,,ii #aadth ,,congress #ast ,session ,s4 #dcc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #aj1 #bjae,mr4 ,sessions 7for himself1 ,mr4 ,brown1 ,mr4 ,graham1 ,mr4 ,schumer1 ,mr4 ,burr1 ,ms4 ,stabenow1 ,ms4 ,collins1 ,mr4 ,casey1 ,mr4 ,donnelly1 and ,mr4 ,portman7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to establish a benefit calculation methodology with respect to currency undervaluation for purposes of countervailing duty investigations and reviews1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,currency ,undervaluation ,investigation ,act4 #b4 ,investigation or review of currency undervaluation under countervailing duty law ,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 in which the determinations under clauses 7i7 and 7ii7 of paragraph 7#a77;,a7 are affirmative1 or a review under subtitle ,c with respect to a countervailing duty order1 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 subsidy1 if-- 7,a7 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 7,b7 the petition is accompanied by information reasonably available to the petitioner supporting those allegations4 4 #c4 ,benefit calculation methodology with respect to currency undervaluation ,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 ,currency undervaluation benefit 7,a7 ,currency undervaluation benefit ,for purposes of a countervailing duty investigation under subtitle ,a1 or a review under subtitle ,c with respect to a countervailing duty order1 the following shall apply3 7i7 ,in general ,if the administering authority determines to investigate whether currency undervaluation provides a countervailable subsidy1 the administering authority shall determine whether there is a benefit to the recipient of that subsidy 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 7ii7 ,reliance on data ,in making the determination under clause 7i71 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,b7 ,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 #d4 ,modification of definition of specificity with respect to 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 #e4 ,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 the amendments made by this ,act shall apply with respect to goods from ,canada and ,mexico4 #f4 ,effective date ,the amendments made by this ,act 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