,,ii  #aad? ,,congress  #a/ ,session    
,s4 #dcc  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #aj1 #bjae,mr4
 ,sessions 7= himself1 ,mr4 ,br[n1 ,mr4 
,graham1 ,mr4 ,s*um]1 ,mr4 ,burr1 ,ms4  
,/ab5[1 ,ms4 ,coll9s1 ,mr4 ,casey1 ,mr4 
,donnelly1 & ,mr4 ,portman7 introduc$ ! 
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,f9ance  ,a ,,bill   
,to e/abli% a b5efit calculation        
me?odology ) respect to curr5cy         
und]valuation = purposes ( c\nt]vail+   
duty inve/igations & reviews1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,curr5cy ,und]valuation    
,inve/igation ,act4  #b4 ,inve/igation  
or review ( curr5cy und]valuation "u    
c\nt]vail+ duty law ,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 9 :i*
 ! det]m9ations "u clauses 7i7 & 7ii7 ( 
p>agraph 7#a77;,a7 are affirmative1 or a

 review "u subtitle ,c ) respect to a   
c\nt]vail+ duty ord]1 ! 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 subsidy1 if-- 7,a7 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 &  7,b7 ! petition is         
accompani$ by in=mation reasonably      
available to ! petition] support+ ^?    
allegations4  4  #c4 ,b5efit calculation
 me?odology ) respect to curr5cy        
und]valuation ,section #gga ( ! ,t>iff  
,act ( #aicj 7#ai ,u4,s4,c4 #afgg7 is   
am5d$ by add+ at ! end ! foll[+3  7#cg7 
,curr5cy und]valuation b5efit  7,a7     
,curr5cy und]valuation b5efit ,=        
purposes ( a c\nt]vail+ duty            
inve/igation "u subtitle ,a1 or a review

 "u subtitle ,c ) respect to a          
c\nt]vail+ duty ord]1 ! foll[+ %all     
apply3 7i7 ,9 g5]al ,if ! adm9i/]+      
au?ority det]m9es to inve/igate :e!r    
curr5cy und]valuation provides a        
c\nt]vailable subsidy1 ! adm9i/]+       
au?ority %all det]m9e :e!r !re is a     
b5efit to ! recipi5t ( t subsidy &      
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  7ii7 ,reliance 
on data ,9 mak+ ! det]m9ation "u clause 
7i71 ! 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,b7 ,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  #d4        
,modification ( def9ition ( specificity 
) respect to 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  #e4 ,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 ! am5dm5ts made  
by ?is ,act %all apply ) respect to     
goods f ,canada & ,mexico4  #f4         
,effective date ,! am5dm5ts made by ?is 
,act 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