Source: https://www.law.cornell.edu/uscode/text/22/5304?qt-us_code_tabs=2
Timestamp: 2015-09-04 07:20:09
Document Index: 386754742

Matched Legal Cases: ['§ 5304', '§ 5304', '§ 5304', '§ 3004', '§ 1124', '§ 1101']

22 U.S. Code § 5304 - International negotiations on exchange rate and economic policies | LII / Legal Information Institute
U.S. Code › Title 22 › Chapter 62 › Subchapter I › § 5304 22 U.S. Code § 5304 - International negotiations on exchange rate and economic policies
Multilateral negotiations The President shall seek to confer and negotiate with other countries—
to achieve—
better coordination of macroeconomic policies of the major industrialized nations; and
more appropriate and sustainable levels of trade and current account balances, and exchange rates of the dollar and other currencies consistent with such balances; and
to develop a program for improving existing mechanisms for coordination and improving the functioning of the exchange rate system to provide for long-term exchange rate stability consistent with more appropriate and sustainable current account balances.
Bilateral negotiations The Secretary of the Treasury shall analyze on an annual basis the exchange rate policies of foreign countries, in consultation with the International Monetary Fund, and consider whether countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade. If the Secretary considers that such manipulation is occurring with respect to countries that (1)
have material global current account surpluses; and (2)
have significant bilateral trade surpluses 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. The Secretary shall not be required to initiate negotiations in cases where such negotiations would have a serious detrimental impact on vital national economic and security interests; in such cases, 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 Banking, Finance and Urban Affairs of the House of Representatives of his determination.
(Pub. L. 100–418, title III, § 3004,Aug. 23, 1988, 102 Stat. 1373.)
Pub. L. 100–418, title I, § 1124,Aug. 23, 1988, 102 Stat. 1146, provided that:
“(1) the benefit of trade concessions can be adversely affected by misalignments in currency, and
“(2) misalignments in currency caused by government policies intended to maintain an unfair trade advantage tend to nullify and impair trade concessions.
“(b) Negotiations.—Whenever, in the course of negotiating a trade agreement under this subtitle [subtitle A (§§ 1101 to 1125) of title I of Pub. L. 100–418, see Tables for classification], the President is advised by the Secretary of the Treasury that a foreign country that is a party to the negotiations satisfies the criteria for initiating bilateral currency negotiations listed in section 3004(b) of this Act [22 U.S.C. 5304
(b)], the Secretary of the Treasury shall take action to initiate bilateral currency negotiations on an expedited basis with such foreign country.”