,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bceg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ca1 #bjai,ms4   
,baldw9 7= h]self & ,mr4 ,hawley7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to e/abli% a national goal &   
me*anism to a*ieve a trade-balanc+      
ex*ange rate = ! ,unit$ ,/ates doll>1 to
 impose a m>ket access *>ge on c]ta9    
pur*ases ( ,unit$ ,/ates assets1 & = o!r
 purposes4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,competitive ,doll> =   
,jobs & ,prosp]ity ,act4  #b4 ,f9d+s2   
s5se ( ,congress  7a7 ,f9d+s ,congress  
makes ! foll[+ f9d+s3 7#a7 ,! /r5g?1    
vitality1 & /ability ( ! ,unit$ ,/ates  
economy &1 m broadly1 ! effectiv5ess ( !
 global trad+ sy/em are critically      
dep5d5t on an int]national monet>y      
regime ( ex*ange rates t respond        
appropriately to elim9ate p]si/5t trade 
surpluses or deficits by adju/+ to      
*anges 9 global trade & capital fl[s4   

7#b7 ,9 rec5t decades1 ! ,unit$ ,/ates  
doll> has become p]si/5tly ov]valu$1 9  
relation to its equilibrium price1      
because ( excessive =eign capital infl[s
 f bo? public & private s\rces4  7#c7   
,c\ntries ) p]si/5t trade surpluses     
ma9ta9 or b5efit f und]valu$ curr5cies  
ov] a long p]iod ( "t4 ,z a result1 ^?  
c\ntries ov]produce1 und]consume1 &     
excessively rely on consum]s 9 c\ntries 
) p]si/5t trade deficits = gr[?4 ,^?    
c\ntries also export _! unemploym5t &   
und]employm5t to c\ntries ) p]si/5t     
trade deficits4  7#d7 ,c\ntries )       
p]si/5t trade deficits1 includ+ ! ,unit$
 ,/ates1 absorb ! ov]production (       
c\ntries ) p]si/5t trade surpluses1     
!reby r$uc+ dome/ic wages1 manufactur+  
output & employm5t1 economic gr[?1 &    
innovation4  7#e7 ,! ,unit$ ,/ates      
possesses fiscal & monet>y tools to     
pursue national economic goals =        
employm5t1 production1 inve/m5t1 income1
 price /ability1 & productivity4 ,h[ev]1
 ex*ange rates t d n adju/ to balance   

int]national trade c fru/rate !         
a*ievem5t ( ^? goals4 ,! ,unit$ ,/ates  
does n h a tool to manage ex*ange rates 
9 ! national int]e/4  7b7 ,s5se (       
,congress ,x is ! s5se ( ,congress t--  
7#a7 x is consi/5t ) ! obligations ( !  
,unit$ ,/ates z a memb] ( ! ,_w ,trade  
,organization & ! ,int]national ,monet>y
 ,fund t ! ,unit$ ,/ates use a capital  
fl[ managem5t tool to move ! ,unit$     
,/ates doll> to its trade-balanc+       
ex*ange rate2 &  7#b7 x is 9 ! national 
int]e/ ( ! ,unit$ ,/ates to e/abli%     
ex*ange rate managem5t tools to         
consi/5tly a*ieve a trade-balanc+       
ex*ange rate4  #c4 ,def9itions ,9 ?is   
,act3 7#a7 ,cov]$ buy] ,! t]m cov]$ buy]
 means a =eign p]son or a p]son locat$  
outside ! ,unit$ ,/ates t pur*ases a    
,unit$ ,/ates asset 9 a cov]$           
transaction4  7#b7 ,cov]$ transaction ,!
 t]m cov]$ transaction means ! pur*ase  
or acquisition by a cov]$ buy] ( a      
,unit$ ,/ates asset ! value ( :i* exce$s
 #aj1jjj4  7#c7 ,curr5t acc\nt balance  

,! t]m curr5t acc\nt balance means t    
curr5t acc\nt surpluses or deficits d n 
exce$ an av]age ( #j4e p]c5t ( ! gross  
dome/ic product ( ! ,unit$ ,/ates 9 any 
#e-ye> p]iod4  7#d7 ,dome/ic f9ancial   
in/itution ,! t]m dome/ic f9ancial      
in/itution has ! mean+ giv5 t t]m 9     
section #ecab ( title #ca1 ,unit$ ,/ates
 ,code4  7#e7 ,entity ,! t]m entity     
includes--  7,a7 a corporation1         
p>tn]%ip1 or limit$ liability company2  
or  7,b7 a tru/ or e/ate4  7#f7 ,=eign  
p]son ,! t]m =eign p]son means any      
individual or entity t is n a ,unit$    
,/ates p]son4  7#g7 ,m>ket access *>ge  
,! t]m m>ket access *>ge means ! fee    
impos$ "u section #e ) respect to a     
cov]$ transaction4  7#h7 ,p]son ,! t]m  
p]son means an individual or entity4    
7#i7 ,secret>y ,! t]m ,secret>y means ! 
,secret>y ( ! ,treasury4  7#aj7         
,security2 transf] ag5t ,! t]ms security
 & transf] ag5t h ! mean+s giv5 ^? t]ms 
9 section #c ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c74     

7#aa7 ,unit$ ,/ates asset  7,a7 ,9 g5]al
 ,except z provid$ 9 subp>agraph 7,b71 !
 t]m ,unit$ ,/ates asset means-- 7i7 a  
security1 /ock1 bond1 note1 swap1 loan1 
or o!r f9ancial in/rum5t--  7,i7 ! face 
value ( :i* is d5om9at$ 9 ,unit$ ,/ates 
doll>s2  7,,ii7 t is regi/]$ or locat$ 9
 ! ,unit$ ,/ates2 or  7,,iii7 t is an   
obligation ( a ,unit$ ,/ates p]son2     
7ii7 real prop]ty locat$ 9 ! ,unit$     
,/ates2  7iii7 any own]%ip int]e/ 9 an  
entity t is a ,unit$ ,/ates p]son2  7iv7
 intellectual prop]ty own$ by a ,unit$  
,/ates p]son2 &  7v7 any o!r asset class
 or transaction id5tifi$ by ! ,bo>d (   
,gov]nors ( ! ,f$]al ,res]ve z trad+ 9  
suffici5t volume to cause a risk ( upw>d
 pressure on ! ex*ange rate ( ! ,unit$  
,/ates doll>4  7,b7 ,exceptions ,! t]m  
,unit$ ,/ates asset does n include-- 7i7
 a good be+ export$ f ! ,unit$ ,/ates2  
or  7ii7 curr5cy or non9t]e/ be>+       
deposits4  7,c7 ,consid]ation by ,bo>d (
 ,gov]nors ,n less frequ5tly ?an        
annually1 ! ,bo>d ( ,gov]nors %all      

consid] :e!r to id5tify additional asset
 classes or transactions "u subp>agraph 
7,a77v74  7#ab7 ,unit$ ,/ates p]son ,!  
t]m ,unit$ ,/ates p]son means-- 7,a7 a  
citiz5 or resid5t ( ! ,unit$ ,/ates2 or 
7,b7 an entity organiz$ "u ! laws ( !   
,unit$ ,/ates or any jurisdiction )9 !  
,unit$ ,/ates4  #d4 ,ex*ange rate       
managem5t policy & me*anisms  7a7       
,am5dm5t to ,f$]al ,res]ve ,act ,section
 #b;,a ( ! ,f$]al ,res]ve ,act 7#ab     
,u4,s4,c4 #bbe;a7 is am5d$-- 7#a7 by    
ins]t+ ! ,unit$ ,/ates ex*ange rate &   
aft] %all ma9ta92 &  7#b7 by ins]t+     
curr5t acc\nt balance 7z def9$ 9 section
 #c ( ! ,competitive ,doll> = ,jobs &   
,prosp]ity ,act71 aft] /able prices14   
7b7 ,ex*ange rate managem5t policy  7#a7
 ,9 g5]al ,! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em %all e/abli% an   
ex*ange rate managem5t policy to a*ieve 
& ma9ta9 a curr5t acc\nt balance4  7#b7 
,me*anisms ,to a*ieve a curr5t acc\nt   
balance z requir$ by p>agraph 7#a71 !   
,bo>d ( ,gov]nors-- 7,a7 %all use !     

m>ket access *>ge impos$ "u section #e2 
&  7,b7 may engage 9 =eign ex*ange      
int]v5tion4  #e4 ,m>ket access *>ge  7a7
 ,imposition ,on & aft] ! date t is #ahj
 days aft] ! date ( ! enactm5t ( ?is    
,act1 !re %all be impos$ a m>ket access 
*>ge on ea* cov]$ buy] 9 a cov]$        
transaction4  7b7 ,calculation ( rate   
7#a7 ,9 g5]al ,! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em %all e/abli% &    
adju/ ! rate ( ! m>ket access *>ge at a 
rate t--  7,a7 a*ieves a curr5t acc\nt  
balance n lat] ?an #e ye>s aft] ! date (
 ! enactm5t ( ?is ,act2 &  7,b7 ma9ta9s 
a curr5t acc\nt balance !reaft]4  7#b7  
,effects ( noncrisis movem5ts  7,a7 ,9  
g5]al ,subject to subp>agraph 7,b71 !   
,bo>d ( ,gov]nors may take into         
consid]ation ! m9imization ( disruptive 
effects on output1 employm5t1 int]e/    
rates1 & =eign ex*ange1 securities1 &   
asset m>kets4  7,b7 ,limitation ,! ,bo>d
 ( ,gov]nors may n adju/ ! m>ket access 
*>ge 9 reaction to noncrisis movem5ts 9 
! m>kets describ$ 9 subp>agraph 7,a74   

7#c7 ,alt]nate initial m>ket access *>ge
 ,if1 on ! date t is #ahj days aft] !   
date ( ! enactm5t ( ?is ,act1 ! ,bo>d ( 
,gov]nors has n e/abli%$ ! initial rate 
= ! m>ket access *>ge1 ! initial m>ket  
access *>ge %all be e/abli%$ at ! rate (
 #ej basis po9ts ( ! value ( a cov]$    
transaction4  7c7 ,collection & report+ 
7#a7 ,9 g5]al ,! m>ket access *>ge %all 
be collect$ f a cov]$ buy] 9 a cov]$    
transaction z foll[s3  7,a7 ,9 ! case ( 
a cov]$ transaction involv+ a regi/]$   
security1 ! transf] ag5t %all collect ! 
m>ket access *>ge4  7,b7 ,9 ! case ( a  
cov]$ transaction n involv+ a regi/]$   
security & ?r\gh :i* a dome/ic f9ancial 
in/itution receives funds f ! cov]$     
buy]1 ! dome/ic f9ancial in/itution %all
 collect ! m>ket access *>ge4  7,c7 ,9 !
 case ( any cov]$ transaction n describ$
 9 subp>agraph 7,a7 or 7,b71 ! ,unit$   
,/ates p]son t is ! c\nt]p>ty to ! cov]$
 buy] or o!rwise receives funds f !     
cov]$ buy] pursuant to ! cov]$          
transaction %all collect ! m>ket access 

*>ge4  7#b7 ,transf] to ,treasury ,at ! 
end ( ea* mon?1 ea* p]son collect+ a    
m>ket access *>ge "u p>agraph 7#a7 %all 
transf] to ! ,secret>y ! am\nt ( all    
m>ket access *>ges collect$ by ! p]son  
dur+ t mon? 9 su* mann] z ! ,secret>y   
may prescribe4  7#c7 ,report+ ,!        
,secret>y %all require ea* p]son        
collect+ a m>ket access *>ge "u p>agraph
 7#a7 ) respect to a cov]$ transaction  
to keep records & file reports ) !      
,secret>y t include1 9 ! mann] & to !   
ext5t ! ,secret>y prescribes--  7,a7 !  
id5tity & address ( p>ticipants 9 !     
transaction2  7,b7 a description ( !    
legal capacity 9 :i* ea* p>ticipant 9 ! 
transaction is act+2  7,c7 ! id5tity (  
real p>ties 9 int]e/2  7,d7 a           
description ( ! transaction1 includ+ !  
nature ( ! ,unit$ ,/ates asset involv$ &
 ! price paid2  7,e7 ! am\nt ( ! m>ket  
access *>ge collect$ & ! am\nt reta9$ z 
a s]vice fee pursuant to p>agraph 7#d72 
&  7,f7 su* o!r in=mation z ! ,secret>y 
may prescribe4  7#d7 ,s]vice fee ,a     

p]son collect+ a m>ket access *>ge "u   
p>agraph 7#a7 may reta91 f ! am\nt ( !  
m>ket access *>ge collect$1 a s]vice    
fee1 9 an am\nt prescrib$ by !          
,secret>y1 to comp5sate ! p]son = !     
adm9i/rative co/s ( collect+ ! m>ket    
access *>ge4  7#e7 ,p5alties  7,a7      
,transf] ag5ts ,a transf] ag5t t        
violates ! requirem5ts ( ?is subsection 
%all be subject to a p5alty "u section  
#cb ( ! ,securities ,ex*ange ,act (     
#aicd 7#ae ,u4,s4,c4 #gh;ff7 to ! same  
ext5t z if t ag5t violat$ a provision ( 
t ,act4  7,b7 ,dome/ic f9ancial         
in/itutions & o!r ,unit$ ,/ates p]sons  
,a dome/ic f9ancial in/itution or o!r   
,unit$ ,/ates p]son t violates !        
requirem5ts ( ?is subsection %all be    
subject to a p5alty "u section          
#ecba7;a77#a7 or #ecbb7;a7 ( title #ca1 
,unit$ ,/ates ,code1 to ! same ext5t z  
if t in/itution violat$ a provision (   
sub*apt] ,,ii ( *apt] #ec ( t title4    
7d7 ,deposit 9 ,treasury ,! ,secret>y   
%all deposit all am\nts receiv$ "u      

subsection 7c77#b7 into ! g5]al fund ( !
 ,treasury4  #f4 ,regulations ,!        
,secret>y %all prescribe su* regulations
 z are necess>y to c>ry out ?is ,act4