,i #aacth ,,congress #ast ,session ,h4 ,r4 #abgf ,,in ,,the ,,house ,,of ,,representatives ,march #bj1 #bjac ,mr4 ,levin 7for himself1 ,mr4 ,brooks of ,alabama1 ,mrs4 ,capito1 ,mr4 ,coble1 ,mr4 ,conyers1 ,mr4 ,cooper1 ,mr4 ,cummings1 ,mr4 ,de,fazio1 ,mr4 ,dingell1 ,mr4 ,enyart1 ,mr4 ,griffith of ,virginia1 ,mr4 ,grijalva1 ,mr4 ,harper1 ,mr4 ,higgins1 ,mr4 ,ellison1 ,mr4 ,foster1 ,mr4 ,johnson of ,ohio1 ,mr4 ,jones1 ,ms4 ,kaptur1 ,mr4 ,lipinski1 ,mr4 ,lynch1 ,mr4 ,mc,henry1 ,mr4 ,mc,kinley1 ,mr4 ,meehan1 ,mr4 ,michaud1 ,mr4 ,george ,miller of ,california1 ,mr4 ,murphy of ,pennsylvania1 ,mr4 ,owens1 ,mr4 ,pocan1 ,mr4 ,rangel1 ,mr4 ,ryan of ,ohio1 ,ms4 ,schwartz1 ,ms4 ,shea-,porter1 ,ms4 ,slaughter1 ,mr4 ,thompson of ,pennsylvania1 ,mr4 ,turner1 ,mr4 ,visclosky1 ,mr4 ,welch1 and ,mr4 ,young of ,alaska7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend title ,,vii of the ,tariff ,act of #aicj to clarify that countervailing duties may be imposed to address subsidies relating to a fundamentally undervalued currency of any foreign country4 #a4 ,short title ,this ,act may be cited as the ,currency ,reform for ,fair ,trade ,act4 #b4 ,clarification regarding definition of countervailable subsidy 7a7 ,benefit conferred ,section #gga7e77;,e7 of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgg7e77;,e77 is amended-- 7#a7 in clause 7iii71 by striking and at the end2 7#b7 in clause 7iv71 by striking the period at the end and inserting 1 and2 and 7#c7 by inserting after clause 7iv7 the following new clause3 7v7 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 transactions1 and the currency of such country is a fundamentally undervalued currency1 as defined in paragraph 7#cg71 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 undervalued1 as determined pursuant to paragraph 7#ch74 4 7b7 ,export subsidy ,section #gga7e;,a77,b7 of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgg7e;,a77,b77 is amended by adding at the end the following new sentence3 ,in the case of a subsidy relating to a fundamentally undervalued currency1 the fact that the subsidy may also be provided in circumstances not involving export shall not1 for that reason alone1 mean that the subsidy cannot be considered contingent upon export performance44 7c7 ,definition of fundamentally undervalued currency ,section #gga of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgg7 is amended by adding at the end the following new paragraph3 7#cg7 ,fundamentally undervalued currency ,the administering authority shall determine that the currency of a country in which the subject merchandise is produced is a fundamentally undervalued currency if-- 7,a7 the government of the country 7including any public entity within the territory of the country7 engages in protracted1 large-scale intervention in one or more foreign exchange markets during part or all of the #ah-month period that represents the most recent #ah months for which the information required under paragraph 7#ch7 is reasonably available1 but that does not include any period of time later than the final month in the period of investigation or the period of review1 as applicable2 7,b7 the real effective exchange rate of the currency is undervalued by at least #e percent1 on average and as calculated under paragraph 7#ch71 relative to the equilibrium real effective exchange rate for the country's currency during the #ah-month period2 7,c7 during the #ah-month period1 the country has experienced significant and persistent global current account surpluses2 and 7,d7 during the #ah-month period1 the foreign asset reserves held by the government of the country exceed-- 7i7 the amount necessary to repay all debt obligations of the government falling due within the coming #ab months2 7ii7 #bj percent of the country's money supply1 using standard measures of ,m#b2 and 7iii7 the value of the country's imports during the previous #d months4 4 7d7 ,definition of real effective exchange rate undervaluation ,section #gga of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgg71 as amended by subsection 7c7 of this section1 is further amended by adding at the end the following new paragraph3 7#ch7 ,real effective exchange rate undervaluation ,the calculation of real effective exchange rate undervaluation1 for purposes of paragraph 7#e77;,e77v7 and paragraph 7#cg71 shall-- 7,a7 7i7 rely upon1 and where appropriate be the simple average of1 the results yielded from application of the approaches described in the guidelines of the ,international ,monetary ,fund's ,consultative ,group on ,exchange ,rate ,issues2 or 7ii7 if the guidelines of the ,international ,monetary ,fund's ,consultative ,group on ,exchange ,rate ,issues are not available1 be based on generally accepted economic and econometric techniques and methodologies to measure the level of undervaluation2 7,b7 rely upon data that are publicly available1 reliable1 and compiled and maintained by the ,international ,monetary ,fund or1 if the ,international ,monetary ,fund cannot provide the data1 by other international organizations or by national governments2 and 7,c7 use inflation-adjusted1 trade-weighted exchange rates4 4 #c4 ,report on implementation of ,act 7a7 ,in general ,not later than #i months after the date of the enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to ,congress a report on the implementation of the amendments made by this ,act4 7b7 ,matters ,to be included ,the report required by subsection 7a7 shall include a description of the extent to which ,united ,states industries that have been materially injured by reason of imports of subject merchandise produced in foreign countries with fundamentally undervalued currencies have received relief under title ,,vii of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afga et seq471 as amended by this ,act4 #d4 ,application to goods from ,canada and ,mexico ,pursuant to article #aijb of the ,north ,american ,free ,trade ,agreement and section #djh of the ,north ,american ,free ,trade ,agreement ,implementation ,act of #aiic 7#ai ,u4,s4,c4 #cdch71 the amendments made by section #b of this ,act shall apply to goods from ,canada and ,mexico4