,,ii  #aac? ,,congress  #a/ ,session    
,s4 #aaad  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #g1 #bjac ,mr4   
,br[n 7= himself1 ,mr4 ,sessions1 ,mr4  
,s*um]1 ,mr4 ,graham1 ,ms4 ,/ab5[1 ,mr4 
,burr1 ,ms4 ,coll9s1 & ,mr4 ,casey7     
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to provide = id5tification (   
misalign$ curr5cy1 require action to    
correct ! misalignm5t1 & = o!r purposes4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,curr5cy ,ex*ange ,rate ,ov]sight   
,re=m ,act ( #bjac4  #b4 ,def9itions ,9 
?is ,act3  7#a7 ,adm9i/]+ au?ority ,!   
t]m adm9i/]+ au?ority means ! au?ority  
ref]r$ to 9 section #gga7a7 ( ! ,t>iff  
,act ( #aicj 7#ai ,u4,s4,c4 #afgg7a774  
7#b7 ,agreem5t on gov]nm5t procurem5t ,!
 t]m ,agreem5t on ,gov]nm5t ,procurem5t 
means ! agreem5t ref]r$ to 9 section    
#aja7;d77#ag7 ( ! ,uruguay ,r\nd        
,agreem5ts ,act 7#ai ,u4,s4,c4          
#ceaa7;d77#ag774  7#c7 ,c\ntry ,! t]m   

c\ntry means a =eign c\ntry1 dep5d5t    
t]ritory1 or possession ( a =eign       
c\ntry1 & may include an association (  
#b or m =eign c\ntries1 dep5d5t         
t]ritories1 or possessions ( c\ntries   
into a cu/oms union outside ! ,unit$    
,/ates4  7#d7 ,export+ c\ntry ,! t]m    
export+ c\ntry means ! c\ntry 9 :i* !   
subject m]*&ise is produc$ or           
manufactur$4  7#e7 ,fundam5tal          
misalignm5t ,! t]m fundam5tal           
misalignm5t means a significant & su/a9$
 und]valuation ( ! prevail+ real        
effective ex*ange rate1 adju/$ =        
cyclical & transitory factors1 f its    
m$ium-t]m equilibrium level4  7#f7      
,fundam5tally misalign$ curr5cy ,! t]m  
fundam5tally misalign$ curr5cy means a  
=eign curr5cy t is 9 fundam5tal         
misalignm5t4  7#g7 ,real effective      
ex*ange rate ,! t]m real effective      
ex*ange rate means a weight$ av]age (   
bilat]al ex*ange rates1 express$ 9      
price-adju/$ t]ms4  7#h7 ,secret>y ,!   
t]m ,secret>y means ! ,secret>y ( !     

,treasury4  7#i7 ,/]ilization ,! t]m    
/]ilization means dome/ic monet>y       
op]ations tak5 to neutralize ! monet>y  
impact ( increases 9 res]ves associat$ )
 int]v5tion 9 ! curr5cy ex*ange m>ket4  
7#aj7 ,subject m]*&ise ,! t]m subject   
m]*&ise means ! m]*&ise subject to an   
antidump+ inve/igation1 review1         
susp5sion agreem5t1 or ord] ref]r$ to 9 
section #gga7be7 ( ! ,t>iff ,act ( #aicj
 7#ai ,u4,s4,c4 #afgg7be774  7#aa7 ,,wto
 agreem5t ,! t]m ,,wto ,agreem5t means !
 agreem5t ref]r$ to 9 section #b7i7 ( ! 
,uruguay ,r\nd ,agreem5ts ,act 7#ai     
,u4,s4,c4 #ceja7i774  #c4 ,report on    
int]national monet>y policy & curr5cy   
ex*ange rates  7a7 ,reports requir$     
7#a7 ,9 g5]al ,n lat] ?an ,m>* #ae &    
,septemb] #ae ( ea* cal5d> ye>1 !       
,secret>y1 aft] consult+ ) ! ,*airman ( 
! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve  
,sy/em & ! ,advisory ,committee on      
,int]national ,ex*ange ,rate ,policy1   
%all submit to ,congress & make public1 
a writt5 report on int]national monet>y 

policy & curr5cy ex*ange rates4  7#b7   
,consultations ,on or be=e ,m>* #cj &   
,septemb] #cj ( ea* cal5d> ye>1 !       
,secret>y %all appe>1 if reque/$1 be=e !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs & ! ,committee on ,f9ance ( !  
,s5ate & ! ,committee on ,f9ancial      
,s]vices & ! ,committee on ,ways &      
,means ( ! ,h\se ( ,repres5tatives to   
provide te/imony on ! reports submitt$  
pursuant to p>agraph 7#a74  7b7 ,cont5t 
( reports ,ea* report submitt$ "u       
subsection 7a7 %all conta9 ! foll[+3    
7#a7 ,an analysis ( curr5cy m>ket       
developm5ts & ! relation%ip betwe5 !    
,unit$ ,/ates doll> & ! curr5cies (     
major economies & trad+ p>tn]s ( !      
,unit$ ,/ates4  7#b7 ,a review ( !      
economic & monet>y policies ( major     
economies & trad+ p>tn]s ( ! ,unit$     
,/ates1 & an evaluation ( h[ su*        
policies impact curr5cy ex*ange rates4  
7#c7 ,a description ( any curr5cy       
int]v5tion by ! ,unit$ ,/ates or o!r    
major economies or trad+ p>tn]s ( !     

,unit$ ,/ates1 or o!r actions und]tak5  
to adju/ ! actual ex*ange rate relative 
to ! ,unit$ ,/ates doll>4  7#d7 ,an     
evaluation ( ! dome/ic & global factors 
t und]lie ! conditions 9 ! curr5cy      
m>kets1 includ+--  7,a7 monet>y &       
f9ancial conditions2  7,b7 accumulation 
( =eign assets2  7,c7 macroeconomic     
tr5ds2  7,d7 tr5ds 9 curr5t & f9ancial  
acc\nt balances2  7,e7 ! size1          
composition1 & gr[? ( int]national      
capital fl[s2  7,f7 ! impact ( ! ext]nal
 sector on economic gr[?2  7,g7 ! size &
 gr[? ( ext]nal indebt$ness2  7,h7 tr5ds
 9 ! net level ( int]national inve/m5t2 
&  7,i7 capital controls1 trade1 &      
ex*ange re/rictions4  7#e7 ,a li/ (     
curr5cies designat$ z fundam5tally      
misalign$ curr5cies pursuant to section 
#d7;a77#b71 & a description ( any       
economic models or me?odologies us$ to  
e/abli% ! li/4  7#f7 ,a li/ ( curr5cies 
designat$ = priority action pursuant to 
section #d7;a77#c74  7#g7 ,an           
id5tification ( ! nom9al value associat$

 ) ! m$ium-t]m equilibrium ex*ange rate1
 relative to ! ,unit$ ,/ates doll>1 =   
ea* curr5cy li/$ "u p>agraph 7#f74  7#h7
 ,a description ( any consultations     
conduct$ or o!r /eps tak5 pursuant to   
section #e1 #f1 or #g1 includ+ any      
actions tak5 to elim9ate ! fundam5tal   
misalignm5t4  7#i7 ,a description ( any 
det]m9ation made pursuant to section    
#i7;a74  7c7 ,consultations  7#a7 ,9    
g5]al ,! ,secret>y %all consult ) !     
,*airman ( ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em & ! ,advisory     
,committee on ,int]national ,ex*ange    
,rate ,policy ) respect to ! prep>ation 
( ea* report requir$ "u subsection 7a74 
7#b7 ,comm5ts ,n lat] ?an ! date t is   
#ae days be=e ! date ea* report is due  
"u subsection 7a71 ! ,*airman ( ! ,bo>d 
( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & 
! ,advisory ,committee on ,int]national 
,ex*ange ,rate ,policy %all submit to ! 
,secret>y any comm5ts ( ! ,*airman or   
,advisory ,committee on ! report4  7#c7 
,consid]ation ,! ,secret>y %all review &

 consid] all comm5ts receiv$ f !        
,*airman & ! ,advisory ,committee "u    
p>agraph 7#b7 be=e submitt+ ! report    
requir$ "u subsection 7a74  #d4         
,id5tification ( fundam5tally misalign$ 
curr5cies  7a7 ,id5tification  7#a7 ,9  
g5]al ,! ,secret>y %all analyze on a    
semiannual basis ! prevail+ real        
effective ex*ange rates ( =eign         
curr5cies4  7#b7 ,designation (         
fundam5tally misalign$ curr5cies ,)     
respect to ! curr5cies ( c\ntries t h   
significant bilat]al trade fl[s ) !     
,unit$ ,/ates1 & curr5cies t are o!rwise
 significant to ! op]ation1 /ability1 or
 ord]ly developm5t ( regional or global 
capital m>kets1 ! ,secret>y %all det]m9e
 :e!r any su* curr5cy is 9 fundam5tal   
misalignm5t & %all designate su* curr5cy
 z a fundam5tally misalign$ curr5cy4    
7#c7 ,designation ( curr5cies = priority
 action ,! ,secret>y %all designate a   
curr5cy id5tifi$ "u p>agraph 7#b7 =     
priority action if ! c\ntry t issues su*
 curr5cy is--  7,a7 engag+ 9 protract$  

l>ge-scale int]v5tion 9 ! curr5cy       
ex*ange m>ket1 p>ticul>ly if accompani$ 
by p>tial or full /]ilization2  7,b7    
engag+ 9 excessive & prolong$ (ficial or
 quasi-(ficial accumulation ( =eign     
ex*ange res]ves & o!r =eign assets1 =   
balance ( paym5ts purposes2  7,c7       
introduc+ or sub/antially modify+ =     
balance ( paym5ts purposes a re/riction 
on1 or inc5tive =1 ! infl[ or outfl[ (  
capital1 t is inconsi/5t ) ! goal (     
a*iev+ full curr5cy conv]tibility2 or   
7,d7 pursu+ any o!r policy or action t1 
9 ! view ( ! ,secret>y1 w>rants         
designation = priority action4  7b7     
,reports ,! ,secret>y %all include a li/
 ( any =eign curr5cy designat$ "u       
p>agraph 7#b7 or 7#c7 ( subsection 7a7 &
 ! data & reason+ und]ly+ su*           
designations 9 ea* report requir$ by    
section #c4  #e4 ,negotiations &        
consultations  7a7 ,9 g5]al ,^u         
designation ( a curr5cy pursuant to     
section #d7;a77#b71 ! ,secret>y %all    
seek to consult bilat]ally ) ! c\ntry t 

issues su* curr5cy 9 ord] to facilitate 
! adoption ( appropriate policies to    
address ! fundam5tal misalignm5t4  7b7  
,consultations involv+ curr5cies        
designat$ = priority action ,) respect  
to ea* curr5cy designat$ = priority     
action pursuant to section #d7;a77#c71 !
 ,secret>y %all1 9 addition to seek+ to 
consult ) a c\ntry pursuant to          
subsection 7a7--  7#a7 seek ! advice ( !
 ,int]national ,monet>y ,fund ) respect 
to ! f9d+s ( ! ,secret>y 9 ! report     
submitt$ to ,congress pursuant to       
section #c7;a72 &  7#b7 enc\rage o!r    
gov]nm5ts1 :e!r bilat]ally or 9         
appropriate mult9ational =a1 to jo9 !   
,unit$ ,/ates 9 seek+ ! adoption (      
appropriate policies by ! c\ntry        
describ$ 9 subsection 7a7 to elim9ate ! 
fundam5tal misalignm5t4  #f4 ,failure to
 adopt appropriate policies  7a7        
,det]m9ation & measures requir$  7#a7   
,det]m9ation ,n lat] ?an #ij days aft] !
 date on :i* a curr5cy is designat$ =   
priority action pursuant to section     

#d7;a77#c71 ! ,secret>y %all det]m9e    
:e!r ! c\ntry t issues ! curr5cy has    
adopt$ appropriate policies1 & tak5     
id5tifiable action1 to elim9ate !       
fundam5tal misalignm5t4  7#b7           
,notification & publication ,! ,secret>y
 %all promptly notify ,congress ( !     
det]m9ation "u p>agraph 7#a7 & publi%   
notice ( ! det]m9ation 9 ! ,f$]al       
,regi/]4  7#c7 ,measures ,if ! ,secret>y
 det]m9es t ! c\ntry t issues ! curr5cy 
describ$ 9 p>agraph 7#a7 has fail$ to   
adopt appropriate policies1 or take     
id5tifiable action1 to elim9ate !       
fundam5tal misalignm5t1 ! measures      
specifi$ 9 subsection 7b7 %all apply )  
respect to ! c\ntry until a notification
 describ$ 9 section #g7;b7 is publi%$ 9 
! ,f$]al ,regi/]4  7b7 ,measures        
specifi$ ,! measures specifi$ 9 ?is     
subsection are1 ) respect to a c\ntry1 !
 foll[+3  7#a7 ,adju/m5t "u antidump+   
law ,= purposes ( an antidump+          
inve/igation "u subtitle ,b ( title     
,,vii ( ! ,t>iff ,act ( #aicj 7#ai      

,u4,s4,c4 #afgc et seq47 or a review "u 
subtitle ,c ( su* ,act 7#ai ,u4,s4,c4   
#afge et seq471 ! foll[+ %all apply3    
7,a7 ,9 g5]al ,! adm9i/]+ au?ority %all 
ensure a fair comp>ison betwe5 ! export 
price & ! normal value by adju/+ ! price
 us$ to e/abli% export price or         
con/ruct$ export price to reflect !     
fundam5tal misalignm5t ( ! curr5cy ( !  
c\ntry4  7,b7 ,sales subject to adju/m5t
 ,! adju/m5t describ$ 9 subp>agraph 7,a7
 %all apply ) respect to subject m]*&ise
 sold on or aft] ! date t is #cj days   
aft] ! date ! curr5cy ( ! c\ntry is     
designat$ = priority action pursuant to 
section #d7;a77#c74  7#b7 ,f$]al        
procurem5t  7,a7 ,9 g5]al ,! ,presid5t  
%all prohibit ! procurem5t by ! ,f$]al  
,gov]nm5t ( products or s]vices f !     
c\ntry4  7,b7 ,exception ,! prohibition 
provid$ = 9 subp>agraph 7,a7 %all n     
apply ) respect to a c\ntry t is a p>ty 
to ! ,agreem5t on ,gov]nm5t ,procurem5t4
  7#c7 ,reque/ = ,,imf action ,! ,unit$ 
,/ates %all in=m ! ,manag+ ,director ( !

 ,int]national ,monet>y ,fund ( !       
failure ( ! c\ntry to adopt appropriate 
policies1 or to take id5tifiable action1
 to elim9ate ! fundam5tal misalignm5t1 &
 ! actions ! c\ntry is engag+ 9 t are   
id5tifi$ 9 section #d7;a77#c71 & %all   
reque/ t ! ,manag+ ,director ( !        
,int]national ,monet>y ,fund--  7,a7    
consult ) ! c\ntry reg>d+ ! obs]vance ( 
! obligations ( ! c\ntry "u article ,,iv
 ( ! ,int]national ,monet>y ,fund       
,articles ( ,agreem5t1 includ+ ?r\gh    
special consultations1 if necess>y2 &   
7,b7 n lat] ?an #ahj days aft] ! date ( 
! reque/1 =mally report ! results ( su* 
consultations to ! ,executive ,bo>d ( ! 
,int]national ,monet>y ,fund4  7#d7     
,,opic f9anc+ ,! ,ov]seas ,private      
,inve/m5t ,corporation %all n approve   
any new f9anc+ 7includ+ insurance1      
re9surance1 or gu>antee7 ) respect to a 
project locat$ )9 ! c\ntry4  7#e7       
,multilat]al bank f9anc+  7,a7 ,9 g5]al 
,! ,secret>y %all in/ruct ! ,unit$      
,/ates ,executive ,director at ea*      

multilat]al bank to oppose ! approval ( 
any new f9anc+ 7includ+ loans1 o!r      
cr$its1 insurance1 re9surance1 or       
gu>antee7 to ! gov]nm5t ( ! c\ntry or = 
a project locat$ )9 ! c\ntry4  7,b7     
,multilat]al bank ,! t]m multilat]al    
bank includes ea* ( ! int]national      
f9ancial in/itutions describ$ 9 section 
#agja7;c77#b7 ( ! ,int]national         
,f9ancial ,in/itutions ,act 7#bb        
,u4,s4,c4 #bfbr74  7c7 ,waiv]  7#a7 ,9  
g5]al ,! ,presid5t may waive any action 
provid$ = "u subsection 7a7 or 7b7 if ! 
,presid5t det]m9es t--  7,a7 tak+ !     
action w\ld cause s]i\s h>m to !        
national security ( ! ,unit$ ,/ates2 or 
7,b7 x is 9 ! vital economic int]e/ ( ! 
,unit$ ,/ates to d s & tak+ ! action    
w\ld h an adv]se impact on ! ,unit$     
,/ates economy great] ?an ! b5efits ( ! 
action4  7#b7 ,notification ,! ,presid5t
 %all promptly notify ,congress ( a     
det]m9ation "u p>agraph 7#a7 7& !       
reasons = ! det]m9ation1 if made "u     
p>agraph 7#a77;,b77 & %all publi% notice

 ( ! det]m9ation 7& ! reasons = !       
det]m9ation1 if made "u p>agraph        
7#a77;,b77 9 ! ,f$]al ,regi/]4  7d7     
,reports ,! ,secret>y %all describe any 
action or det]m9ation pursuant to       
subsection 7a71 7b71 or 7c7 9 ! fir/    
semiannual report requir$ by section #c 
aft] ! date ( ! action or det]m9ation4  
#g4 ,p]si/5t failure to adopt           
appropriate policies  7a7 ,det]m9ation &
 measures requir$  7#a7 ,det]m9ation ,n 
lat] ?an #cfj days aft] ! date on :i* a 
curr5cy is designat$ = priority action  
pursuant to section #d7;a77#c71 !       
,secret>y %all det]m9e :e!r ! c\ntry t  
issues ! curr5cy has adopt$ appropriate 
policies1 & tak5 id5tifiable action1 to 
elim9ate ! fundam5tal misalignm5t4  7#b7
 ,notification & publication ,!         
,secret>y %all promptly notify ,congress
 ( ! det]m9ation "u p>agraph 7#a7 & %all
 publi% notice ( ! det]m9ation 9 !      
,f$]al ,regi/]4  7#c7 ,measures ,if !   
,secret>y det]m9es t ! c\ntry t issues !
 curr5cy has fail$ to adopt appropriate 

policies1 or take id5tifiable action1 to
 elim9ate ! fundam5tal misalignm5t1 9   
addition to ! measures specifi$ 9       
section #f7;b71 ! foll[+ measures %all  
apply ) respect to ! c\ntry until a     
notification describ$ 9 subsection 7b7  
is publi%$ 9 ! ,f$]al ,regi/]3  7,a7    
,action at ! ,,wto ,! ,unit$ ,/ates     
,trade ,repres5tative %all reque/       
consultations 9 ! ,_w ,trade            
,organization ) ! c\ntry reg>d+ !       
consi/5cy ( ! actions ( ! c\ntry ) its  
obligations "u ! ,,wto ,agreem5t4  7,b7 
,rem$ial int]v5tion  7i7 ,9 g5]al ,!    
,secret>y %all consult ) ! ,bo>d (      
,gov]nors ( ! ,f$]al ,res]ve ,sy/em to  
consid] und]tak+ rem$ial int]v5tion 9   
int]national curr5cy m>kets 9 response  
to ! fundam5tal misalignm5t ( ! curr5cy 
designat$ = priority action1 & coord9at+
 ! int]v5tion ) o!r monet>y au?orities &
 ! ,int]national ,monet>y ,fund4 ,9 do+ 
s1 ! ,secret>y %all consid] ! impact ( !
 int]v5tion on dome/ic economic gr[? &  
/ability1 includ+ ! impact on int]e/    

rates4  7ii7 ,notice to c\ntry ,at !    
same "t ! ,secret>y takes action "u     
clause 7i71 ! ,secret>y %all notify !   
c\ntry t issues ! curr5cy ( !           
consultations "u clause 7i74  7b7       
,notification ,! ,secret>y %all promptly
 notify ,congress :5 a c\ntry t issues a
 curr5cy designat$ = priority action    
pursuant to section #d7;a77#c7 adopts   
appropriate policies1 or takes          
id5tifiable action1 to elim9ate !       
fundam5tal misalignm5t1 & publi% notice 
( ! action ( t c\ntry 9 ! ,f$]al        
,regi/]4  7c7 ,waiv]  7#a7 ,9 g5]al ,!  
,presid5t may waive any action provid$ =
 "u ?is section1 or ext5d any waiv]     
provid$ = "u section #f7;c71 if !       
,presid5t det]m9es t--  7,a7 tak+ !     
action w\ld cause s]i\s h>m to !        
national security ( ! ,unit$ ,/ates2 or 
7,b7 x is 9 ! vital economic int]e/ ( ! 
,unit$ ,/ates to d s1 & t tak+ ! action 
w\ld h an adv]se impact on ! ,unit$     
,/ates economy sub/antially out (       
proportion to ! b5efits ( ! action4     

7#b7 ,notification ,! ,presid5t %all    
promptly notify ,congress ( a           
det]m9ation "u p>agraph 7#a7 7& !       
reasons = ! det]m9ation1 if made "u     
p>agraph 7#a77;,b77 & %all publi% notice
 ( ! det]m9ation 7& ! reasons = !       
det]m9ation1 if made "u p>agraph        
7#a77;,b77 9 ! ,f$]al ,regi/]4  7d7     
,disapproval ( waiv] ,if ! ,presid5t    
waives an action pursuant to subsection 
7c77#a77;,b71 or ext5ds a waiv] provid$ 
= "u section #f7;c77#a77;,b71 ! waiv]   
%all cease to h effect ^u ! enactm5t ( a
 resolution ( disapproval describ$ 9    
section #h7;a77#b74  7e7 ,reports ,!    
,secret>y %all describe any action or   
det]m9ation pursuant to subsection 7a71 
7b71 or 7c7 9 ! fir/ semiannual report  
requir$ by section #c aft] ! date ( su* 
action or det]m9ation4  #h4             
,congressional disapproval ( waiv]  7a7 
,resolution ( ,disapproval  7#a7        
,introduction ,if a resolution (        
disapproval is introduc$ 9 ! ,h\se (    
,repres5tatives or ! ,s5ate dur+ !      

#ij-;day p]iod 7n c\nt+ any day :i* is  
exclud$ "u section #aed7;b77#a7 ( !     
,trade ,act ( #aigd 7#ai ,u4,s4,c4      
#baid7;b77#a7771 beg9n+ on ! date on :i*
 ! ,presid5t fir/ notifies ,congress ( a
 det]m9ation to waive action ) respect  
to a c\ntry pursuant to section         
#g7;c77#a77;,b71 t resolution (         
disapproval %all be consid]$ 9          
accordance ) ?is subsection4  7#b7      
,resolution ( disapproval ,9 ?is        
subsection1 ! t]m resolution (          
disapproval means only a jo9t resolution
 ( ! two ,h\ses ( ! ,congress1 ! sole   
matt] aft] ! resolv+ clause ( :i* is z  
foll[s3 ,t ,congress does n approve !   
det]m9ation ( ! ,presid5t "u  ( !       
,curr5cy ,ex*ange ,rate ,ov]sight ,re=m 
,act ( #bjac ) respect to 1 ( :i*       
,congress 0 notifi$ on 41 ) ! fir/ blank
 space be+ fill$ section #g7;c77#a77;,b7
 or section #f7;c77#a77;,b71 :i*ev] is  
applicable1 ! second blank space be+    
fill$ ) ! "n ( ! appropriate c\ntry1 & !
 ?ird blank space be+ fill$ ) !         

appropriate date4  7#c7 ,proc$ures =    
consid]+ resolutions  7,a7 ,introduction
 & ref]ral ,resolutions ( disapproval-- 
7i7 9 ! ,h\se ( ,repres5tatives--  7,i7 
may be introduc$ by any ,memb] ( ! ,h\se
 ( ,repres5tatives2  7,,ii7 %all be     
ref]r$ to ! ,committee on ,f9ancial     
,s]vices & to ! ,committee on ,rules2 & 
7,,iii7 may n be am5d$ by ei!r          
,committee2 &  7ii7 9 ! ,s5ate--  7,i7  
may be introduc$ by any ,memb] ( !      
,s5ate2  7,,ii7 %all be ref]r$ to !     
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs2 &  7,,iii7 may n be am5d$4    
7,b7 ,committee dis*>ge & floor         
consid]ation ,! provisions ( subsections
 7c7 ?r\gh 7f7 ( section #aeb ( ! ,trade
 ,act ( #aigd 7o!r ?an p>agraph 7#c7 (  
subsection 7f77 7#ai ,u4,s4,c4 #baib 7c7
 ?r\gh 7f77 7relat+ to committee dis*>ge
 & floor consid]ation ( c]ta9           
resolutions 9 ! ,h\se & ,s5ate7 apply to
 a resolution ( disapproval "u ?is      
section to ! same ext5t ^? subsections  
apply to jo9t resolutions "u su* section

 #aeb4  7b7 ,rules ( ,h\se (            
,repres5tatives & ,s5ate ,?is section is
 enact$ by ,congress--  7#a7 z an       
ex]cise ( ! rulemak+ p[] ( ! ,h\se (    
,repres5tatives & ! ,s5ate1             
respectively1 & z su* is deem$ a "p ( ! 
rules ( ea* ,h\se1 respectively1 & !    
rules provid$ = 9 ?is section sup]s$e   
o!r rules only to ! ext5t t !y are      
inconsi/5t ) ^? o!r rules2 &  7#b7 ) !  
full recognition ( ! con/itutional "r ( 
ei!r ,h\se to *ange ! rules provid$ = 9 
?is section 7s f> z relat+ to !         
proc$ures ( t ,h\se7 at any "t1 9 ! same
 mann]1 & to ! same ext5t z any o!r rule
 ( t ,h\se4  #i4 ,int]national f9ancial 
in/itution gov]nance arrangem5ts  7a7   
,initial review  7#a7 ,9 g5]al ,not)/&+ 
any o!r provision ( law1 be=e ! ,unit$  
,/ates approves a propos$ *ange 9 !     
gov]nance arrangem5t ( any int]national 
f9ancial in/itution1 z def9$ 9 section  
#agja7;c77#b7 ( ! ,int]national         
,f9ancial ,in/itutions ,act 7#bb        
,u4,s4,c4 #bfbr7c77#b771 ! ,secret>y    

%all det]m9e :e!r any memb] ( !         
int]national f9ancial in/itution t w\ld 
b5efit f ! propos$ *ange1 9 ! =m (      
increas$ vot+ %>es or repres5tation1 has
 a curr5cy t 0 designat$ a curr5cy =    
priority action pursuant to section     
#d7;a77#c7 9 ! mo/ rec5t report requir$ 
by section #c4  7#b7 ,report ,!         
,secret>y %all submit to ,congress !    
det]m9ation requir$ by p>agraph 7#a74   
7b7 ,subsequ5t action ,! ,unit$ ,/ates  
%all oppose any propos$ *ange 9 !       
gov]nance arrangem5t ( ! int]national   
f9ancial in/itution if ! ,secret>y r5d]s
 an affirmative det]m9ation pursuant to 
subsection 7a74  7c7 ,fur!r action ,!   
,unit$ ,/ates %all cont9ue to oppose any
 propos$ *ange 9 ! gov]nance arrangem5t 
( ! int]national f9ancial in/itution1   
pursuant to subsection 7b71 until !     
,secret>y det]m9es & reports to         
,congress t ! propos$ *ange w\ld n      
b5efit any memb] ( ! int]national       
f9ancial in/itution1 9 ! =m ( increas$  
vot+ %>es or repres5tation1 t has a     

curr5cy t is designat$ a curr5cy =      
priority action pursuant to section     
#d7;a77#c74  #aj4 ,adju/m5t =           
fundam5tally misalign$ curr5cy designat$
 = priority action  7a7 ,9 g5]al        
,subsection 7c77#b7 ( section #ggb ( !  
,t>iff ,act ( #aicj 7#ai ,u4,s4,c4      
#afgg;a7c77#b77 is am5d$--  7#a7 9      
subp>agraph 7,a71 by /rik+ & at ! end2  
7#b7 9 subp>agraph 7,b71 by /rik+ !     
p]iod at ! end & ins]t+ 1 &2 &  7#c7 by 
add+ at ! end ! foll[+3  7,c7 if requir$
 by section #f7;b77#a7 ( ! ,curr5cy     
,ex*ange ,rate ,ov]sight ,re=m ,act (   
#bjac1 ! p]c5tage by :i* ! dome/ic      
curr5cy ( ! produc] or export] is       
und]valu$ 9 relation to ! ,unit$ ,/ates 
doll> z det]m9$ "u section #gga7cg74  4 
7b7 ,calculation me?odology ,section    
#gga ( ! ,t>iff ,act ( #aicj 7#ai       
,u4,s4,c4 #afgg7 is am5d$ by add+ at !  
end ! foll[+3  7#cg7 ,p]c5tage          
und]valuation ,! adm9i/]+ au?ority %all 
det]m9e ! p]c5tage by :i* ! dome/ic     
curr5cy ( ! produc] or export] is       

und]valu$ 9 relation to ! ,unit$ ,/ates 
doll> by comp>+ ! nom9al value associat$
 ) ! m$ium-t]m equilibrium ex*ange rate 
( ! dome/ic curr5cy ( ! produc] or      
export]1 id5tifi$ by ! ,secret>y        
pursuant to section #c7;b77#g7 ( !      
,curr5cy ,ex*ange ,rate ,ov]sight ,re=m 
,act ( #bjac1 to ! (ficial daily ex*ange
 rate id5tifi$ by ! adm9i/]+ au?ority4  
4  #aa4 ,curr5cy und]valuation "u       
c\nt]vail+ duty law  7a7 ,inve/igation  
or review ,subsection 7c7 ( section #gjb
 ( ! ,t>iff ,act ( #aicj 7#ai ,u4,s4,c4 
#afga;a7c77 is am5d$ by add+ at ! end ! 
foll[+3  7#f7 ,curr5cy und]valuation ,= 
purposes ( a c\nt]vail+ duty            
inve/igation "u ?is subtitle :]e !      
det]m9ations "u clauses 7i7 & 7ii7 (    
p>agraph 7#a77;,a7 are affirmative1 or a
 review "u subtitle ,c ( ?is title1 !   
foll[+ %all apply3  7,a7 ,9 g5]al ,!    
adm9i/]+ au?ority %all initiate an      
inve/igation to det]m9e :e!r curr5cy    
und]valuation by ! gov]nm5t ( a c\ntry  
or any public entity )9 ! t]ritory ( a  

c\ntry is provid+1 directly or          
indirectly1 a c\nt]vailable subsidy z   
describ$ 9 section #gga7e71 if--  7i7 a 
petition fil$ by an int]e/$ p>ty        
7describ$ 9 subp>agraph 7,c71 7,d71     
7,e71 7,f71 or 7,g7 ( section #gga7i77  
alleges ! elem5ts necess>y = !          
imposition ( ! duty impos$ by section   
#gja7;a72 &  7ii7 ! petition is         
accompani$ by in=mation reasonably      
available to ! petition] support+ ^?    
allegations4  7,b7 ,designation (       
fundam5tally misalign$ curr5cy =        
priority action ,^u designation ( a     
curr5cy z a fundam5tally misalign$      
curr5cy = priority action pursuant to   
section #d7;a77#c7 ( ! ,curr5cy ,ex*ange
 ,rate ,ov]sight ,re=m ,act ( #bjac1 !  
adm9i/]+ au?ority %all initiate an      
inve/igation to det]m9e :e!r ! c\ntry t 
issues su* curr5cy is provid+1 directly 
or indirectly1 a c\nt]vailable subsidy z
 def9$ 9 section #gga7e71 if--  7i7 a   
petition fil$ by an int]e/$ p>ty        
7describ$ 9 subp>agraph 7,c71 7,d71     

7,e71 7,f71 or 7,g7 ( section #gga7i77  
alleges ! elem5ts necess>y = !          
imposition ( ! duty impos$ by section   
#gja7;a72 &  7ii7 ! petition is         
accompani$ by in=mation reasonably      
available to ! petition] support+ ^?    
allegations4  4  7b7 ,b5efit calculation
 me?odology ,section #gga ( ! ,t>iff    
,act ( #aicj 7#ai ,u4,s4,c4 #afgg71 z   
am5d$ by section #aj7;b71 is fur!r am5d$
 by add+ at ! end ! foll[+3  7#ch7      
,curr5cy und]valuation b5efit ,=        
purposes ( a c\nt]vail+ duty            
inve/igation "u subtitle ,a ( ?is title1
 or a review "u subtitle ,c ( ?is title1
 ! foll[+ %all apply3  7,a7 ,9 g5]al ,if
 ! adm9i/]+ au?ority det]m9es to        
inve/igate :e!r curr5cy und]valuation is
 a c\nt]vailable subsidy z def9$ 9      
section #gga7e71 ! adm9i/]+ au?ority    
%all det]m9e :e!r !re is a b5efit to !  
recipi5t & measure su* b5efit by comp>+ 
! simple av]age ( ! real ex*ange rates  
d]iv$ f application ( !                 
macroeconomic-balance approa* & !       

equilibrium-real-ex*ange-rate approa* to
 ! (ficial daily ex*ange rate id5tifi$  
by ! adm9i/]+ au?ority4  7,b7 ,reliance 
on data ,9 mak+ ! det]m9ation "u        
subp>agraph 7,a71 ! adm9i/]+ au?ority   
%all rely ^u data t are publicly        
available1 reliable1 & compil$ & ma9ta9$
 by ! ,int]national ,monet>y ,fund or ! 
,_w ,bank1 or o!r int]national          
organizations or national gov]nm5ts if  
data f ! ,int]national ,monet>y ,fund or
 ,_w ,bank are n available4  7,c7       
,designation ( fundam5tally misalign$   
curr5cy = priority action ,9 ! case (   
designation ( a curr5cy z a fundam5tally
 misalign$ curr5cy = priority action    
pursuant to section #d7;a77#c7 ( !      
,curr5cy ,ex*ange ,rate ,ov]sight ,re=m 
,act ( #bjac1 ! adm9i/]+ au?ority %all  
det]m9e :e!r !re is a b5efit to !       
recipi5t & measure t b5efit by comp>+ ! 
nom9al value associat$ ) ! m$ium-t]m    
equilibrium ex*ange rate ( ! curr5cy ( !
 export+ c\ntry1 id5tifi$ by ! ,secret>y
 pursuant to section #c7;b77#g7 ( su*   

,act1 to ! (ficial daily ex*ange rate   
id5tifi$ by ! adm9i/]+ au?ority4  7,d7  
,def9itions ,9 ?is p>agraph3  7i7       
,macroeconomic-balance approa* ,! t]m   
macroeconomic-balance approa* means a   
me?odology "u :i* ! level (             
und]valuation ( ! real effective ex*ange
 rate ( ! curr5cy ( ! export+ c\ntry is 
def9$ z ! *ange 9 ! real effective      
ex*ange rate ne$$ to a*ieve equilibrium 
9 ! balance ( paym5ts ( ! export+       
c\ntry1 z su* me?odology is describ$ 9 !
 guidel9es ( ! ,int]national ,monet>y   
,fund's ,consultative ,gr\p on ,ex*ange 
,rate ,issues1 if available4  7ii7      
,equilibrium-real-ex*ange-rate approa*  
,! t]m equilibrium-real-ex*ange-rate    
approa* means a me?odology "u :i* !     
level ( und]valuation ( ! real effective
 ex*ange rate ( ! curr5cy ( ! export+   
c\ntry is def9$ z ! diff]5ce betwe5 !   
obs]v$ real effective ex*ange rate & !  
real effective ex*ange rate1 z su*      
me?odology is describ$ 9 ! guidel9es ( !
 ,int]national ,monet>y ,fund's         

,consultative ,gr\p on ,ex*ange ,rate   
,issues1 if available4  7iii7 ,real     
ex*ange rates ,! t]m real ex*ange rates 
means ! bilat]al ex*ange rates d]iv$ f  
conv]t+ ! trade-weight$ multilat]al     
ex*ange rates yield$ by !               
macroeconomic-balance approa* & !       
equilibrium-real-ex*ange-rate approa*   
into real bilat]al t]ms4  4  7c7 ,export
 subsidy ,section #gga7e;,a77,b7 ( !    
,t>iff ,act ( #aicj 7#ai ,u4,s4,c4      
#afgg7e;,a77,b77 is am5d$ by add+ at !  
end ! foll[+ new s5t5ce3 ,! fact t a    
subsidy may also be provid$ 9           
circum/ances t d n involve export %all  
n1 = t reason alone1 mean t ! subsidy _c
 be consid]$ cont+5t ^u export          
p]=mance44  7d7 ,effective date ,!      
am5dm5ts made by ?is section apply to   
c\nt]vail+ duty inve/igations initiat$  
"u subtitle ,a ( title ,,vii ( ! ,t>iff 
,act ( #aicj 7#ai ,u4,s4,c4 #afga et    
seq47 & reviews initiat$ "u subtitle ,c 
( title ,,vii ( su* ,act 7#ai ,u4,s4,c4 
#afge et seq47--  7#a7 be=e ! date ( !  

enactm5t ( ?is ,act1 if ! inve/igation  
or review is p5d+ a f9al det]m9ation z (
 su* date ( enactm5t2 &  7#b7 on or aft]
 su* date ( enactm5t4  #ab4 ,nonm>ket   
economy /atus ,p>agraph 7#ah77;,b7 (    
section #gga ( ! ,t>iff ,act ( #aicj    
7#ai ,u4,s4,c4 #afgg7ah77;,b77 is       
am5d$--  7#a7 9 clause 7v71 by /rik+ &  
at ! end2  7#b7 by r$esignat+ clause    
7vi7 z clause 7vii72 &  7#c7 by ins]t+  
aft] clause 7v7 ! foll[+3  7vi7 :e!r !  
curr5cy ( ! =eign c\ntry is designat$1  
or has be5 designat$ at any "t ov] ! #e 
ye>s prior to review ( nonm>ket economy 
/atus1 a curr5cy = priority action      
pursuant to section #d7;a77#c7 ( !      
,curr5cy ,ex*ange ,rate ,ov]sight ,re=m 
,act ( #bjac1 &  4  #ac4 ,application to
 ,canada & ,mexico ,pursuant to article 
#aijb ( ! ,nor? ,am]ican ,free ,trade   
,agreem5t & section #djh ( ! ,nor?      
,am]ican ,free ,trade ,agreem5t         
,implem5tation ,act 7#ai ,u4,s4,c4      
#cdch71 section #f7;b77#a7 & ! am5dm5ts 
made by sections #aj1 #aa1 & #ab %all   

apply ) respect to goods f ,canada &    
,mexico4  #ad4 ,advisory committee on   
int]national ex*ange rate policy  7a7   
,e/abli%m5t  7#a7 ,9 g5]al ,!re is      
e/abli%$ an ,advisory ,committee on     
,int]national ,ex*ange ,rate ,policy 79 
?is section ref]r$ to z ! ,committee7 t 
%all be responsible =--  7,a7 advis+ !  
,secret>y 9 ! prep>ation ( ea* report to
 ,congress on int]national monet>y      
policy & curr5cy ex*ange rates1 provid$ 
= 9 section #c2 &  7,b7 advis+ ,congress
 & ! ,presid5t ) respect to--  7i7      
int]national ex*ange rates & f9ancial   
policies2 &  7ii7 ! impact ( su*        
policies on ! economy ( ! ,unit$ ,/ates4
  7#b7 ,memb]%ip  7,a7 ,9 g5]al ,!      
,committee %all be compos$ ( #i memb]s z
 foll[s1 none ( :om %all be employees ( 
! ,f$]al ,gov]nm5t3  7i7 ,congressional 
appo9tees  7,i7 ,s5ate appo9tees ,f\r   
memb]s %all be appo9t$ by ! ,presid5t   
pro tempore ( ! ,s5ate1 ^u !            
recomm5dation ( ! *airm5 & rank+ memb]s 
( ! ,committee on ,bank+1 ,h\s+1 &      

,urban ,affairs & ! ,committee on       
,f9ance ( ! ,s5ate4  7,,ii7 ,h\se       
appo9tees ,f\r memb]s %all be appo9t$ by
 ! ,speak] ( ! ,h\se ( ,repres5tatives  
^u ! recomm5dation ( ! *airm5 & rank+   
memb]s ( ! ,committee on ,f9ancial      
,s]vices & ! ,committee on ,ways &      
,means ( ! ,h\se ( ,repres5tatives4     
7ii7 ,presid5tial appo9tee ,"o memb]    
%all be appo9t$ by ! ,presid5t4  7,b7   
,qualifications ,memb]s %all be select$ 
"u subp>agraph 7,a7 on ! basis ( _!     
objectivity & demon/rat$ exp]tise 9     
f9ance1 economics1 or curr5cy ex*ange4  
7#c7 ,t]ms  7,a7 ,9 g5]al ,memb]s %all  
be appo9t$ = a t]m ( #d ye>s or until ! 
,committee t]m9ates4  7,b7 ,reappo9tm5t 
,an individual may be reappo9t$ to !    
,committee = additional t]ms4  7#d7     
,vacancies ,any vacancy 9 ! ,committee  
%all n affect its p[]s1 b %all be fill$ 
9 ! same mann] z ! orig9al appo9tm5t4   
7b7 ,duration ( committee  7#a7 ,9 g5]al
 ,not)/&+ section #ad7;c7 ( ! ,f$]al    
,advisory ,committee ,act 7#e ,u4,s4,c4 

,app471 ! ,committee %all t]m9ate on !  
date t is #d ye>s aft] ! date ( !       
enactm5t ( ?is ,act unless r5ew$ by !   
,presid5t pursuant to section #ad ( !   
,f$]al ,advisory ,committee ,act 7#e    
,u4,s4,c4 ,app47 = a subsequ5t #d-ye>   
p]iod4  7#b7 ,subsequ5t r5ewals ,!      
,presid5t may cont9ue to r5ew !         
,committee = successive #d-ye> p]iods by
 tak+ appropriate action prior to ! date
 on :i* ! ,committee w\ld o!rwise       
t]m9ate4  7c7 ,public meet+s  7#a7      
,public comm5ts ,! ,committee %all hold 
at lea/ #b public meet+s ea* ye> = !    
purpose ( accept+ public comm5ts1       
includ+ comm5ts f small bus9ess own]s4  
7#b7 ,call ( ,secret>y or memb]s ,!     
,committee %all also meet z ne$$ at !   
call ( ! ,secret>y or at ! call (       
two-?irds ( ! memb]s ( ! ,committee4    
7d7 ,*airp]son  7#a7 ,election ,!       
,committee %all elect f among its memb]s
 a *airp]son = a t]m ( #d ye>s or until 
! ,committee t]m9ates4  7#b7 ,subsequ5t 
t]ms ,a *airp]son ( ! ,committee may be 

reelect$ *airp]son b is ineligible to   
s]ve consecutive t]ms z *airp]son4  7e7 
,/aff ,! ,secret>y %all make available  
to ! ,committee su* /aff1 in=mation1    
p]sonnel1 adm9i/rative s]vices1 &       
assi/ance z ! ,committee may reasonably 
require to c>ry out its activities4  7f7
 ,application ( ,f$]al advisory         
committee ,act  7#a7 ,9 g5]al ,!        
provisions ( ! ,f$]al ,advisory         
,committee ,act 7#e ,u4,s4,c4 ,app47    
%all apply to ! ,committee4  7#b7       
,exception ,except = ! #b annual public 
meet+s requir$ "u subsection 7c77#a71   
meet+s ( ! ,committee %all be exempt f !
 requirem5ts ( subsections 7a7 & 7b7 (  
sections #aj & #aa ( ! ,f$]al ,advisory 
,committee ,act 7relat+ to op5 meet+s1  
public notice1 public p>ticipation1 &   
public availability ( docum5ts7 7#e     
,u4,s4,c4 ,app471 :5ev] & to ! ext5t x  
is det]m9$ by ! ,presid5t or ! ,secret>y
 t su* meet+s w be conc]n$ ) matt]s !   
disclosure ( :i* w\ld s]i\sly compromise
 ! developm5t by ! ,unit$ ,/ates        

,gov]nm5t ( monet>y & f9ancial policy4  
#ae4 ,repeal ( ! ,ex*ange ,rates &      
,economic ,policy ,coord9ation ,act (   
#aihh ,! ,ex*ange ,rates & ,int]national
 ,economic ,policy ,coord9ation ,act (  
#aihh 7#bb ,u4,s4,c4 #ecja et seq47 is  
repeal$4