I 
110TH CONGRESS 
1ST SESSION 
H. R. 782 
To amend title VII of the Tariff Act of 1930 to provide that exchange- 
rate misalignment by any foreign nation is a countervailable export 
subsidy, to amend the Exchange Rates and International Economic Policy 
Coordination Act of 1988 to clarify the definition of manipulation with 
respect to currency, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 31, 2007 
Mr. RYAN of Ohio (for himself, Mr. HUNTER, Ms. SLAUGHTER, Mr. ALTMIRE, 
Mr. DEFAZIO, Ms. DELAURO, Mr. DOYLE, Mr. EHLERS, Ms. FOXX, Mr. 
GERLACH, Mr. HAYES, Mr. HOLT, Mr. KILDEE, Mr. LIPINSKI, Mr. MAN-
ZULLO, Mr. MCGOVERN, Mr. MCHUGH, Mr. MEEK of Florida, Mr. 
MICHAUD, Mrs. MILLER of Michigan, Mr. MOLLOHAN, Mrs. MYRICK, Mr. 
NORWOOD, Mr. RENZI, Mr. ROHRABACHER, Mr. SAXTON, Ms. 
SCHAKOWSKY, Mr. SENSENBRENNER, Mr. SOUDER, Mr. SPACE, Ms. 
SUTTON, Mr. WALZ of Minnesota, and Mr. WILSON of South Carolina) 
introduced the following bill; which was referred to the Committee on 
Ways and Means, and in addition to the Committees on Financial Serv-
ices, Foreign Affairs, and Armed Services, for a period to be subsequently 
determined by the Speaker, in each case for consideration of such provi-
sions as fall within the jurisdiction of the committee concerned 
A BILL 
To amend title VII of the Tariff Act of 1930 to provide 
that exchange-rate misalignment by any foreign nation 
is a countervailable export subsidy, to amend the Ex-
change Rates and International Economic Policy Coordi-
nation Act of 1988 to clarify the definition of manipula-
tion with respect to currency, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fair Currency Act of 
2007’’. 
TITLE I—SUBSIDIES AND PROD-
UCT-SPECIFIC 
SAFEGUARD 
MECHANISM 
SEC. 101. FINDINGS. 
Congress makes the following findings: 
(1) The economy and national security of the 
United States are critically dependent upon a vi-
brant manufacturing and agricultural base. 
(2) The good health of United States manufac-
turing and agriculture requires, among other things, 
unfettered access to open markets abroad and fairly 
traded raw materials and products in accord with 
the international legal principles and agreements of 
the World Trade Organization and the International 
Monetary Fund. 
(3) The International Monetary Fund, the G– 
8, and other international organizations have repeat-
edly noted that exchange-rate misalignment can 
cause imbalances in the international trading system 
that could ultimately undercut the stability of the 
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system, but have taken no action to redress such 
misalignments and imbalances. 
(4) Since 1994, the People’s Republic of China 
and other countries have repeatedly intervened in 
currency markets and taken measures that have sig-
nificantly misaligned the values of their currencies 
against the United States dollar and other cur-
rencies. 
(5) This policy by the People’s Republic of 
China, for example, has resulted in substantial 
undervaluation of the renminbi, by up to 40 percent 
or more. 
(6) Evidence of this undervaluation can be 
found in the large and growing annual trade sur-
pluses of the People’s Republic of China; substan-
tially expanding foreign direct investment in China; 
and the rapidly increasing aggregate amount of for-
eign currency reserves that are held by the People’s 
Republic of China. 
(7) Undervaluation by the People’s Republic of 
China and by other countries acts as both a subsidy 
for their exports and as a nontariff barrier against 
imports into their territories, to the serious det-
riment of United States manufacturing and agri-
culture. 
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(8)(A) As members of both the World Trade 
Organization and the International Monetary Fund, 
the People’s Republic of China and other countries 
have assumed a series of international legal obliga-
tions to eliminate all subsidies for exports and to fa-
cilitate international trade by fostering a monetary 
system that does not tend to produce erratic disrup-
tions, that does not prevent effective balance-of-pay-
ments adjustment, and that does not gain unfair 
competitive advantage. 
(B) These obligations are most prominently set 
forth in— 
(i) Articles VI, XV, and XVI of the GATT 
1994 (as defined in section 2(1)(B) of the Uru-
guay Round Agreements Act (19 U.S.C. 
3501(1)(B)); 
(ii) the Agreement on Subsidies and Coun-
tervailing Measures (as described in section 
101(d)(12) of the Uruguay Round Agreements 
Act (19 U.S.C. 3511(d)(12)); and 
(iii) Articles IV and VIII of the Inter-
national Monetary Fund’s Articles of Agree-
ment. 
(9) Under the foregoing circumstances, it is 
consistent with the international legal obligations of 
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the People’s Republic of China and similarly situ-
ated countries and with the corresponding inter-
national legal rights of the United States to amend 
relevant United States trade laws to make explicit 
that exchange-rate misalignment by any country is 
actionable as a countervailable export subsidy. 
SEC. 102. APPLICATION OF COUNTERVAILING DUTIES TO 
NONMARKET ECONOMY COUNTRIES. 
(a) IN GENERAL.—Section 701(a)(1) of the Tariff 
Act of 1930 (19 U.S.C. 1671(a)(1)) is amended by insert-
ing ‘‘(including a nonmarket economy country)’’ after 
‘‘country’’ each place it appears. 
(b) USE OF ALTERNATE METHODOLOGIES.—Section 
771(5)(E) of the Tariff Act of 1930 (19 U.S.C. 
1677(5)(E)) is amended by adding at the end the fol-
lowing: ‘‘With respect to a nonmarket economy country, 
for purposes of identifying and measuring a subsidy ben-
efit described in clause (i), (ii), (iii), or (iv), or otherwise 
conferred upon a recipient, the administering authority 
shall use methodologies that take into account the possi-
bility that prevailing terms and conditions in that country 
might not be available or might themselves be inappro-
priate benchmarks due to market distortions. In such cir-
cumstances, unless it is demonstrated that the nonmarket 
economy country’s prevailing terms and conditions prac-
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ticably can be adjusted to serve as appropriate bench-
marks, the administering authority shall use as bench-
marks appropriate terms and conditions prevailing outside 
the nonmarket economy country. When the party in pos-
session of the information necessary to identify and meas-
ure the benefit of a subsidy does not timely and completely 
submit that information for the record, the administering 
authority shall use for that purpose the facts otherwise 
available and shall, as warranted, draw adverse infer-
ences.’’. 
(c) ADJUSTMENTS FOR EXPORT PRICE AND CON-
STRUCTED EXPORT PRICE.—Section 772(c)(1)(C) of the 
Tariff Act of 1930 (19 U.S.C. 1677a(c)(1)(C)) is amended 
by inserting before the end comma the following: ‘‘, wheth-
er the subject merchandise is from a country with a mar-
ket economy, a nonmarket economy, or a combination 
thereof’’. 
(d) EFFECTIVE DATE.—The amendments made by 
subsections (a), (b), and (c) apply with respect to a coun-
tervailing duty proceeding initiated under subtitle A of 
title VII of the Tariff Act of 1930 before, on, or after 
the date of enactment of this Act. 
(e) ANTIDUMPING PROVISIONS NOT AFFECTED.— 
The amendments made by subsections (a), (b), and (c) 
shall not affect the status of a country as a nonmarket 
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economy country for the purposes of any matter relating 
to antidumping duties under the Tariff Act of 1930. 
SEC. 103. CLARIFICATION TO INCLUDE EXCHANGE-RATE 
MISALIGNMENT 
AS 
A 
COUNTERVAILABLE 
SUBSIDY UNDER TITLE VII OF THE TARIFF 
ACT OF 1930. 
(a) 
AMENDMENTS
TO
DEFINITION
OF 
COUNTERVAILABLE SUBSIDY.— 
(1) 
FINANCIAL
CONTRIBUTION.—Section 
771(5)(D) of the Tariff Act of 1930 (19 U.S.C. 
1677(5)(D)) is amended— 
(A) by redesignating clauses (i) through 
(iv) as subclauses (I) through (IV), respectively; 
(B) by striking ‘‘The term’’ and inserting 
‘‘(i) The term’’; and 
(C) by adding at the end the following: 
‘‘(ii) Exchange-rate misalignment (as 
defined in paragraph (5C)) constitutes a 
financial contribution within the meaning 
of subclauses (I) and (III) of clause (i).’’. 
(2) BENEFIT CONFERRED.—Section 771(5)(E) 
of the Tariff Act of 1930 (19 U.S.C. 1677(5)(E)) is 
amended— 
(A) in clause (iii), by striking ‘‘, and’’ and 
inserting a comma; 
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(B) in clause (iv), by striking the period at 
the end and inserting ‘‘, and’’; and 
(C) by inserting after clause (iv) the fol-
lowing new clause: 
‘‘(v) in the case of exchange-rate mis-
alignment (as defined in paragraph (5C)), 
if the price of exported goods in United 
States dollars is less than what the price 
of such goods would be without the ex-
change-rate misalignment.’’. 
(3) SPECIFICITY.—Section 771(5A)(B) of the 
Tariff Act of 1930 (19 U.S.C. 1677(5A)(B)) is 
amended by inserting before the period at the end 
the following: ‘‘, such as exchange-rate misalignment 
(as defined in paragraph (5C))’’. 
(b) DEFINITION
OF EXCHANGE-RATE MISALIGN-
MENT.—Section 771 of the Tariff Act of 1930 (19 U.S.C. 
1677) is amended by inserting after paragraph (5B) the 
following new paragraph: 
‘‘(5C) EXCHANGE-RATE MISALIGNMENT.— 
‘‘(A) IN GENERAL.—For purposes of para-
graphs (5) and (5A), the term ‘exchange-rate 
misalignment’ means an undervaluation of a 
foreign currency as a result of protracted large- 
scale intervention by or at the direction of a 
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governmental authority in the exchange market. 
Such undervaluation shall be found when the 
observed exchange rate for a foreign currency is 
below the exchange rate that could reasonably 
be expected for that foreign currency absent the 
intervention. 
‘‘(B) FACTORS.—In determining whether 
exchange-rate misalignment is occurring and a 
benefit thereby is conferred, the administering 
authority in each case— 
‘‘(i) shall consider the exporting coun-
try’s— 
‘‘(I) 
bilateral 
balance-of-trade 
surplus or deficit with the United 
States; 
‘‘(II) balance-of-trade surplus or 
deficit with its other trading partners 
individually and in the aggregate; 
‘‘(III) foreign direct investment 
in its territory; 
‘‘(IV) currency-specific and ag-
gregate amounts of foreign currency 
reserves; and 
‘‘(V) mechanisms employed to 
maintain its currency at an under-
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valued exchange rate relative to an-
other currency and, particularly, the 
nature, duration, and monetary ex-
penditures of those mechanisms; 
‘‘(ii) may consider such other eco-
nomic factors as are relevant; and 
‘‘(iii) shall measure the trade sur-
pluses or deficits described in subclauses 
(I) and (II) of clause (i) with reference to 
the trade data reported by the United 
States and the other trading partners of 
the exporting country, unless such trade 
data are not available or are demonstrably 
inaccurate, in which case the exporting 
country’s trade data may be relied upon if 
shown to be sufficiently accurate and 
trustworthy. 
‘‘(C) COMPUTATION.—In quantifying ex-
change-rate misalignment, the administering 
authority shall develop and apply an objective 
methodology that is consistent with widely rec-
ognized macroeconomic theory and shall rely 
upon governmentally published and other pub-
licly available and reliable data. 
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‘‘(D) TYPE
OF
ECONOMY.—An authority 
found to be engaged in exchange-rate misalign-
ment may have either a market economy or a 
nonmarket economy or a combination thereof.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section apply with respect to a countervailing duty 
proceeding initiated under subtitle A of title VII of the 
Tariff Act of 1930 before, on, or after the date of enact-
ment of this Act. 
SEC. 104. CLARIFICATION TO INCLUDE EXCHANGE-RATE 
MISALIGNMENT BY THE PEOPLE’S REPUBLIC 
OF CHINA AS A CONDITION TO BE CONSID-
ERED WITH RESPECT TO MARKET DISRUP-
TION UNDER CHAPTER 2 OF TITLE IV OF THE 
TRADE ACT OF 1974. 
(a) MARKET DISRUPTION.— 
(1) IN GENERAL.—Section 421(c) of the Trade 
Act of 1974 (19 U.S.C. 2451(c)) is amended by add-
ing at the end the following new paragraphs: 
‘‘(3) For purposes of this section, the term 
‘under such conditions’ includes exchange-rate mis-
alignment (as defined in paragraph (4)). 
‘‘(4)(A) For purposes of this section, the term 
‘exchange-rate misalignment’ means an undervalu-
ation of the renminbi as a result of protracted large- 
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scale intervention by or at the direction of the Gov-
ernment of the People’s Republic of China in the ex-
change market. Such undervaluation shall be found 
when the observed exchange rate for the renminbi is 
below the exchange rate that could reasonably be ex-
pected for the renminbi absent the intervention. 
‘‘(B) In determining whether exchange-rate 
misalignment is occurring, the Commission in each 
case— 
‘‘(i) shall consider the People’s Republic of 
China’s— 
‘‘(I) bilateral balance-of-trade surplus 
or deficit with the United States; 
‘‘(II) balance-of-trade surplus or def-
icit with its other trading partners individ-
ually and in the aggregate; 
‘‘(III) foreign-direct investment in its 
territory; 
‘‘(IV) currency-specific and aggregate 
amounts of foreign currency reserves; and 
‘‘(V) mechanisms employed to main-
tain its currency at an undervalued ex-
change rate relative to another currency 
and, particularly, the nature, duration, and 
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monetary expenditures of those mecha-
nisms; 
‘‘(ii) may consider such other economic 
factors as are relevant; and 
‘‘(iii) shall measure the trade surpluses or 
deficits described in subclauses (I) and (II) of 
clause (i) with reference to the trade data re-
ported by the United States and the other trad-
ing partners of the People’s Republic of China, 
unless such trade data are not available or are 
demonstrably inaccurate, in which case the 
trade data of the People’s Republic of China 
may be relied upon if shown to be sufficiently 
accurate and trustworthy. 
‘‘(C) COMPUTATION.—In quantifying exchange- 
rate misalignment, the Commission shall develop and 
apply an objective methodology that is consistent 
with widely recognized macroeconomic theory and 
shall rely upon governmentally published and other 
publicly available and reliable data.’’. 
(b) CRITICAL CIRCUMSTANCES.—Section 421(i)(1) of 
the Trade Act of 1974 (19 U.S.C. 2451(i)(1)) is amended 
by inserting after subparagraph (B) the following: 
‘‘If the petition alleges and reasonably documents that ex-
change-rate misalignment is occurring, such exchange-rate 
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misalignment shall be considered as a factor weighing in 
favor of affirmative findings in subparagraphs (A) and 
(B).’’. 
(c) STANDARD FOR PRESIDENTIAL ACTION.—Section 
421(k)(2) of the Trade Act of 1974 (19 U.S.C. 
2451(k)(2)) is amended by adding at the end the following 
new sentence: ‘‘If the Commission makes an affirmative 
determination that exchange-rate misalignment is occur-
ring, the President shall consider such exchange-rate mis-
alignment as a factor weighing in favor of providing im-
port relief in accordance with subsection (a).’’. 
(d) MODIFICATIONS OF RELIEF.—Section 421(n)(2) 
of the Trade Act of 1974 (19 U.S.C. 2451(n)(2)) is 
amended by adding at the end the following new sentence: 
‘‘If the Commission affirmatively determines that ex-
change-rate misalignment is occurring, the Commission 
and the President shall consider such exchange-rate mis-
alignment as a factor weighing in favor of finding that 
continuation of relief is necessary to prevent or remedy 
the market disruption at issue.’’. 
(e) EXTENSION OF ACTION.—Section 421(o) of the 
Trade Act of 1974 (19 U.S.C. 2451(o)) is amended— 
(1) in paragraph (1), by adding at the end the 
following new sentence: ‘‘If the Commission makes 
an affirmative determination that exchange-rate mis-
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alignment is occurring, the Commission shall con-
sider such exchange-rate misalignment as a factor 
weighing in favor of finding that an extension of the 
period of relief is necessary to prevent or remedy the 
market disruption at issue.’’; and 
(2) in paragraph (4), by adding at the end the 
following new sentence: ‘‘If the Commission makes 
an affirmative determination that exchange-rate mis-
alignment is occurring, the President shall consider 
such exchange-rate misalignment as a factor weigh-
ing in favor of finding that an extension of the pe-
riod of relief is necessary to prevent or remedy the 
market disruption at issue.’’. 
(f) EFFECTIVE DATE.—The amendments made by 
this section apply with respect to an investigation initiated 
under chapter 2 of title IV of the Trade Act of 1974 be-
fore, on, or after the date of the enactment of this Act. 
SEC. 105. PROHIBITION ON PROCUREMENT BY THE DE-
PARTMENT OF DEFENSE OF CERTAIN DE-
FENSE ARTICLES IMPORTED FROM THE PEO-
PLE’S REPUBLIC OF CHINA. 
(a) COPY OF PETITION, REQUEST, OR RESOLUTION 
TO BE TRANSMITTED
TO
THE SECRETARY
OF DE-
FENSE.—Section 421(b)(4) of the Trade Act of 1974 (19 
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U.S.C. 2451(b)(4)) is amended by inserting ‘‘, the Sec-
retary of Defense’’ after ‘‘, the Trade Representative’’. 
(b) DETERMINATION OF SECRETARY OF DEFENSE.— 
Section 421(b) of the Trade Act of 1974 (19 U.S.C. 
2451(b)) is amended by adding at the end the following 
new paragraph: 
‘‘(6) Not later than 15 days after the date on 
which an investigation is initiated under this sub-
section, the Secretary of Defense shall submit to the 
Commission a report in writing which contains the 
determination of the Secretary as to whether or not 
the articles of the People’s Republic of China that 
are the subject of the investigation are like or di-
rectly competitive with articles produced by a domes-
tic industry that are critical to the defense industrial 
base of the United States.’’. 
(c) PROHIBITION ON PROCUREMENT BY THE DE-
PARTMENT OF DEFENSE OF CERTAIN DEFENSE ARTI-
CLES.— 
(1) PROHIBITION.—If the United States Inter-
national Trade Commission makes an affirmative 
determination under section 421(b) of the Trade Act 
of 1974 (19 U.S.C. 2451(b)), or a determination 
which the President or the United States Trade 
Representative may consider as affirmative under 
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section 421(e) of such Act (19 U.S.C. 2451(e)), with 
respect to articles of the People’s Republic of China 
that the Secretary of Defense has determined are 
like or directly competitive with articles produced by 
a domestic industry that are critical to the defense 
industrial base of the United States, the Secretary 
of Defense may not procure, directly or indirectly, 
such articles of the People’s Republic of China. 
(2) WAIVER.—The President may waive the ap-
plication of the prohibition contained in paragraph 
(1) on a case-by-case basis if the President deter-
mines and certifies to Congress that it is in the na-
tional security interests of the United States to do 
so. 
SEC. 106. APPLICATION TO GOODS FROM CANADA AND 
MEXICO. 
Pursuant to article 1902 of the North American Free 
Trade Agreement and section 408 of the North American 
Free Trade Agreement Implementation Act of 1993 (19 
U.S.C. 3438), the amendments made by sections 102, 
103, and 206 of this Act shall apply to goods from Canada 
and Mexico. 
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TITLE II—INTERNATIONAL MON-
ETARY AND FINANCIAL POL-
ICY 
SEC. 201. FINDINGS. 
Congress makes the following findings: 
(1) Since the Exchange Rates and International 
Economic Policy Coordination Act of 1988 (22 
U.S.C. 5302(3)) was enacted the global economy has 
changed dramatically, with increased capital account 
openness, a sharp increase in the flow of funds 
internationally, and an ever growing number of 
emerging market economies becoming systemically 
important to the global flow of goods, services, and 
capital. In addition, practices such as the mainte-
nance of multiple currency regimes have become 
rare. 
(2) Exchange rates among major trading na-
tions are occasionally manipulated or fundamentally 
misaligned due to direct or indirect governmental 
intervention in the exchange market. 
(3) A major focus of national economic policy 
should be a market-driven exchange rate for the 
United States dollar at a level consistent with a sus-
tainable balance in the United States current ac-
count. 
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(4) While some degree of surpluses and deficits 
in payments balances may be expected, particularly 
in response to increasing economic globalization, 
large and growing imbalances raise concerns of pos-
sible disruption to financial markets. In part, such 
imbalances often reflect exchange rate policies that 
foster fundamental misalignment of currencies. 
(5) Currencies in fundamental misalignment 
can seriously impair the ability of international mar-
kets to adjust appropriately to global capital and 
trade flows, distorting trade flows and causing eco-
nomic harm to the United States. 
(6) The effects of a fundamentally misaligned 
currency may be so harmful that it is essential to 
correct the fundamental misalignment without re-
gard to the purpose of any policy that contributed 
to the misalignment. 
(7) In the interests of facilitating the exchange 
of goods, services, and capital among countries, sus-
taining sound economic growth, and fostering finan-
cial and economic stability, Article IV of the Inter-
national Monetary Fund’s Articles of Agreement ob-
ligates each member of the International Monetary 
Fund to avoid manipulating exchange rates in order 
to prevent effective balance of payments adjustments 
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or to gain an unfair competitive advantage over 
other members. 
(8) The failure of a government to acknowledge 
a fundamental misalignment of its currency or to 
take timely and effective steps to correct such a fun-
damental misalignment, either through inaction or 
mere token action, is a form of exchange rate ma-
nipulation and is inconsistent with that govern-
ment’s obligations under Article IV of the Inter-
national Monetary Fund’s Articles of Agreement. 
SEC. 202. AMENDMENTS TO DEFINITIONS. 
Section 3006 of the Exchange Rates and Inter-
national Economic Policy Coordination Act of 1988 (22 
U.S.C. 5306) is amended by adding at the end the fol-
lowing: 
‘‘(3) 
FUNDAMENTAL
MISALIGNMENT.—The 
term ‘fundamental misalignment’ means a material 
sustained disparity between the observed levels of an 
effective exchange rate for a currency and the cor-
responding levels of an effective exchange rate for 
that currency that would be consistent with funda-
mental macroeconomic conditions based on a gen-
erally accepted economic rationale. 
‘‘(4) EFFECTIVE EXCHANGE RATE.—The term 
‘effective exchange rate’ means a weighted average 
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of bilateral exchange rates, expressed in either nomi-
nal or real terms. 
‘‘(5) GENERALLY
ACCEPTED
ECONOMIC
RA-
TIONALE.—The term ‘generally accepted economic 
rationale’ means an explanation drawn on widely 
recognized macroeconomic theory for which there is 
a significant degree of empirical support.’’. 
SEC. 203. BILATERAL NEGOTIATIONS. 
Section 3004(b) of the Exchange Rates and Inter-
national Economic Policy Coordination Act of 1988 (22 
U.S.C. 5304(b)) is amended to read as follows: 
‘‘(b) BILATERAL NEGOTIATIONS.— 
‘‘(1) IN
GENERAL.—The Secretary of the 
Treasury shall analyze on an annual basis the ex-
change rate policies of foreign countries, in consulta-
tion with the International Monetary Fund, and con-
sider whether countries— 
‘‘(A) manipulate the rate of exchange be-
tween their currency and the United States dol-
lar for purposes of preventing effective balance 
of payments adjustments or gaining unfair com-
petitive advantage in international trade; or 
‘‘(B) have a currency that is in funda-
mental misalignment. 
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‘‘(2) AFFIRMATIVE
DETERMINATION.—If the 
Secretary considers that such manipulation or fun-
damental misalignment is occurring with respect to 
countries that— 
‘‘(A) have material global current account 
surpluses; or 
‘‘(B) have significant bilateral trade sur-
pluses with the United States, 
the Secretary of the Treasury shall take action to 
initiate negotiations with such foreign countries on 
an expedited basis, in the International Monetary 
Fund or bilaterally, for the purpose of ensuring that 
such countries regularly and promptly adjust the 
rate of exchange between their currencies and the 
United States dollar to permit effective balance of 
payments adjustments and to eliminate the unfair 
advantage. 
‘‘(3) EXCEPTION.—The Secretary shall not be 
required to initiate negotiations if the Secretary de-
termines that such negotiations would have a serious 
detrimental impact on vital national economic and 
security interests. The Secretary shall inform the 
chairman and the ranking minority member of the 
Committee on Banking, Housing, and Urban Affairs 
of the Senate and of the Committee on Financial 
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Services of the House of Representatives of the Sec-
retary’s determination.’’. 
SEC. 204. REPORTING REQUIREMENTS. 
Section 3005 of the Exchange Rates and Inter-
national Economic Policy Coordination Act of 1988 (22 
U.S.C. 5305) is amended to read as follows: 
‘‘SEC. 3005. REPORTING REQUIREMENTS. 
‘‘(a) REPORTS REQUIRED.— 
‘‘(1) IN GENERAL.—The Secretary, after con-
sulting with the Chairman of the Board, shall sub-
mit to Congress, on or before October 15 of each 
year, a written report on international economic pol-
icy and currency exchange rates. 
‘‘(2) INTERIM REPORT.—The Secretary, after 
consulting with the Chairman of the Board, shall 
submit to Congress, on or before April 15 of each 
year, a written report on interim developments with 
respect to international economic policy and cur-
rency exchange rates. 
‘‘(b) CONTENTS
OF REPORTS.—Each report sub-
mitted under subsection (a) shall contain— 
‘‘(1) an analysis of currency market develop-
ments and the relationship between the United 
States dollar and the currencies of major economies 
and United States trading partners; 
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‘‘(2) a review of the economic and financial 
policies of major economies and United States trad-
ing partners and an evaluation of the impact that 
such policies have on currency exchange rates; 
‘‘(3) a description of any currency intervention 
by the United States or other major economies or 
United States trading partners, or other actions un-
dertaken to adjust the actual exchange rate of the 
dollar; 
‘‘(4) an evaluation of the factors that underlie 
conditions in the currency markets, including— 
‘‘(A) monetary and financial conditions; 
‘‘(B) foreign exchange reserve accumula-
tion; 
‘‘(C) macroeconomic trends; 
‘‘(D) trends in current and financial ac-
count balances; 
‘‘(E) the size and composition of, and 
changes in, international capital flows; 
‘‘(F) the impact of the external sector on 
economic changes; 
‘‘(G) the size and growth of external in-
debtedness; 
‘‘(H) trends in the net level of inter-
national investment; and 
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of the international financial institution that would benefit 
from the proposed change, in the form of increased voting 
shares or representation, is neither manipulated nor in 
fundamental misalignment. 
SEC. 206. NONMARKET ECONOMY STATUS. 
Paragraph (18)(B)(vi) of section 771 of the Tariff 
Act of 1930 (19 U.S.C. 1677(18)(B)(vi)) is amended by 
inserting before the period at the end the following: ‘‘, in-
cluding whether the currency of the foreign country has 
been identified pursuant to section 3005(b)(7) of the Ex-
change Rates and International Economic Policy Coordi-
nation Act of 1988 (22 U.S.C. 5305(b)(7)) in any written 
report required by such section 3005(b)(7) during the 24- 
month period immediately preceding the month during 
which the administering authority seeks to revoke a deter-
mination that such foreign country is a nonmarket econ-
omy country’’. 
Æ 
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