H R 2378 in Congressional Session 111

Bill Number : H R 2378

Title : To amend title VII of the Tariff Act of 1930 to clarify that fundamental exchange-rate misalignment by any foreign nation is actionable under United States countervailing and antidumping duty laws, and for other purposes.

SUMMARY AS OF: 9/29/2010--Passed House amended. (There are 2 other summaries) (This measure has not been amended since it was reported to the House on September 28, 2010. The summary of that version is repeated here.) Currency Reform for Fair Trade Act -

(Sec. 2)

Amends the Tariff Act of 1930 to include as a "countervailable subsidy" requiring action under a countervailing duty or antidumping duty proceeding the benefit conferred on merchandise imported into the United States from foreign countries with fundamentally undervalued currency. Defines "benefit conferred," in cases where the currency of a foreign country is exchanged for foreign currency (i.e., U.S. dollars) obtained from export transactions, as the difference between: (1) the amount of currency provided by a foreign country in which the subject merchandise is produced; and (2) the amount of currency such country would have provided if the real effective exchange rate of its currency were not fundamentally undervalued. Declares that the fact that such a subsidy is also provided in circumstances not involving export shall not, for that reason alone, mean it cannot be considered export contingent and actionable under a countervailing duty and antidumping duty proceeding. Requires the administering authority to determine that the currency of a foreign country is fundamentally undervalued if for an 18-month period: (1) the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets; (2) the country's real effective exchange rate is undervalued by at least 5%; (3) the country has experienced significant and persistent global current account surpluses; and (4) the country's government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations falling due within the coming 12 months, 20% percent of the country's money supply, and the value of the country's imports during the previous 4 months. Requires the use, for calculating a country's "real effective exchange rate undervaluation," of certain guidelines of the Consultative Group on Exchange Rate Issues of the International Monetary Fund (IMF) or, if those guidelines are not available, generally accepted economic and econometric techniques and methodologies. Requires the use, also, of inflation-adjusted, trade-weighted exchange rates.

(Sec. 3)

Directs the Comptroller General to report to Congress on the implementation of this Act.

Rep Altmire, Jason [PA-4] - 5/13/2009

Rep Arcuri, Michael A. [NY-24] - 5/13/2009

Rep Barrett, J. Gresham [SC-3] - 5/13/2009

Rep Boswell, Leonard L. [IA-3] - 5/13/2009

Rep Boucher, Rick [VA-9] - 5/13/2009

Rep Braley, Bruce L. [IA-1] - 5/13/2009

Rep Brown, Henry E., Jr. [SC-1] - 5/13/2009

Rep Burton, Dan [IN-5] - 5/13/2009

Rep Coble, Howard [NC-6] - 5/13/2009

Rep Conyers, John, Jr. [MI-14] - 5/13/2009

Rep Costello, Jerry F. [IL-12] - 5/13/2009

Rep DeFazio, Peter A. [OR-4] - 5/13/2009

Rep Green, Gene [TX-29] - 5/13/2009

Rep Hare, Phil [IL-17] - 5/13/2009

Rep Higgins, Brian [NY-27] - 5/13/2009

Rep Holden, Tim [PA-17] - 5/13/2009

Rep Holt, Rush D. [NJ-12] - 5/13/2009

Rep Johnson, Eddie Bernice [TX-30] - 5/13/2009

Rep Jones, Walter B., Jr. [NC-3] - 5/13/2009

Rep Kagen, Steve [WI-8] - 5/13/2009

Rep Kildee, Dale E. [MI-5] - 5/13/2009

Rep Lee, Christopher J. [NY-26] - 5/13/2009

Rep Manzullo, Donald A. [IL-16] - 5/13/2009

Rep McHugh, John M. [NY-23] - 5/13/2009

Rep Michaud, Michael H. [ME-2] - 5/13/2009

Rep Murphy, Tim [PA-18] - 5/13/2009

Rep Myrick, Sue Wilkins [NC-9] - 5/13/2009

Rep Olver, John W. [MA-1] - 5/13/2009

Rep Platts, Todd Russell [PA-19] - 5/13/2009

Rep Rogers, Mike J. [MI-8] - 5/13/2009

Rep Rohrabacher, Dana [CA-46] - 5/13/2009

Rep Shuler, Heath [NC-11] - 5/13/2009

Rep Shuster, Bill [PA-9] - 5/13/2009

Rep Souder, Mark E. [IN-3] - 5/13/2009

Rep Sutton, Betty [OH-13] - 5/13/2009

Rep Visclosky, Peter J. [IN-1] - 5/13/2009

Rep Westmoreland, Lynn A. [GA-3] - 5/13/2009

Rep Wilson, Charles A. [OH-6] - 5/13/2009

Rep Wilson, Joe [SC-2] - 5/13/2009