United States 112th Congress Status: Died 1 D cosponsors

S 1619 — Currency Exchange Rate Oversight Reform Act of 2011

Last action — Held at the desk.

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  1. ✓
    Introduced
  2. Died in session

This bill died with 112th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Currency Exchange Rate Oversight Reform Act of 2011 - (Sec. 3) Directs the Secretary of the Treasury to: (1) make public and report biannually to Congress on international monetary policy and currency exchange rates; and (2) appear, if requested, before certain congressional committees to testify regarding such reports. Prescribes report contents, including: (1) an analysis of currency market developments and the relationship between the U.S. dollar and the currencies of major economies and trading partners of the United States, (2) a review of the economic and monetary policies of major economies and trading partners of the United States and an evaluation of how such policies impact currency exchange rates, and (3) a list of currencies designated as fundamentally misaligned currencies. (Sec. 4) Instructs the Secretary to: (1) analyze semiannually the prevailing real effective exchange rates of foreign currencies; (2) determine whether any such currency is in fundamental misalignment; and (3) designate it for priority action if the issuing country engages in specified behavior, including excessive and prolonged official or quasi-official accumulation of foreign assets for balance of payments purposes. (Sec. 5) Prescribes procedures for: (1) negotiations and consultations; and (2) actions in response to failure, including persistent failure, to adopt appropriate policies, or take identifiable action to eliminate the fundamental misalignment. (Sec. 9) Requires the Secretary, before the United States approves a proposed change in the governance arrangement of any international financial institution, to determine whether any member of the international financial institution that would benefit from the proposed change, in the form of increased voting shares or representation, has a currency designated for priority action. Requires U.S. opposition to the proposed change if the Secretary renders an affirmative determination. (Sec. 10) Amends the Tariff Act of 1930, for purposes of an antidumping investigation or review, to require an adjustment in the price used to establish export (and constructed export) prices, in the case of a fundamentally misaligned currency designated for priority action, by reducing such price by the percentage by which the domestic currency of the producer or exporter is undervalued in relation to the U.S. dollar. (Sec. 11) Requires the administering authority, upon the filing of a petition by an interested party, to initiate a countervailing duty investigation or review to determine whether currency undervaluation by the government of, or any public entity within, a foreign country is providing, directly or indirectly, a countervailable subsidy to its exporters or products. Requires the same kind of countervailing duty investigation upon the designation of a foreign currency as a fundamentally misaligned currency for priority action. Declares that the fact that such a subsidy is also provided in circumstances not involving export shall not, for that reason alone, mean it cannot be considered export contingent and actionable under a countervailing duty and antidumping duty proceeding. (Sec. 12) Adds as a factor the administering authority must take into account in determining whether a foreign country is a nonmarket economy country the question of whether its currency is designated, or has been designated at any time over the five years before review of any nonmarket economy status, for priority action under this Act. (Sec. 13) Declares that the amendments made by this Act shall apply to goods from Canada and Mexico. (Sec. 14) Establishes the Advisory Committee on International Exchange Rate Policy to advise: (1) the Secretary in the preparation of reports to Congress on international monetary policy and currency exchange rates; and (2) Congress and the President with respect to international exchange rates and financial policies, including the impact of such policies on the U.S. economy. (Sec. 15) Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988.

Bill Text

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Action History

  1. Held at the desk.

  2. Received in the House.

  3. Message on Senate action sent to the House.

  4. Passed Senate without amendment by Yea-Nay Vote. 63 - 35. Record Vote Number: 159. (text: CR S6378-6382)

  5. S.AMDT.694 Proposed amendment SA 694 withdrawn in Senate. (consideration: CR S6378)

  6. S.AMDT.694 Considered by Senate. (consideration: CR S6378)

  7. Considered by Senate. (consideration: CR S6378-6382)

  8. The point of order against the Reid for Coburn motion to suspend Rule XXII for the consideration of amendment SA 670 was sustained.

  9. Ruling of the Chair not sustained by Yea-Nay Vote. 48 - 51. Record Vote Number: 157.

  10. Senator Reid appealed the ruling of the chair.

  11. Point of order against the Reid for Coburn motion to suspend Rule XXII to permit the consideration of amendment SA 670 not sustained by the chair.

  12. Point of order raised in Senate with respect to Reid for Coburn motion to suspend Rule XXII to permit the consideration of amendment SA 670.

  13. Reid for Coburn motion to suspend Rule XXII to permit the consideration of amendment SA 670 made in Senate. (consideration: CR S6315)

  14. S.AMDT.695 Proposed amendment SA 695 withdrawn in Senate. (consideration: CR S6315)

  15. S.AMDT.698 SA 698 fell when SA 697 fell.

  16. S.AMDT.697 SA 697 fell when SA 696 fell.

  17. S.AMDT.696 SA 696 fell when cloture invoked on the bill.

  18. Motion by Senator Reid to commit to Senate Committee on Finance fell when cloture was invoked on the bill in Senate. (consideration: CR S6315)

  19. Cloture on the bill invoked in Senate by Yea-Nay Vote. 62 - 38. Record Vote Number: 156. (consideration: CR S6283; text: CR S6283)

  20. S.AMDT.698 Considered by Senate. (consideration: CR S6279)

  21. S.AMDT.697 Considered by Senate. (consideration: CR S6279)

  22. S.AMDT.696 Considered by Senate. (consideration: CR S6279)

  23. S.AMDT.695 Considered by Senate. (consideration: CR S6279)

  24. S.AMDT.694 Considered by Senate. (consideration: CR S6279)

  25. Considered by Senate. (consideration: CR S6279-6320)

  26. S.AMDT.698 Considered by Senate. (consideration: CR S6152)

  27. S.AMDT.697 Considered by Senate. (consideration: CR S6152)

  28. S.AMDT.696 Considered by Senate. (consideration: CR S6152)

  29. S.AMDT.695 Considered by Senate. (consideration: CR S6152)

  30. S.AMDT.694 Considered by Senate. (consideration: CR S6152)

  31. Considered by Senate. (consideration: CR S6152-6177)

  32. Cloture motion on the bill presented in Senate. (consideration: CR S6085; text: CR S6085)

  33. S.AMDT.698 Amendment SA 698 proposed by Senator Reid to Amendment SA 697. (consideration: CR S6069; text: CR S6069)Of a perfecting nature.

  34. S.AMDT.697 Amendment SA 697 proposed by Senator Reid to Amendment SA 696. (consideration: CR S6069; text: CR S6069)Of a perfecting nature.

  35. S.AMDT.696 Amendment SA 696 proposed by Senator Reid. (consideration: CR S6069; text: CR S6069)To change the enactment date.

  36. Motion by Senator Reid to commit to Senate Committee on Finance with instructions to report back forthwith with amendment SA 696 made in Senate. (consideration: CR S6069)

  37. S.AMDT.695 Amendment SA 695 proposed by Senator Reid to Amendment SA 694. (consideration: CR S6069; text: CR S6069)Of a perfecting nature.

  38. S.AMDT.694 Amendment SA 694 proposed by Senator Reid. (consideration: CR S6069; text: CR S6069)To change the enactment date.

  39. Measure laid before Senate by motion. (consideration: CR S6069-6085)

  40. Motion to proceed to consideration of measure agreed to in Senate. (consideration: CR S6069)

  41. Motion to proceed to measure considered in Senate. (consideration: CR S6066-6067, S6067-6069)

  42. Cloture on the motion to proceed to the bill invoked in Senate by Yea-Nay Vote. 79 - 19. Record Vote Number: 155. (consideration: CR S6034-6035, text: CR S6034)

  43. Motion to proceed to measure considered in Senate. (consideration: CR S6020-6027, S6034-6039)

  44. Cloture motion on the motion to proceed to the bill presented in Senate. (consideration: CR S6003; text: CR S6003)

  45. Motion to proceed to consideration of measure made in Senate. (consideration: CR S6003)

  46. Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 183.

  47. Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
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Frequently asked questions

What does S 1619 do?
Currency Exchange Rate Oversight Reform Act of 2011 - (Sec. 3) Directs the Secretary of the Treasury to: (1) make public and report biannually to Congress on international monetary policy and currency exchange rates; and (2) appear, if requested, before certain congressional committees to testify regarding such reports. Prescribes report contents, including: (1) an analysis of currency market developments and the relationship between the U.S. dollar and the currencies of major economies and trading partners of the United States, (2) a review of the economic and monetary policies of major economies and trading partners of the United States and an evaluation of how such policies impact currency exchange rates, and (3) a list of currencies designated as fundamentally misaligned currencies. (Sec. 4) Instructs the Secretary to: (1) analyze semiannually the prevailing real effective exchange rates of foreign currencies; (2) determine whether any such currency is in fundamental misalignment; and (3) designate it for priority action if the issuing country engages in specified behavior, including excessive and prolonged official or quasi-official accumulation of foreign assets for balance of payments purposes. (Sec. 5) Prescribes procedures for: (1) negotiations and consultations; and (2) actions in response to failure, including persistent failure, to adopt appropriate policies, or take identifiable action to eliminate the fundamental misalignment. (Sec. 9) Requires the Secretary, before the United States approves a proposed change in the governance arrangement of any international financial institution, to determine whether any member of the international financial institution that would benefit from the proposed change, in the form of increased voting shares or representation, has a currency designated for priority action. Requires U.S. opposition to the proposed change if the Secretary renders an affirmative determination. (Sec. 10) Amends the Tariff Act of 1930, for purposes of an antidumping investigation or review, to require an adjustment in the price used to establish export (and constructed export) prices, in the case of a fundamentally misaligned currency designated for priority action, by reducing such price by the percentage by which the domestic currency of the producer or exporter is undervalued in relation to the U.S. dollar. (Sec. 11) Requires the administering authority, upon the filing of a petition by an interested party, to initiate a countervailing duty investigation or review to determine whether currency undervaluation by the government of, or any public entity within, a foreign country is providing, directly or indirectly, a countervailable subsidy to its exporters or products. Requires the same kind of countervailing duty investigation upon the designation of a foreign currency as a fundamentally misaligned currency for priority action. Declares that the fact that such a subsidy is also provided in circumstances not involving export shall not, for that reason alone, mean it cannot be considered export contingent and actionable under a countervailing duty and antidumping duty proceeding. (Sec. 12) Adds as a factor the administering authority must take into account in determining whether a foreign country is a nonmarket economy country the question of whether its currency is designated, or has been designated at any time over the five years before review of any nonmarket economy status, for priority action under this Act. (Sec. 13) Declares that the amendments made by this Act shall apply to goods from Canada and Mexico. (Sec. 14) Establishes the Advisory Committee on International Exchange Rate Policy to advise: (1) the Secretary in the preparation of reports to Congress on international monetary policy and currency exchange rates; and (2) Congress and the President with respect to international exchange rates and financial policies, including the impact of such policies on the U.S. economy. (Sec. 15) Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988.
Who sponsors S 1619?
S 1619 is sponsored by Sherrod Brown (D).
What is the current status of S 1619?
This bill died with 112th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 1619?
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