Currency Reform and Financial Markets Access Act of 2007

Bill: 110-s-1677
Sponsor: Sen. Dodd, Christopher J. [D-CT]
Introduced: 2007-06-21 in the Senate
Policy area: Foreign Trade and International Finance
Subjects: American investments
Balance of payments
China
Congress
Congressional oversight
Congressional reporting requirements
East Asia
Economic growth
Economics and Public Finance
Finance and Financial Sector
Financial services
Foreign exchange
Foreign trade promotion
Governmental investigations
International Affairs
International competitiveness
International monetary system
Legislative resolutions
Negotiations
Subsidies

Summary:
action_date: 2007-06-21
text: 
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.


Legislative actions:
action_date: 2007-08-01
text: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
action_date: 2007-06-21
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8235-8237)
action_date: 2007-06-21
text: Sponsor introductory remarks on measure. (CR S8234-8235)
action_date: 2007-06-21
text: Introduced in Senate