Summary

To amend title VII of the Tariff Act of 1930 to clarify that countervailing duties may be imposed to address subsidies relating to a fundamentally undervalued currency of... Read More

Status

This bill was introduced on Feb 10, 2011, in a previous session of Congress, but was not passed.

Date Introduced
Feb 10, 2011

Co-Sponsors

d-169
r-65

Bill Text

A BILL

To amend title VII of the Tariff Act of 1930 to clarify that countervailing duties may be imposed to address subsidies relating to a fundamentally undervalued currency of any foreign country.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Currency Reform for Fair Trade Act''.

SEC. 2. CLARIFICATION REGARDING DEFINITION OF COUNTERVAILABLE SUBSIDY.

(a) Benefit Conferred.--Section 771(5)(E) of the Tariff Act of 1930 (19 U.S.C. 1677(5)(E)) is amended-- (1) in clause (iii), by striking ``and'' at the end; (2) in clause (iv), by striking the period at the end and inserting ``, and''; and (3) by inserting after clause (iv) the following new clause: ``(v) in the case in which the currency of a country in which the subject merchandise is produced is exchanged for foreign currency obtained from export transactions, and the currency of such country is a fundamentally undervalued currency, as defined in paragraph (37), the difference between the amount of the currency of such country provided and the amount of the currency of such country that would have been provided if the real effective exchange rate of the currency of such country were not undervalued, as determined pursuant to paragraph (38).''. (b) Export Subsidy.--Section 771(5A)(B) of the Tariff Act of 1930 (19 U.S.C. 1677(5A)(B)) is amended by adding at the end the following new sentence: ``In the case of a subsidy relating to a...

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Sentiment Map

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State: CA

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District: 1st

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Popularity Trend

Organizations Supporting

Supports the Currency Reform for Fair Trade Act of 2011. The legislation, based on a bill passed by the House of Representatives last year, aims to help U.S. businesses and workers by providing the government with new tools to deal with illegally manipulated foreign currencies.

Supports the Currency Reform for Fair Trade Act of 2011. The legislation, based on a bill passed by the House of Representatives last year, aims to help U.S. businesses and workers by providing the government with new tools to deal with illegally manipulated foreign currencies.

Supports the Currency Reform for Fair Trade Act. Economists from across the spectrum agree that currency manipulation distorts trade and exacerbates our unsustainable trade deficits. Putting an end to currency manipulation is an issue that unites business and labor, farmers and ranchers, and Republicans and Democrats. Action by our government to put an end to this destructive illegal activity is long overdue.

AFL-CIO 4 years ago

China's illegal subsidies of their wire producing industry is harming the domestic wire and wire products industry. While not the total answer to China's illegal practices, requiring the country's officials to fix the value of their yuan will certainly help level the playing field between manufacturers in both countries.

Organizations Opposing

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Users Supporting

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Users Opposing

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Bill Summary

To amend title VII of the Tariff Act of 1930 to clarify that countervailing duties may be imposed to address subsidies relating to a fundamentally undervalued currency of any foreign country.

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