 (II) shall be referred to the Com11 mittee on Banking, Housing, and 

12 Urban Affairs; and 

13 (III) may not be amended. 

14 (B) COMMITTEE DISCHARGE AND FLOOR

15 CONSIDERATION.—The provisions of sub16 sections (c) through (f) of section 152 of the 

17 Trade Act of 1974 (other than paragraph (3) 

18 of such subsection (f)) (19 U.S.C. 2192(c) 

19 through (f)) (relating to committee discharge 

20 and floor consideration of certain resolutions in 

21 the House and Senate) apply to a joint resolu22 tion of disapproval under this section to the 

23 same extent as such subsections apply to joint 

24 resolutions under such section 152. 


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1 (b) RULES OF HOUSE OF REPRESENTATIVES AND

2 SENATE.—This section is enacted by Congress— 

3 (1) as an exercise of the rulemaking power of 

4 the House of Representatives and the Senate, re5 spectively, and as such is deemed a part of the rules 

6 of each House, respectively, and the rules provided 

7 for in this section supersede other rules only to the 

8 extent that they are inconsistent with such other 

9 rules; and 

10 (2) with the full recognition of the constitu11 tional right of either House to change the rules pro12 vided for in this section (so far as relating to the 

13 procedures of that House) at any time, in the same 

14 manner, and to the same extent as any other rule 

15 of that House. 

16 SEC. 9. INTERNATIONAL FINANCIAL INSTITUTION GOVERN17 ANCE ARRANGEMENTS. 

18 (a) INITIAL REVIEW.—Notwithstanding any other 

19 provision of law, before the United States approves a pro20 posed change in the governance arrangement of any inter21 national financial institution, as defined in section 

22 1701(c)(2) of the International Financial Institutions Act 

23 (22 U.S.C. 262r(c)(2)), the Secretary shall determine 

24 whether any member of the international financial institu25 tion that would benefit from the proposed change, in the 


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1 form of increased voting shares or representation, has a 

2 currency that was designated a currency for priority action 

3 pursuant to section 4(a)(3) in the most recent report re4 quired by section 3. The determination shall be reported 

5 to Congress. 

6 (b) SUBSEQUENT ACTION.—The United States shall 

7 oppose any proposed change in the governance arrange8 ment of the international financial institution (described 

9 in subsection (a)), if the Secretary renders an affirmative 

10 determination pursuant to subsection (a). 

11 (c) FURTHER ACTION.—The United States shall con12 tinue to oppose any proposed change in the governance 

13 arrangement of the international financial institution, pur14 suant to subsection (b), until the Secretary determines 

15 and reports to Congress that the proposed change would 

16 not benefit any member of the international financial insti17 tution, in the form of increased voting shares or represen18 tation, that has a currency that is designated a currency 

19 for priority action pursuant to section 4(a)(3). 

20 SEC. 10. ADJUSTMENT FOR FUNDAMENTALLY MISALIGNED 

21 CURRENCY DESIGNATED FOR PRIORITY AC22 TION. 

23 (a) IN GENERAL.—Subsection (c)(2) of section 772 

24 of the Tariff Act of 1930 (19 U.S.C. 1677a(c)(2)) is 

25 amended— 


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1 (1) by striking ‘‘and’’ at the end of subpara2 graph (A); 

3 (2) by striking the period at the end of sub4 paragraph (B) and inserting ‘‘; and’’; and 

5 (3) by adding at the end the following: 

6 ‘‘(C) if required by section 6(a)(1) of the 

7 Currency Exchange Rate Oversight Reform Act 

8 of 2009, the percentage by which the domestic 

9 currency of the producer or exporter is under10 valued in relation to the United States dollar.’’. 

11 (b) CALCULATION METHODOLOGY.—Section 771 of 

12 the Tariff Act of 1930 (19 U.S.C. 1677) is amended by 

13 adding at the end the following: 

14 ‘‘(37) PERCENTAGE UNDERVALUATION.—The 

15 administering authority shall determine the percent16 age by which the domestic currency of the producer 

17 or exporter is undervalued in relation to the United 

18 States dollar by comparing the nominal value associ19 ated with the medium-term equilibrium exchange 

20 rate of the domestic currency of the producer or ex21 porter, identified by the Secretary pursuant to sec22 tion 3(b)(7) of the Currency Exchange Rate Over23 sight Reform Act of 2009, to the official daily ex24 change rate identified by the administering authority 

25 for purposes of antidumping proceedings.’’. 


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1 SEC. 11. NONMARKET ECONOMY STATUS. 

2 Paragraph (18)(B) of section 771 of the Tariff Act 

3 of 1930 (19 U.S.C. 1677(18)(B)) is amended— 

4 (1) by striking ‘‘and’’ at the end of clause (v); 

5 and 

6 (2) by redesignating clause (vi) as clause (vii) 

7 and inserting after clause (v) the following: 

8 ‘‘(vi) whether the currency of the for9 eign country is designated a currency for 

10 priority action pursuant to section 4(a)(3) 

11 of the Currency Exchange Rate Oversight 

12 Reform Act of 2009, and’’. 

13 SEC. 12. APPLICATION TO CANADA AND MEXICO. 

14 Pursuant to article 1902 of the North American Free 

15 Trade Agreement and section 408 of the North American 

16 Free Trade Agreement Implementation Act (19 U.S.C. 

17 3438), section 6(a)(1) and the amendments made by sec18 tions 10 and 11 shall apply with respect to goods from 

19 Canada and Mexico. 

20 SEC. 13. ADVISORY COMMITTEE ON INTERNATIONAL EX21 CHANGE RATE POLICY. 

22 (a) ESTABLISHMENT.— 

23 (1) IN GENERAL.—There is established an Ad24 visory Committee on International Exchange Rate 

25 Policy (in this section referred to as the ‘‘Com26 mittee’’). The Committee shall be responsible for— 


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1 (A) advising the Secretary in the prepara2 tion of each report to Congress on international 

3 monetary policy and currency exchange rates, 

4 provided for in section 3; and 

5 (B) advising Congress and the President 

6 with respect to— 

7 (i) international exchange rates and 

8 financial policies; and 

9 (ii) the impact of such policies on the 

10 economy of the United States. 

11 (2) MEMBERSHIP.— 

12 (A) IN GENERAL.—The Committee shall be 

13 composed of 9 members as follows, none of 

14 whom shall be from the Federal Government: 

15 (i) CONGRESSIONAL APPOINTEES.— 

16 (I) SENATE APPOINTEES.—Four 

17 persons shall be appointed by the 

18 President pro tempore of the Senate, 

19 upon the recommendation of the 

20 chairmen and ranking members of the 

21 Committee on Banking, Housing, and 

22 Urban Affairs and the Committee on 

23 Finance of the Senate. 

24 (II) HOUSE APPOINTEES.—Four 

25 persons shall be appointed by the 


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1 Speaker of the House of Representa2 tives upon the recommendation of the 

3 chairmen and ranking members of the 

4 Committee on Financial Services and 

5 the Committee on Ways and Means of 

6 the House of Representatives. 

7 (ii) PRESIDENTIAL APPOINTEE.—One 

8 person shall be appointed by the President. 

9 (B) QUALIFICATIONS.—Persons shall be 

10 selected under subparagraph (A) on the basis of 

11 their objectivity and demonstrated expertise in 

12 finance, economics, or currency exchange. 

13 (3) TERMS.—Members shall be appointed for a 

14 term of 4 years or until the Committee terminates. 

15 An individual may be reappointed to the Committee 

16 for additional terms. 

17 (4) VACANCIES.—Any vacancy in the Com18 mittee shall not affect its powers, but shall be filled 

19 in the same manner as the original appointment. 

20 (b) DURATION OF COMMITTEE.—Notwithstanding 

21 section 14(c) of the Federal Advisory Committee Act (5 

22 U.S.C. App.), the Committee shall terminate on the date 

23 that is 4 years after the date of the enactment of this 

24 Act unless renewed by the President pursuant to section 

25 14 of the Federal Advisory Committee Act (5 U.S.C. 


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1 App.) for a subsequent 4-year period. The President may 

2 continue to renew the Committee for successive 4-year pe3 riods by taking appropriate action prior to the date on 

4 which the Committee would otherwise terminate. 

5 (c) PUBLIC MEETINGS.—The Committee shall hold 

6 at least 2 public meetings each year for the purpose of 

7 accepting public comments, including comments from 

8 small business owners. The Committee shall also meet as 

9 needed at the call of the Secretary or at the call of two10 thirds of the members of the Committee. 

11 (d) CHAIRPERSON.—The Committee shall elect from 

12 among its members a chairperson for a term of 4 years 

13 or until the Committee terminates. A chairperson of the 

14 Committee may be reelected chairperson but is ineligible 

15 to serve consecutive terms as chairperson. 

16 (e) STAFF.—The Secretary shall make available to 

17 the Committee such staff, information, personnel, admin18 istrative services, and assistance as the Committee may 

19 reasonably require to carry out its activities. 

20 (f) APPLICATION OF FEDERAL ADVISORY COM21 MITTEE ACT.— 

22 (1) IN GENERAL.—The provisions of the Fed23 eral Advisory Committee Act (5 U.S.C. App.) shall 

24 apply to the Committee. 


smartinez on PROD1PC64 with BILLS
26 

•S 1254 IS

1 (2) EXCEPTION.—Except for the 2 annual pub2 lic meetings required under subsection (c), meetings 

3 of the Committee shall be exempt from the require4 ments of subsections (a) and (b) of sections 10 and 

5 11 of the Federal Advisory Committee Act (relating 

6 to open meetings, public notice, public participation, 

7 and public availability of documents), whenever and 

8 to the extent it is determined by the President or the 

9 Secretary that such meetings will be concerned with 

10 matters the disclosure of which would seriously com11 promise the development by the United States Gov12 ernment of monetary and financial policy. 

13 SEC. 14. REPEAL OF THE EXCHANGE RATES AND INTER14 NATIONAL ECONOMIC POLICY COORDINA15 TION ACT OF 1988. 

16 The Exchange Rates and International Economic 

17 Policy Coordination Act of 1988 (22 U.S.C. 5301 et seq.) 

18 is repealed. 

Æ 


smartinez on PROD1PC64 with BILLS