H.R. 2378: Currency Reform for Fair Trade Act

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H.R. 2378: Currency Reform for Fair Trade Act

111th Congress · introduced 2009-05-13 · Foreign Trade and International Finance · Latest: Received in the Senate and Read twice and referred to the Committee on Finance.

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Official title

Currency Reform for Fair Trade Act

Plain summary

Currency Reform for Fair Trade Act - (Sec. 2) Amends the Tariff Act of 1930 to include as a "countervailable subsidy" requiring action under a countervailing duty or antidumping duty proceeding the benefit conferred on merchandise imported into the United States from foreign countries with fundamentally undervalued currency. Defines "benefit conferred," in cases where the currency of a foreign country is exchanged for foreign currency (i.e., U.S. dollars) obtained from export transactions, as the difference between: (1) the amount of currency provided by a foreign country in which the subject merchandise is produced; and (2) the amount of currency such country would have provided if the real effective exchange rate of its currency were not fundamentally undervalued. 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. Requires the administering authority to determine that the currency of a foreign country is fundamentally undervalued if for an 18-month period: (1) the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets; (2) the country's real effective exchange rate is undervalued by at least 5%; (3) the country has experienced significant and persistent global current account surpluses; and (4) the country's government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations falling due within the coming 12 months, 20% percent of the country's money supply, and the value of the country's imports during the previous 4 months. Requires the use, for calculating a country's "real effective exchange rate undervaluation," of certain guidelines of the Consultative Group on Exchange Rate Issues of the International Monetary Fund (IMF) or, if those guidelines are not available, generally accepted economic and econometric techniques and methodologies. Requires the use, also, of inflation-adjusted, trade-weighted exchange rates. (Sec. 3) Directs the Comptroller General to report to Congress on the implementation of this Act.

Congressional Research Service summary (Reported to House with amendment(s)), quoted unchanged (nonpartisan). Read the source.

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Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Ryan, Tim [D-OH-17] · 159 cosponsors

Cost estimate: CBO cost estimate: H.R. 2378, Currency Reform for Fair Trade Act (2010-09-28); CBO cost estimate: H.R. 2378, Currency Reform for Fair Trade Act (2010-09-28)

Cosponsors on this site

Joe Wilson (R-SC), Glenn Thompson (R-PA), Gary C. Peters (D-MI), Brad Sherman (D-CA) and 99 more.

Recorded votes

• House roll call 554 (2010): On Passage, HR2378 (2010-09-29): Passed

Sources

• Congressional Research Service summary (Reported to House with amendment(s))
• Congress.gov
• Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111hr2378.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/hr>

Record fed-us-cong111-hr2378 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111