S. 984Senate109th Congress (2005-2007)In Committee

Fair Currency Practices Act of 2005

Introduced May 10, 2005

Legislative Activity

Stay on top of the latest movement without scrolling through every action

2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4872)

May 10, 2005

View full timeline
SenateIntro Referral

Introduced in Senate

May 10, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4871-4872)

May 10, 2005

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4872)

May 10, 2005

Floor Debate

10 members

What members said about S. 984 on the floor

5 Republicans5 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · May 10, 2005

Mr. President, I rise today in support of a resolution introduced by myself, Senator McConnell, Senator Leahy, Senator McCain, Senator Brownback, and Senator Obama to renew the sanctions imposed on…

John McCain
Sen. John McCainR-AZ · May 10, 2005

Mr. President, today I am introducing ``The Restoring Safety to Indian Women Act'' and I look forward to working with the Committee on the Judiciary to ensure that the provisions of this bill are…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · May 10, 2005

Mr. President, I rise today to introduce, along with my colleague from Connecticut, Mr. Dodd, legislation that will bolster the content and pedagogical knowledge of our K-12 teacher workforce. This…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · May 10, 2005

Mr. President, I rise today to speak on the issue of currency policies and to offer a bill, the Fair Currency Practices Act of 2005, that will address key concerns regarding the Treasury Department's…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · May 10, 2005

Mr. President, I rise today to speak on the issue of currency policies and to offer a bill, the Fair Currency Practices Act of 2005, that will address key concerns regarding the Treasury Department's…

Show 6 more
Sam Brownback
Sen. Sam BrownbackR-KS · May 10, 2005

Mr. President, I rise with several of my colleagues to speak about the importance of the renewal of the Burma sanctions. I also wish to speak candidly about the Burmese Military Junta's continued…

Mitch McConnell
Sen. Mitch McConnellR-KY · May 10, 2005

Mr. President, along with my colleagues from California, Arizona, Vermont, Kansas and Illinois, I come to the floor to introduce legislation to renew sanctions against the illegitimate and repressive…

Hillary Rodham Clinton
Sen. Hillary Rodham ClintonD-NY · May 10, 2005

Mr. President, I rise today to re-introduce the Kinship Caregiver Support Act with my friend and colleague, Senator Olympia Snowe. I would like to acknowledge Senators Tim Johnson and Thad Cochran…

Chuck Grassley
Sen. Chuck GrassleyR-IA · May 10, 2005

Mr. President, the bill imposes an excise tax, equal to 100 percent of the acquisition costs, on the taxable acquisition of any interest in an applicable insurance contract. An applicable insurance…

Tom Harkin
Sen. Tom HarkinD-IA · May 10, 2005

Mr. President, today, I am proposing to strike the consumptive demand clause from Section 307 of the Tariff Act of 1930 (19 U.S.C. 1307). Section 307 prohibits the importation of any product or good…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · May 10, 2005

Mr. President, the Pension Fairness and Full Disclosure Act we are introducing today is urgently needed to end the nightmare that the current pension system is becoming for millions of families…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued May 10, 2005

II

109th CONGRESS

1st Session

S. 984

IN THE SENATE OF THE UNITED STATES

May 10, 2005

Ms. Snowe introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To amend the Exchange Rates and International Economic Policy Coordination Act of 1988 to clarify the definition of manipulation with respect to currency, and for other purposes.

1.

Short title

This Act may be cited as the Fair Currency Practices Act of 2005.

2.

Amendments relating to international financial policy

(a)

Bilateral negotiations

Section 3004(b) of the Exchange Rates and International Economic Policy Coordination Act of 1988 (22 U.S.C. 5304(b)) is amended in the second sentence by striking and (2) and inserting or (2).

(b)

Definition of manipulation

Section 3006 of the Exchange Rates and International Economic Policy Coordination Act of 1988 (22 U.S.C. 5306) is amended by adding at the end the following:

(3)

Manipulation of rate of exchange

For purposes of this Act, a country shall be considered to be manipulating the rate of exchange between its currency and the United States dollar if there is a protracted large-scale intervention in one direction in the exchange markets. The Secretary may find that a country is manipulating the rate of exchange based on any other factor or combination of factors.

.

(c)

Report

Not later than 90 days after the date of enactment of this Act, the Secretary of the Treasury shall undertake an examination, and submit a report to Congress, regarding the trade surplus of the People's Republic of China. The Secretary shall examine why the trade surplus with the United States and other countries reported by the People's Republic of China differs from the trade surplus reported by the other countries. The report shall also quantify the differences between the trade surplus reported by the United States and other countries and what is reported by the People's Republic of China.