S.Amdt. 4121
What it does: Adds TITLE __--EXCHANGE RATES at the end of the bill
Sen. Jim Bunning (R-KY)What it changes
1 change to S. 2663 · shown in the bill's text
Adds TITLE __--EXCHANGE RATES at the end of the bill
Adds a titleIn S. 2663 · Placed on Calendar Senate
(i) Authorization of Appropriations.--There are authorized to be appropriated such sums as may be necessary to carry out this section.D23/
Inserted: TITLE __--EXCHANGE RATES
Inserted: SEC. __01. SHORT TITLE.
Inserted: This title may be cited as the "China Currency Manipulation Act of 2008".
Inserted: SEC. __02. FINDINGS.
Inserted: Congress makes the following findings:
Inserted: (1) The People's Republic of China has a material global current account surplus.
Inserted: (2) The People's Republic of China has, since 2000, accumulated a current account surplus with the United States of approximately $1,200,000,000,000, twice the size of the current account surplus of any other United States trade partner.
Inserted: (3) The People's Republic of China has engaged in protracted large-scale intervention in currency markets, thereby subsidizing Chinese-made products and erecting a formidable nontariff barrier to trade to United States exports to the People's Republic of China, in contravention of the spirit and intent of the General Agreement on Tariffs and Trade and the Articles of Agreement of the International Monetary Fund.
Inserted: SEC. __03. ACTION TO ACHIEVE FAIR CURRENCY.
Inserted: (a) Determination.--Notwithstanding any other provision of law, the Secretary of the Treasury shall make an affirmative determination that the People's Republic of China is manipulating its currency within the meaning of section 3004(b) of the Exchange Rates and International Economic Policies Coordination Act of 1988 (22 U.S.C. 5304(b)) and take the action described in subsections (b), (c), and (d).
Inserted: (b) Action.--
Inserted: (1) In general.--The Secretary of the Treasury shall, not later than 30 days after the date of the enactment of this Act, establish a plan of action to remedy currency manipulation by the People's Republic of China, and submit a report regarding that plan, to the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate and the Committee on Financial Services and the Committee on Ways and Means of the House of Representatives.
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Inserted: (2) Benchmarks.--The report described in paragraph (1) shall include specific benchmarks and timeframes for correcting the currency manipulation.
Inserted: (c) Initial Negotiations.--The Secretary shall initiate, on an expedited basis, bilateral negotiations with the People's Republic of China for the purpose of ensuring that the country regularly and promptly adjusts the rate of exchange between its currency and the United States dollar to permit effective balance of payment adjustments and to eliminate the unfair competitive advantage.
Inserted: (d) Coordination With the International Monetary Fund.--The Secretary of the Treasury shall, not later than 30 days after the date of the enactment of this Act, instruct the Executive Director to the International Monetary Fund to use the voice and vote of the United States, including requesting consultations under Article IV of the Articles of Agreement of the International Monetary Fund, for the purpose of ensuring the People's Republic of China regularly and promptly adjusts the rate of exchange between its currency and the United States dollar to permit effective balance of payments adjustments and to eliminate the unfair competitive advantage in trade.
Original wording
At the end, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 4121. Mr. BUNNING (for himself and Ms. Stabenow) submitted an amendment intended to be proposed by him to the bill S. 2663, to reform the Consumer Product Safety Commission to provide greater protection for children's products, to improve the screening of noncompliant consumer products, to improve the effectiveness of consumer product recall programs, and for other purposes; which was ordered to lie on the table; as follows:
At the end, add the following:
TITLE __--EXCHANGE RATES
SEC. __01. SHORT TITLE.
This title may be cited as the “China Currency Manipulation Act of 2008”.
SEC. __02. FINDINGS.
Congress makes the following findings:
(1) The People's Republic of China has a material global current account surplus.
(2) The People's Republic of China has, since 2000, accumulated a current account surplus with the United States of approximately $1,200,000,000,000, twice the size of the current account surplus of any other United States trade partner.
(3) The People's Republic of China has engaged in protracted large-scale intervention in currency markets, thereby subsidizing Chinese-made products and erecting a formidable nontariff barrier to trade to United States exports to the People's Republic of China, in contravention of the spirit and intent of the General Agreement on Tariffs and Trade and the Articles of Agreement of the International Monetary Fund.
SEC. __03. ACTION TO ACHIEVE FAIR CURRENCY.
(a) Determination.--Notwithstanding any other provision of law, the Secretary of the Treasury shall make an affirmative determination that the People's Republic of China is manipulating its currency within the meaning of section 3004(b) of the Exchange Rates and International Economic Policies Coordination Act of 1988 (22 U.S.C. 5304(b)) and take the action described in subsections (b), (c), and (d).
(b) Action.--
(1) In general.--The Secretary of the Treasury shall, not later than 30 days after the date of the enactment of this Act, establish a plan of action to remedy currency manipulation by the People's Republic of China, and submit a report regarding that plan, to the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate and the Committee on Financial Services and the Committee on Ways and Means of the House of Representatives.
(2) Benchmarks.--The report described in paragraph (1) shall include specific benchmarks and timeframes for correcting the currency manipulation.
(c) Initial Negotiations.--The Secretary shall initiate, on an expedited basis, bilateral negotiations with the People's Republic of China for the purpose of ensuring that the country regularly and promptly adjusts the rate of exchange between its currency and the United States dollar to permit effective balance of payment adjustments and to eliminate the unfair competitive advantage.
(d) Coordination With the International Monetary Fund.--The Secretary of the Treasury shall, not later than 30 days after the date of the enactment of this Act, instruct the Executive Director to the International Monetary Fund to use the voice and vote of the United States, including requesting consultations under Article IV of the Articles of Agreement of the International Monetary Fund, for the purpose of ensuring the People's Republic of China regularly and promptly adjusts the rate of exchange between its currency and the United States dollar to permit effective balance of payments adjustments and to eliminate the unfair competitive advantage in trade.
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Senate amendment submitted
March 5, 2008