Japan Currency Manipulation Act

To address the exchange-rate misalignment of the Japanese yen with respect to the United States dollar, and for other purposes.

6/27/2007--Introduced.
Japan Currency Manipulation Act - Directs the Secretary of the Treasury to report to Congress on:
(1) currency intervention by Japan with respect to the rate of exchange of the Japanese yen and the U.S. dollar and other currencies since 2000; and />(2) any effort by Japan to create an exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies since March 2004. Requires the Secretary to submit to Congress a proposal for a comprehensive joint U.S.-European Union plan to address the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies. Directs the Secretary to:
(1) initiate consultations with Japan to decrease Japan's foreign currency reserve holdings to permit effective balance of payments adjustments and to eliminate its unfair competitive advantage in international trade; and
(2) take appropriate action to dissuade, prevent, or object to currency intervention by Japan. Directs the United States to call for the convening of a special meeting of the International Monetary Fund (IMF) to reach a multilateral agreement regarding:
(1) the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies;
(2) the destabilizing effects of the exchange-rate misalignment of the Japanese yen; and
(3) Japan's excessive foreign currency reserve holdings. Directs the Secretary to report to Congress on:
(1) progress made toward decreasing Japan's foreign currency reserve holdings; and
(2) actions taken at meetings of the G-7 Leaders, G-7 Finance Ministers, and the IMF regarding the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies, including any progress toward eliminating such misalignment.


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Sponsor

• Joseph Knollenberg

Committees

• House Financial Services
• 2 more
  • House Ways and Means
  • House Ways and Means
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Amendments

This bill has no amendments.

Amendments to H.R.2886

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
June 27, 2007

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All Bill Actions

• Jul 03, 2007: Referred to the Subcommittee on Trade.
• Jun 27, 2007: Referred to House Financial Services
• Jun 27, 2007: Referred to House Ways and Means
• Jun 27, 2007: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Introduced on Jun 27, 2007.

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Related Bills:

• S.1021

Related Issue Areas:

• Foreign exchange
• Balance of payments
• Trade
• Balance of trade
• 15 more
• Congress
• Congress and foreign policy
• Congressional reporting requirements
• East Asia
• Europe
• European Union
• Foreign exchange rates
• Foreign policy
• International affairs
• International competitiveness
• International finance
• International monetary system
• Japan
• Nontariff trade barriers
• Trade negotiations

Data from the Congressional Research Service

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Blog Coverage

August 02, 2007 Japan's Currency Intervention: Policy Issues: Open CRS Network ...

In the 110th Congress, H.R. 2886 (Knollenberg)/S. 1021(Stabenow) (Japan Currency Manipulation Act), H.R. 782 (Tim Ryan)/S. 796 (Bunning) (Fair Currency Act of 2007), S. 1677 (Dodd) (Currency Reform and Financial Markets Access Act of ...

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July 20, 2007 US FX Morning Note - Street Views

Elsewhere Morgan Stanley’s Robert Alan Feldman picks up on the introduction of bill HR 2886 by Congressman Knollenberg, that explicitly seeks to pressure the Japanese MoF into selling excess reserves (thereby allowing the yen to ...

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Source: Econocator

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June 26, 2007 HR 2886, To address the exchange-rate misalignment of the Japanese ...

HR 2886 would address the exchange-rate misalignment of the Japanese yen with respect to the United States dollar....

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