PlainBillCongress, translated.Legislation. Context. Public interest.By Senator Baucus from Committee on Finance filed written report. Report No. 110-248.
Congressional Research Service
Version 01 · Reported to Senate with amendment(s) · Jul 31, 2007
Currency Exchange Rate Oversight Reform Act of 2007 - (Sec. 3) Directs the Secretary of the Treasury to: (1) 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, and excessive reserve accumulation of foreign assets.
Showing the opening paragraphs of the official summary.
(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. 8) Provides for a joint resolution of congressional disapproval of any determination by the President to waive an action, on the ground that it is in the vital U.S. economic interest to do so, with respect to a country which has persistently failed to adopt appropriate policies to eliminate a fundamental currency misalignment.
(Sec. 9) Requires the United States to oppose any proposed change in the governance arrangement of an international financial institution if any of its members would benefit from the proposed change, in the form of increased voting shares or representation, despite having a currency designated for priority action under this Act.
(Sec. 10) Amends the Tariff Act of 1930 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) 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 for priority action under this Act.
(Sec. 12) Applies to Canada and Mexico the requirements of this Act pertaining to: (1) adjustments in export prices for a fundamentally misaligned currency designated for priority action; and (2) determination of nonmarket economy status.
(Sec. 13) Establishes the Advisory Committee on International Exchange Rate Policy.
(Sec. 14) Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988.
People & committees
Sen. Baucus, Max [D-MT] · D–MT
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
By Senator Baucus from Committee on Finance filed written report. Report No. 110-248.
By Senator Baucus from Committee on Finance filed written report. Report No. 110-248.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 293.
Committee on Finance. Reported by Senator Baucus with an amendment in the nature of a substitute. Without written report.
Committee on Finance. Reported by Senator Baucus with an amendment in the nature of a substitute. Without written report.
Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze S.1607 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine S.1607 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine S.1607 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine S.1607 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.