,,ii #aacth ,,congress #ast ,session ,s4 #aaad ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #g1 #bjac ,mr4 ,brown 7for himself1 ,mr4 ,sessions1 ,mr4 ,schumer1 ,mr4 ,graham1 ,ms4 ,stabenow1 ,mr4 ,burr1 ,ms4 ,collins1 and ,mr4 ,casey7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to provide for identification of misaligned currency1 require action to correct the misalignment1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,currency ,exchange ,rate ,oversight ,reform ,act of #bjac4 #b4 ,definitions ,in this ,act3 7#a7 ,administering authority ,the term administering authority means the authority referred to in section #gga7a7 of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgg7a774 7#b7 ,agreement on government procurement ,the term ,agreement on ,government ,procurement means the agreement referred to in section #aja7;d77#ag7 of the ,uruguay ,round ,agreements ,act 7#ai ,u4,s4,c4 #ceaa7;d77#ag774 7#c7 ,country ,the term country means a foreign country1 dependent territory1 or possession of a foreign country1 and may include an association of #b or more foreign countries1 dependent territories1 or possessions of countries into a customs union outside the ,united ,states4 7#d7 ,exporting country ,the term exporting country means the country in which the subject merchandise is produced or manufactured4 7#e7 ,fundamental misalignment ,the term fundamental misalignment means a significant and sustained undervaluation of the prevailing real effective exchange rate1 adjusted for cyclical and transitory factors1 from its medium-term equilibrium level4 7#f7 ,fundamentally misaligned currency ,the term fundamentally misaligned currency means a foreign currency that is in fundamental misalignment4 7#g7 ,real effective exchange rate ,the term real effective exchange rate means a weighted average of bilateral exchange rates1 expressed in price-adjusted terms4 7#h7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#i7 ,sterilization ,the term sterilization means domestic monetary operations taken to neutralize the monetary impact of increases in reserves associated with intervention in the currency exchange market4 7#aj7 ,subject merchandise ,the term subject merchandise means the merchandise subject to an antidumping investigation1 review1 suspension agreement1 or order referred to in section #gga7be7 of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgg7be774 7#aa7 ,,wto agreement ,the term ,,wto ,agreement means the agreement referred to in section #b7i7 of the ,uruguay ,round ,agreements ,act 7#ai ,u4,s4,c4 #ceja7i774 #c4 ,report on international monetary policy and currency exchange rates 7a7 ,reports required 7#a7 ,in general ,not later than ,march #ae and ,september #ae of each calendar year1 the ,secretary1 after consulting with the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system and the ,advisory ,committee on ,international ,exchange ,rate ,policy1 shall submit to ,congress and make public1 a written report on international monetary policy and currency exchange rates4 7#b7 ,consultations ,on or before ,march #cj and ,september #cj of each calendar year1 the ,secretary shall appear1 if requested1 before the ,committee on ,banking1 ,housing1 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 to provide testimony on the reports submitted pursuant to paragraph 7#a74 7b7 ,content of reports ,each report submitted under subsection 7a7 shall contain the following3 7#a7 ,an analysis of currency market developments and the relationship between the ,united ,states dollar and the currencies of major economies and trading partners of the ,united ,states4 7#b7 ,a review of the economic and monetary policies of major economies and trading partners of the ,united ,states1 and an evaluation of how such policies impact currency exchange rates4 7#c7 ,a description of any currency intervention by the ,united ,states or other major economies or trading partners of the ,united ,states1 or other actions undertaken to adjust the actual exchange rate relative to the ,united ,states dollar4 7#d7 ,an evaluation of the domestic and global factors that underlie the conditions in the currency markets1 including-- 7,a7 monetary and financial conditions2 7,b7 accumulation of foreign assets2 7,c7 macroeconomic trends2 7,d7 trends in current and financial account balances2 7,e7 the size1 composition1 and growth of international capital flows2 7,f7 the impact of the external sector on economic growth2 7,g7 the size and growth of external indebtedness2 7,h7 trends in the net level of international investment2 and 7,i7 capital controls1 trade1 and exchange restrictions4 7#e7 ,a list of currencies designated as fundamentally misaligned currencies pursuant to section #d7;a77#b71 and a description of any economic models or methodologies used to establish the list4 7#f7 ,a list of currencies designated for priority action pursuant to section #d7;a77#c74 7#g7 ,an identification of the nominal value associated with the medium-term equilibrium exchange rate1 relative to the ,united ,states dollar1 for each currency listed under paragraph 7#f74 7#h7 ,a description of any consultations conducted or other steps taken pursuant to section #e1 #f1 or #g1 including any actions taken to eliminate the fundamental misalignment4 7#i7 ,a description of any determination made pursuant to section #i7;a74 7c7 ,consultations 7#a7 ,in general ,the ,secretary shall consult with the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system and the ,advisory ,committee on ,international ,exchange ,rate ,policy with respect to the preparation of each report required under subsection 7a74 7#b7 ,comments ,not later than the date that is #ae days before the date each report is due under subsection 7a71 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system and the ,advisory ,committee on ,international ,exchange ,rate ,policy shall submit to the ,secretary any comments of the ,chairman or ,advisory ,committee on the report4 7#c7 ,consideration ,the ,secretary shall review and consider all comments received from the ,chairman and the ,advisory ,committee under paragraph 7#b7 before submitting the report required under subsection 7a74 #d4 ,identification of fundamentally misaligned currencies 7a7 ,identification 7#a7 ,in general ,the ,secretary shall analyze on a semiannual basis the prevailing real effective exchange rates of foreign currencies4 7#b7 ,designation of fundamentally misaligned currencies ,with respect to the currencies of countries that have significant bilateral trade flows with the ,united ,states1 and currencies that are otherwise significant to the operation1 stability1 or orderly development of regional or global capital markets1 the ,secretary shall determine whether any such currency is in fundamental misalignment and shall designate such currency as a fundamentally misaligned currency4 7#c7 ,designation of currencies for priority action ,the ,secretary shall designate a currency identified under paragraph 7#b7 for priority action if the country that issues such currency is-- 7,a7 engaging in protracted large-scale intervention in the currency exchange market1 particularly if accompanied by partial or full sterilization2 7,b7 engaging in excessive and prolonged official or quasi-official accumulation of foreign exchange reserves and other foreign assets1 for balance of payments purposes2 7,c7 introducing or substantially modifying for balance of payments purposes a restriction on1 or incentive for1 the inflow or outflow of capital1 that is inconsistent with the goal of achieving full currency convertibility2 or 7,d7 pursuing any other policy or action that1 in the view of the ,secretary1 warrants designation for priority action4 7b7 ,reports ,the ,secretary shall include a list of any foreign currency designated under paragraph 7#b7 or 7#c7 of subsection 7a7 and the data and reasoning underlying such designations in each report required by section #c4 #e4 ,negotiations and consultations 7a7 ,in general ,upon designation of a currency pursuant to section #d7;a77#b71 the ,secretary shall seek to consult bilaterally with the country that issues such currency in order to facilitate the adoption of appropriate policies to address the fundamental misalignment4 7b7 ,consultations involving currencies designated for priority action ,with respect to each currency designated for priority action pursuant to section #d7;a77#c71 the ,secretary shall1 in addition to seeking to consult with a country pursuant to subsection 7a7-- 7#a7 seek the advice of the ,international ,monetary ,fund with respect to the findings of the ,secretary in the report submitted to ,congress pursuant to section #c7;a72 and 7#b7 encourage other governments1 whether bilaterally or in appropriate multinational fora1 to join the ,united ,states in seeking the adoption of appropriate policies by the country described in subsection 7a7 to eliminate the fundamental misalignment4 #f4 ,failure to adopt appropriate policies 7a7 ,determination and measures required 7#a7 ,determination ,not later than #ij days after the date on which a currency is designated for priority action pursuant to section #d7;a77#c71 the ,secretary shall determine whether the country that issues the currency has adopted appropriate policies1 and taken identifiable action1 to eliminate the fundamental misalignment4 7#b7 ,notification and publication ,the ,secretary shall promptly notify ,congress of the determination under paragraph 7#a7 and publish notice of the determination in the ,federal ,register4 7#c7 ,measures ,if the ,secretary determines that the country that issues the currency described in paragraph 7#a7 has failed to adopt appropriate policies1 or take identifiable action1 to eliminate the fundamental misalignment1 the measures specified in subsection 7b7 shall apply with respect to the country until a notification described in section #g7;b7 is published in the ,federal ,register4 7b7 ,measures specified ,the measures specified in this subsection are1 with respect to a country1 the following3 7#a7 ,adjustment under antidumping law ,for purposes of an antidumping investigation under subtitle ,b of title ,,vii of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgc et seq47 or a review under subtitle ,c of such ,act 7#ai ,u4,s4,c4 #afge et seq471 the following shall apply3 7,a7 ,in general ,the administering authority shall ensure a fair comparison between the export price and the normal value by adjusting the price used to establish export price or constructed export price to reflect the fundamental misalignment of the currency of the country4 7,b7 ,sales subject to adjustment ,the adjustment described in subparagraph 7,a7 shall apply with respect to subject merchandise sold on or after the date that is #cj days after the date the currency of the country is designated for priority action pursuant to section #d7;a77#c74 7#b7 ,federal procurement 7,a7 ,in general ,the ,president shall prohibit the procurement by the ,federal ,government of products or services from the country4 7,b7 ,exception ,the prohibition provided for in subparagraph 7,a7 shall not apply with respect to a country that is a party to the ,agreement on ,government ,procurement4 7#c7 ,request for ,,imf action ,the ,united ,states shall inform the ,managing ,director of the ,international ,monetary ,fund of the failure of the country to adopt appropriate policies1 or to take identifiable action1 to eliminate the fundamental misalignment1 and the actions the country is engaging in that are identified in section #d7;a77#c71 and shall request that the ,managing ,director of the ,international ,monetary ,fund-- 7,a7 consult with the country regarding the observance of the obligations of the country under article ,,iv of the ,international ,monetary ,fund ,articles of ,agreement1 including through special consultations1 if necessary2 and 7,b7 not later than #ahj days after the date of the request1 formally report the results of such consultations to the ,executive ,board of the ,international ,monetary ,fund4 7#d7 ,,opic financing ,the ,overseas ,private ,investment ,corporation shall not approve any new financing 7including insurance1 reinsurance1 or guarantee7 with respect to a project located within the country4 7#e7 ,multilateral bank financing 7,a7 ,in general ,the ,secretary shall instruct the ,united ,states ,executive ,director at each multilateral bank to oppose the approval of any new financing 7including loans1 other credits1 insurance1 reinsurance1 or guarantee7 to the government of the country or for a project located within the country4 7,b7 ,multilateral bank ,the term multilateral bank includes each of the international financial institutions described in section #agja7;c77#b7 of the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfbr74 7c7 ,waiver 7#a7 ,in general ,the ,president may waive any action provided for under subsection 7a7 or 7b7 if the ,president determines that-- 7,a7 taking the action would cause serious harm to the national security of the ,united ,states2 or 7,b7 it is in the vital economic interest of the ,united ,states to do so and taking the action would have an adverse impact on the ,united ,states economy greater than the benefits of the action4 7#b7 ,notification ,the ,president shall promptly notify ,congress of a determination under paragraph 7#a7 7and the reasons for the determination1 if made under paragraph 7#a77;,b77 and shall publish notice of the determination 7and the reasons for the determination1 if made under paragraph 7#a77;,b77 in the ,federal ,register4 7d7 ,reports ,the ,secretary shall describe any action or determination pursuant to subsection 7a71 7b71 or 7c7 in the first semiannual report required by section #c after the date of the action or determination4 #g4 ,persistent failure to adopt appropriate policies 7a7 ,determination and measures required 7#a7 ,determination ,not later than #cfj days after the date on which a currency is designated for priority action pursuant to section #d7;a77#c71 the ,secretary shall determine whether the country that issues the currency has adopted appropriate policies1 and taken identifiable action1 to eliminate the fundamental misalignment4 7#b7 ,notification and publication ,the ,secretary shall promptly notify ,congress of the determination under paragraph 7#a7 and shall publish notice of the determination in the ,federal ,register4 7#c7 ,measures ,if the ,secretary determines that the country that issues the currency has failed to adopt appropriate policies1 or take identifiable action1 to eliminate the fundamental misalignment1 in addition to the measures specified in section #f7;b71 the following measures shall apply with respect to the country until a notification described in subsection 7b7 is published in the ,federal ,register3 7,a7 ,action at the ,,wto ,the ,united ,states ,trade ,representative shall request consultations in the ,world ,trade ,organization with the country regarding the consistency of the actions of the country with its obligations under the ,,wto ,agreement4 7,b7 ,remedial intervention 7i7 ,in general ,the ,secretary shall consult with the ,board of ,governors of the ,federal ,reserve ,system to consider undertaking remedial intervention in international currency markets in response to the fundamental misalignment of the currency designated for priority action1 and coordinating the intervention with other monetary authorities and the ,international ,monetary ,fund4 ,in doing so1 the ,secretary shall consider the impact of the intervention on domestic economic growth and stability1 including the impact on interest rates4 7ii7 ,notice to country ,at the same time the ,secretary takes action under clause 7i71 the ,secretary shall notify the country that issues the currency of the consultations under clause 7i74 7b7 ,notification ,the ,secretary shall promptly notify ,congress when a country that issues a currency designated for priority action pursuant to section #d7;a77#c7 adopts appropriate policies1 or takes identifiable action1 to eliminate the fundamental misalignment1 and publish notice of the action of that country in the ,federal ,register4 7c7 ,waiver 7#a7 ,in general ,the ,president may waive any action provided for under this section1 or extend any waiver provided for under section #f7;c71 if the ,president determines that-- 7,a7 taking the action would cause serious harm to the national security of the ,united ,states2 or 7,b7 it is in the vital economic interest of the ,united ,states to do so1 and that taking the action would have an adverse impact on the ,united ,states economy substantially out of proportion to the benefits of the action4 7#b7 ,notification ,the ,president shall promptly notify ,congress of a determination under paragraph 7#a7 7and the reasons for the determination1 if made under paragraph 7#a77;,b77 and shall publish notice of the determination 7and the reasons for the determination1 if made under paragraph 7#a77;,b77 in the ,federal ,register4 7d7 ,disapproval of waiver ,if the ,president waives an action pursuant to subsection 7c77#a77;,b71 or extends a waiver provided for under section #f7;c77#a77;,b71 the waiver shall cease to have effect upon the enactment of a resolution of disapproval described in section #h7;a77#b74 7e7 ,reports ,the ,secretary shall describe any action or determination pursuant to subsection 7a71 7b71 or 7c7 in the first semiannual report required by section #c after the date of such action or determination4 #h4 ,congressional disapproval of waiver 7a7 ,resolution of ,disapproval 7#a7 ,introduction ,if a resolution of disapproval is introduced in the ,house of ,representatives or the ,senate during the #ij-;day period 7not counting any day which is excluded under section #aed7;b77#a7 of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #baid7;b77#a7771 beginning on the date on which the ,president first notifies ,congress of a determination to waive action with respect to a country pursuant to section #g7;c77#a77;,b71 that resolution of disapproval shall be considered in accordance with this subsection4 7#b7 ,resolution of disapproval ,in this subsection1 the term resolution of disapproval means only a joint resolution of the two ,houses of the ,congress1 the sole matter after the resolving clause of which is as follows3 ,that ,congress does not approve the determination of the ,president under of the ,currency ,exchange ,rate ,oversight ,reform ,act of #bjac with respect to 1 of which ,congress was notified on 41 with the first blank space being filled section #g7;c77#a77;,b7 or section #f7;c77#a77;,b71 whichever is applicable1 the second blank space being filled with the name of the appropriate country1 and the third blank space being filled with the appropriate date4 7#c7 ,procedures for considering resolutions 7,a7 ,introduction and referral ,resolutions of disapproval-- 7i7 in the ,house of ,representatives-- 7,i7 may be introduced by any ,member of the ,house of ,representatives2 7,,ii7 shall be referred to the ,committee on ,financial ,services and to the ,committee on ,rules2 and 7,,iii7 may not be amended by either ,committee2 and 7ii7 in the ,senate-- 7,i7 may be introduced by any ,member of the ,senate2 7,,ii7 shall be referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs2 and 7,,iii7 may not be amended4 7,b7 ,committee discharge and floor consideration ,the provisions of subsections 7c7 through 7f7 of section #aeb of the ,trade ,act of #aigd 7other than paragraph 7#c7 of subsection 7f77 7#ai ,u4,s4,c4 #baib 7c7 through 7f77 7relating to committee discharge and floor consideration of certain resolutions in the ,house and ,senate7 apply to a resolution of disapproval under this section to the same extent those subsections apply to joint resolutions under such section #aeb4 7b7 ,rules of ,house of ,representatives and ,senate ,this section is enacted by ,congress-- 7#a7 as an exercise of the rulemaking power of the ,house of ,representatives and the ,senate1 respectively1 and as such is deemed a part of the rules of each ,house1 respectively1 and the rules provided for in this section supersede other rules only to the extent that they are inconsistent with those other rules2 and 7#b7 with the full recognition of the constitutional right of either ,house to change the rules provided for in this section 7so far as relating to the procedures of that ,house7 at any time1 in the same manner1 and to the same extent as any other rule of that ,house4 #i4 ,international financial institution governance arrangements 7a7 ,initial review 7#a7 ,in general ,notwithstanding any other provision of law1 before the ,united ,states approves a proposed change in the governance arrangement of any international financial institution1 as defined in section #agja7;c77#b7 of the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfbr7c77#b771 the ,secretary shall determine whether any member of the international financial institution that would benefit from the proposed change1 in the form of increased voting shares or representation1 has a currency that was designated a currency for priority action pursuant to section #d7;a77#c7 in the most recent report required by section #c4 7#b7 ,report ,the ,secretary shall submit to ,congress the determination required by paragraph 7#a74 7b7 ,subsequent action ,the ,united ,states shall oppose any proposed change in the governance arrangement of the international financial institution if the ,secretary renders an affirmative determination pursuant to subsection 7a74 7c7 ,further action ,the ,united ,states shall continue to oppose any proposed change in the governance arrangement of the international financial institution1 pursuant to subsection 7b71 until the ,secretary determines and reports to ,congress that the proposed change would not benefit any member of the international financial institution1 in the form of increased voting shares or representation1 that has a currency that is designated a currency for priority action pursuant to section #d7;a77#c74 #aj4 ,adjustment for fundamentally misaligned currency designated for priority action 7a7 ,in general ,subsection 7c77#b7 of section #ggb of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgg;a7c77#b77 is amended-- 7#a7 in subparagraph 7,a71 by striking and at the end2 7#b7 in subparagraph 7,b71 by striking the period at the end and inserting 1 and2 and 7#c7 by adding at the end the following3 7,c7 if required by section #f7;b77#a7 of the ,currency ,exchange ,rate ,oversight ,reform ,act of #bjac1 the percentage by which the domestic currency of the producer or exporter is undervalued in relation to the ,united ,states dollar as determined under section #gga7cg74 4 7b7 ,calculation methodology ,section #gga of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgg7 is amended by adding at the end the following3 7#cg7 ,percentage undervaluation ,the administering authority shall determine the percentage by which the domestic currency of the producer or exporter is undervalued in relation to the ,united ,states dollar by comparing the nominal value associated with the medium-term equilibrium exchange rate of the domestic currency of the producer or exporter1 identified by the ,secretary pursuant to section #c7;b77#g7 of the ,currency ,exchange ,rate ,oversight ,reform ,act of #bjac1 to the official daily exchange rate identified by the administering authority4 4 #aa4 ,currency undervaluation under countervailing duty law 7a7 ,investigation or review ,subsection 7c7 of section #gjb of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afga;a7c77 is amended by adding at the end the following3 7#f7 ,currency undervaluation ,for purposes of a countervailing duty investigation under this subtitle where the determinations under clauses 7i7 and 7ii7 of paragraph 7#a77;,a7 are affirmative1 or a review under subtitle ,c of this title1 the following shall apply3 7,a7 ,in general ,the administering authority shall initiate an investigation to determine whether currency undervaluation by the government of a country or any public entity within the territory of a country is providing1 directly or indirectly1 a countervailable subsidy as described in section #gga7e71 if-- 7i7 a petition filed by an interested party 7described in subparagraph 7,c71 7,d71 7,e71 7,f71 or 7,g7 of section #gga7i77 alleges the elements necessary for the imposition of the duty imposed by section #gja7;a72 and 7ii7 the petition is accompanied by information reasonably available to the petitioner supporting those allegations4 7,b7 ,designation of fundamentally misaligned currency for priority action ,upon designation of a currency as a fundamentally misaligned currency for priority action pursuant to section #d7;a77#c7 of the ,currency ,exchange ,rate ,oversight ,reform ,act of #bjac1 the administering authority shall initiate an investigation to determine whether the country that issues such currency is providing1 directly or indirectly1 a countervailable subsidy as defined in section #gga7e71 if-- 7i7 a petition filed by an interested party 7described in subparagraph 7,c71 7,d71 7,e71 7,f71 or 7,g7 of section #gga7i77 alleges the elements necessary for the imposition of the duty imposed by section #gja7;a72 and 7ii7 the petition is accompanied by information reasonably available to the petitioner supporting those allegations4 4 7b7 ,benefit calculation methodology ,section #gga of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgg71 as amended by section #aj7;b71 is further amended by adding at the end the following3 7#ch7 ,currency undervaluation benefit ,for purposes of a countervailing duty investigation under subtitle ,a of this title1 or a review under subtitle ,c of this title1 the following shall apply3 7,a7 ,in general ,if the administering authority determines to investigate whether currency undervaluation is a countervailable subsidy as defined in section #gga7e71 the administering authority shall determine whether there is a benefit to the recipient and measure such benefit by comparing the simple average of the real exchange rates derived from application of the macroeconomic-balance approach and the equilibrium-real-exchange-rate approach to the official daily exchange rate identified by the administering authority4 7,b7 ,reliance on data ,in making the determination under subparagraph 7,a71 the administering authority shall rely upon data that are publicly available1 reliable1 and compiled and maintained by the ,international ,monetary ,fund or the ,world ,bank1 or other international organizations or national governments if data from the ,international ,monetary ,fund or ,world ,bank are not available4 7,c7 ,designation of fundamentally misaligned currency for priority action ,in the case of designation of a currency as a fundamentally misaligned currency for priority action pursuant to section #d7;a77#c7 of the ,currency ,exchange ,rate ,oversight ,reform ,act of #bjac1 the administering authority shall determine whether there is a benefit to the recipient and measure that benefit by comparing the nominal value associated with the medium-term equilibrium exchange rate of the currency of the exporting country1 identified by the ,secretary pursuant to section #c7;b77#g7 of such ,act1 to the official daily exchange rate identified by the administering authority4 7,d7 ,definitions ,in this paragraph3 7i7 ,macroeconomic-balance approach ,the term macroeconomic-balance approach means a methodology under which the level of undervaluation of the real effective exchange rate of the currency of the exporting country is defined as the change in the real effective exchange rate needed to achieve equilibrium in the balance of payments of the exporting country1 as such methodology is described in the guidelines of the ,international ,monetary ,fund's ,consultative ,group on ,exchange ,rate ,issues1 if available4 7ii7 ,equilibrium-real-exchange-rate approach ,the term equilibrium-real-exchange-rate approach means a methodology under which the level of undervaluation of the real effective exchange rate of the currency of the exporting country is defined as the difference between the observed real effective exchange rate and the real effective exchange rate1 as such methodology is described in the guidelines of the ,international ,monetary ,fund's ,consultative ,group on ,exchange ,rate ,issues1 if available4 7iii7 ,real exchange rates ,the term real exchange rates means the bilateral exchange rates derived from converting the trade-weighted multilateral exchange rates yielded by the macroeconomic-balance approach and the equilibrium-real-exchange-rate approach into real bilateral terms4 4 7c7 ,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 ,the fact that a subsidy may also be provided in circumstances that do not involve export shall not1 for that reason alone1 mean that the subsidy cannot be considered contingent upon export performance44 7d7 ,effective date ,the amendments made by this section apply to countervailing duty investigations initiated under subtitle ,a of title ,,vii of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afga et seq47 and reviews initiated under subtitle ,c of title ,,vii of such ,act 7#ai ,u4,s4,c4 #afge et seq47-- 7#a7 before the date of the enactment of this ,act1 if the investigation or review is pending a final determination as of such date of enactment2 and 7#b7 on or after such date of enactment4 #ab4 ,nonmarket economy status ,paragraph 7#ah77;,b7 of section #gga of the ,tariff ,act of #aicj 7#ai ,u4,s4,c4 #afgg7ah77;,b77 is amended-- 7#a7 in clause 7v71 by striking and at the end2 7#b7 by redesignating clause 7vi7 as clause 7vii72 and 7#c7 by inserting after clause 7v7 the following3 7vi7 whether the currency of the foreign country is designated1 or has been designated at any time over the #e years prior to review of nonmarket economy status1 a currency for priority action pursuant to section #d7;a77#c7 of the ,currency ,exchange ,rate ,oversight ,reform ,act of #bjac1 and 4 #ac4 ,application to ,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 7#ai ,u4,s4,c4 #cdch71 section #f7;b77#a7 and the amendments made by sections #aj1 #aa1 and #ab shall apply with respect to goods from ,canada and ,mexico4 #ad4 ,advisory committee on international exchange rate policy 7a7 ,establishment 7#a7 ,in general ,there is established an ,advisory ,committee on ,international ,exchange ,rate ,policy 7in this section referred to as the ,committee7 that shall be responsible for-- 7,a7 advising the ,secretary in the preparation of each report to ,congress on international monetary policy and currency exchange rates1 provided for in section #c2 and 7,b7 advising ,congress and the ,president with respect to-- 7i7 international exchange rates and financial policies2 and 7ii7 the impact of such policies on the economy of the ,united ,states4 7#b7 ,membership 7,a7 ,in general ,the ,committee shall be composed of #i members as follows1 none of whom shall be employees of the ,federal ,government3 7i7 ,congressional appointees 7,i7 ,senate appointees ,four members shall be appointed by the ,president pro tempore of the ,senate1 upon the recommendation of the chairmen and ranking members of the ,committee on ,banking1 ,housing1 and ,urban ,affairs and the ,committee on ,finance of the ,senate4 7,,ii7 ,house appointees ,four members shall be appointed by the ,speaker of the ,house of ,representatives upon the recommendation of the chairmen and ranking members of the ,committee on ,financial ,services and the ,committee on ,ways and ,means of the ,house of ,representatives4 7ii7 ,presidential appointee ,one member shall be appointed by the ,president4 7,b7 ,qualifications ,members shall be selected under subparagraph 7,a7 on the basis of their objectivity and demonstrated expertise in finance1 economics1 or currency exchange4 7#c7 ,terms 7,a7 ,in general ,members shall be appointed for a term of #d years or until the ,committee terminates4 7,b7 ,reappointment ,an individual may be reappointed to the ,committee for additional terms4 7#d7 ,vacancies ,any vacancy in the ,committee shall not affect its powers1 but shall be filled in the same manner as the original appointment4 7b7 ,duration of committee 7#a7 ,in general ,notwithstanding section #ad7;c7 of the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app471 the ,committee shall terminate on the date that is #d years after the date of the enactment of this ,act unless renewed by the ,president pursuant to section #ad of the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 for a subsequent #d-year period4 7#b7 ,subsequent renewals ,the ,president may continue to renew the ,committee for successive #d-year periods by taking appropriate action prior to the date on which the ,committee would otherwise terminate4 7c7 ,public meetings 7#a7 ,public comments ,the ,committee shall hold at least #b public meetings each year for the purpose of accepting public comments1 including comments from small business owners4 7#b7 ,call of ,secretary or members ,the ,committee shall also meet as needed at the call of the ,secretary or at the call of two-thirds of the members of the ,committee4 7d7 ,chairperson 7#a7 ,election ,the ,committee shall elect from among its members a chairperson for a term of #d years or until the ,committee terminates4 7#b7 ,subsequent terms ,a chairperson of the ,committee may be reelected chairperson but is ineligible to serve consecutive terms as chairperson4 7e7 ,staff ,the ,secretary shall make available to the ,committee such staff1 information1 personnel1 administrative services1 and assistance as the ,committee may reasonably require to carry out its activities4 7f7 ,application of ,federal advisory committee ,act 7#a7 ,in general ,the provisions of the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 shall apply to the ,committee4 7#b7 ,exception ,except for the #b annual public meetings required under subsection 7c77#a71 meetings of the ,committee shall be exempt from the requirements of subsections 7a7 and 7b7 of sections #aj and #aa of the ,federal ,advisory ,committee ,act 7relating to open meetings1 public notice1 public participation1 and public availability of documents7 7#e ,u4,s4,c4 ,app471 whenever and to the extent it is determined by the ,president or the ,secretary that such meetings will be concerned with matters the disclosure of which would seriously compromise the development by the ,united ,states ,government of monetary and financial policy4 #ae4 ,repeal of the ,exchange ,rates and ,economic ,policy ,coordination ,act of #aihh ,the ,exchange ,rates and ,international ,economic ,policy ,coordination ,act of #aihh 7#bb ,u4,s4,c4 #ecja et seq47 is repealed4