2011 US Code
Title 22 - Foreign Relations and Intercourse
Chapter 62 - INTERNATIONAL FINANCIAL POLICY (§§ 5301 - 5354)
Subchapter I - EXCHANGE RATES AND INTERNATIONAL ECONOMIC POLICY COORDINATION (§§ 5301 - 5306)
Section 5304 - International negotiations on exchange rate and economic policies
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 5, Title 22 - FOREIGN RELATIONS AND INTERCOURSE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 62 - INTERNATIONAL FINANCIAL POLICY SUBCHAPTER I - EXCHANGE RATES AND INTERNATIONAL ECONOMIC POLICY COORDINATION Sec. 5304 - International negotiations on exchange rate and economic policies |
Contains | section 5304 |
Date | 2011 |
Laws in Effect as of Date | January 3, 2012 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 100-418, title III, §3004, Aug. 23, 1988, 102 Stat. 1373. |
Statutes at Large Reference | 102 Stat. 1373 |
Public Law References | Public Law 100-418, Public Law 104-14 |
Congressional Bill Reference | Unknown Value5 107th Congress |
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The President shall seek to confer and negotiate with other countries—
(1) to achieve—
(A) better coordination of macroeconomic policies of the major industrialized nations; and
(B) more appropriate and sustainable levels of trade and current account balances, and exchange rates of the dollar and other currencies consistent with such balances; and
(2) to develop a program for improving existing mechanisms for coordination and improving the functioning of the exchange rate system to provide for long-term exchange rate stability consistent with more appropriate and sustainable current account balances.
(b) Bilateral negotiationsThe Secretary of the Treasury shall analyze on an annual basis the exchange rate policies of foreign countries, in consultation with the International Monetary Fund, and consider whether countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade. If the Secretary considers that such manipulation is occurring with respect to countries that (1) have material global current account surpluses; and (2) have significant bilateral trade surpluses with the United States, the Secretary of the Treasury shall take action to initiate negotiations with such foreign countries on an expedited basis, in the International Monetary Fund or bilaterally, for the purpose of ensuring that such countries regularly and promptly adjust the rate of exchange between their currencies and the United States dollar to permit effective balance of payments adjustments and to eliminate the unfair advantage. The Secretary shall not be required to initiate negotiations in cases where such negotiations would have a serious detrimental impact on vital national economic and security interests; in such cases, the Secretary shall inform the chairman and the ranking minority member of the Committee on Banking, Housing, and Urban Affairs of the Senate and of the Committee on Banking, Finance and Urban Affairs of the House of Representatives of his determination.
(Pub. L. 100–418, title III, §3004, Aug. 23, 1988, 102 Stat. 1373.)
Change of NameCommittee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
Negotiations on Currency Exchange RatesSection 1124 of Pub. L. 100–418 provided that:
“(a)
“(1) the benefit of trade concessions can be adversely affected by misalignments in currency, and
“(2) misalignments in currency caused by government policies intended to maintain an unfair trade advantage tend to nullify and impair trade concessions.
“(b)
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