United States Trade Enhancement Act of 2006

Bill: 109-s-2467
Sponsor: Sen. Grassley, Chuck [R-IA]
Introduced: 2006-03-28 in the Senate
Policy area: Foreign Trade and International Finance
Subjects: Advice and consent of the Senate
American investments
Authorization
Capital movements
Collection of accounts
Congress
Congress and foreign policy
Congressional reporting requirements
Countervailing duties
Department of the Treasury
Development credit institutions
Dumping
Economics and Public Finance
Executive reorganization
Export finance
Federal advisory bodies
Federal officials
Finance and Financial Sector
Foreign exchange
Foreign loans
Free trade
Government Operations and Politics
Government procurement
Intellectual property
International Affairs
International competitiveness
International monetary system
Investment guaranty insurance
Monetary policy
Nontariff trade barriers
Office of the U.S. Trade Representative
Presidential appointments
Surety and fidelity
Trade agreements
Trade negotiations

Summary:
action_date: 2006-03-28
text: 
United States Trade Enhancement Act of 2006 - Amends the Tariff Act of 1930 with respect to antidumping or countervailing duty reviews by the administering authority. Suspends, from April 1, 2006, until June 30, 2009, the requirement that the administering authority direct the Customs Service to allow, at the importer's option, the posting of a bond or security in lieu of a cash deposit, until completion of the review, for each entry of the subject merchandise (bonding privileges).
 
Requires the Secretary of the Treasury to report to specified congressional committees on: (1) the impact of such suspension; (2) any major problem in the collection of duties during the four most recent fiscal years; and (3) an analysis of proposed solutions for such problems.
 
Modifies the composition of the Office of the U.S. Trade Representatives (USTR) to include a General Counsel.
 
Requires the USTR to establish an interagency Trade Enforcement Working Group to assist the General Counsel.
 
Amends the Trade Act of 1974 to require the USTR to identify and report annually to specified congressional committees: (1) on U.S. trade enforcement priorities; (2) enforcement actions and their impact; and (3) priority foreign country trade practices on which the USTR will focus enforcement efforts.
 
International Monetary and Financial Policy Cooperation Act of 2006 - Amends the Omnibus Trade and Competitiveness Act of 1988 to repeal the Exchange Rates and International Economic Policy Coordination Act of 1988.
 
Requires the President to establish an Advisory Committee on International Monetary and Financial Policy, and the Secretary of the Treasury to report annually to Congress on international economic policy and currency exchange rates.
 
Specifies subsequent actions the Secretary shall take with respect to each currency of the major economies or economic areas that are in fundamental misalignment for which the misalignment causes, or contributes to, a material adverse impact on the U.S. economy.
 
Specifies conditions for U.S. approval of a proposed change in the governance arrangement of any international financial institution.
 
Amends the Tariff Act of 1930 to modify factors for determining if a foreign country is a &quot;nonmarket economy country.&quot; 
 
Provides for an additional Assistant Secretary of the Treasury.
 



Legislative actions:
action_date: 2006-03-29
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 381.
action_date: 2006-03-28
text: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2006-03-28
text: Introduced in Senate