Bill113th Congress

H.R. 1276

Currency Reform for Fair Trade Act

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Introduced
Mar 20, 2013
Origin Chamber
House
Policy Area
Foreign Trade and International Finance
Latest Action
Apr 10, 2013
Latest Action

Referred to the Subcommittee on Trade.

Sponsor

Rep. Levin, Sander M. [D-MI-9]

Democrat·MI-9
Bioguide ID: L000263
First Name: SANDER
Middle Name: M.
Last Name: LEVIN
By Request: N
157
Cosponsors
1
Committees
4
Actions
0
Amendments
0
Related Bills
6
Subjects
1
Summaries
3
Titles
1
Text Versions

Bill Details

Update Date
Nov 15, 2022
Origin Chamber
House
Bill Type
HR
Bill Number
1,276
Congress
113
Introduced Date
Mar 20, 2013
Policy Area
Foreign Trade and International Finance
Is Law
No
Apr 10, 2013Committee

Referred to the Subcommittee on Trade.

Source: House committee actions

Mar 20, 2013IntroReferralH11100

Referred to the House Committee on Ways and Means.

Source: House floor actions

Mar 20, 2013IntroReferralIntro-H

Introduced in House

Source: Library of Congress

Mar 20, 2013IntroReferral1000

Introduced in House

Source: Library of Congress

Introduced in House· Mar 20, 20130

Currency Reform for Fair Trade Act - 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.

Applies the amendments made by this Act to goods from Canada and Mexico.

Ways and Means Committee

House· Standing
CanadaCurrencyInternational monetary system and foreign exchangeLatin AmericaMexicoTariffs

Introduced in House

Mar 20, 2013

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Currency Reform for Fair Trade Act — Informed