I 
113TH CONGRESS 
1ST SESSION H. R. 1276 
To amend title VII of the Tariff Act of 1930 to clarify that countervailing 
duties may be imposed to address subsidies relating to a fundamentally 
undervalued currency of any foreign country. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 20, 2013 
Mr. LEVIN (for himself, Mr. BROOKS of Alabama, Mrs. CAPITO, Mr. COBLE, 
Mr. CONYERS, Mr. COOPER, Mr. CUMMINGS, Mr. DEFAZIO, Mr. DIN-
GELL, Mr. ENYART, Mr. GRIFFITH of Virginia, Mr. GRIJALVA, Mr. HAR-
PER, Mr. HIGGINS, Mr. ELLISON, Mr. FOSTER, Mr. JOHNSON of Ohio, 
Mr. JONES, Ms. KAPTUR, Mr. LIPINSKI, Mr. LYNCH, Mr. MCHENRY, Mr. 
MCKINLEY, Mr. MEEHAN, Mr. MICHAUD, Mr. GEORGE MILLER of Cali-
fornia, Mr. MURPHY of Pennsylvania, Mr. OWENS, Mr. POCAN, Mr. RAN-
GEL, Mr. RYAN of Ohio, Ms. SCHWARTZ, Ms. SHEA-PORTER, Ms. 
SLAUGHTER, Mr. THOMPSON of Pennsylvania, Mr. TURNER, Mr. VIS-
CLOSKY, Mr. WELCH, and Mr. YOUNG of Alaska) introduced the following 
bill; which was referred to the Committee on Ways and Means 
A BILL 
To amend title VII of the Tariff Act of 1930 to clarify 
that countervailing duties may be imposed to address 
subsidies relating to a fundamentally undervalued cur-
rency of any foreign country. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Currency Reform for 
Fair Trade Act’’. 
SEC. 
2. 
CLARIFICATION 
REGARDING 
DEFINITION 
OF 
COUNTERVAILABLE SUBSIDY. 
(a) BENEFIT CONFERRED.—Section 771(5)(E) of 
the Tariff Act of 1930 (19 U.S.C. 1677(5)(E)) is amend-
ed— 
(1) in clause (iii), by striking ‘‘and’’ at the end; 
(2) in clause (iv), by striking the period at the 
end and inserting ‘‘, and’’; and 
(3) by inserting after clause (iv) the following 
new clause: 
‘‘(v) in the case in which the currency 
of a country in which the subject merchan-
dise is produced is exchanged for foreign 
currency obtained from export trans-
actions, and the currency of such country 
is a fundamentally undervalued currency, 
as defined in paragraph (37), the dif-
ference between the amount of the cur-
rency of such country provided and the 
amount of the currency of such country 
that would have been provided if the real 
effective exchange rate of the currency of 
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such country were not undervalued, as de-
termined pursuant to paragraph (38).’’. 
(b) EXPORT SUBSIDY.—Section 771(5A)(B) of the 
Tariff Act of 1930 (19 U.S.C. 1677(5A)(B)) is amended 
by adding at the end the following new sentence: ‘‘In the 
case of a subsidy relating to a fundamentally undervalued 
currency, the fact that the subsidy may also be provided 
in circumstances not involving export shall not, for that 
reason alone, mean that the subsidy cannot be considered 
contingent upon export performance.’’. 
(c) DEFINITION
OF
FUNDAMENTALLY
UNDER-
VALUED CURRENCY.—Section 771 of the Tariff Act of 
1930 (19 U.S.C. 1677) is amended by adding at the end 
the following new paragraph: 
‘‘(37) FUNDAMENTALLY
UNDERVALUED
CUR-
RENCY.—The administering authority shall deter-
mine that the currency of a country in which the 
subject merchandise is produced is a ‘fundamentally 
undervalued currency’ if— 
‘‘(A) the government of the country (in-
cluding any public entity within the territory of 
the country) engages in protracted, large-scale 
intervention in one or more foreign exchange 
markets during part or all of the 18-month pe-
riod that represents the most recent 18 months 
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