Sec. 3. Report on international monetary policy and currency exchange rates
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Not later than March 15 and September 15 of each calendar year, the Secretary, after consulting with the Chairman of the Board of Governors of the Federal Reserve System and the Advisory Committee on International Exchange Rate Policy, shall submit to Congress and make public, a written report on international monetary policy and currency exchange rates. On or before March 30 and September 30 of each calendar year, the Secretary shall appear, if requested, before the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate and the Committee on Financial Services and the Committee on Ways and Means of the House of Representatives to provide testimony on the reports submitted pursuant to paragraph (1).
Each report submitted under subsection
(a)shall contain the following: An analysis of currency market developments and the relationship between the United States dollar and the currencies of major economies and trading partners of the United States. 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. A description of any currency intervention by the United States or other major economies or trading partners of the United States, or other actions undertaken to adjust the actual exchange rate relative to the United States dollar. An evaluation of the domestic and global factors that underlie the conditions in the currency markets, including— monetary and financial conditions; accumulation of foreign assets; macroeconomic trends; trends in current and financial account balances; the size, composition, and growth of international capital flows; the impact of the external sector on economic growth; the size and growth of external indebtedness; trends in the net level of international investment; and capital controls, trade, and exchange restrictions. A list of currencies designated as fundamentally misaligned currencies pursuant to section 4(a)(2), and a description of any economic models or methodologies used to establish the list. A list of currencies designated for priority action pursuant to section 4(a)(3). An identification of the nominal value associated with the medium-term equilibrium exchange rate, relative to the United States dollar, for each currency listed under paragraph (6). A description of any consultations conducted or other steps taken pursuant to section 5, 6, or 7, including any actions taken to eliminate the fundamental misalignment. A description of any determination made pursuant to section 9(a). The Secretary shall consult with the Chairman of the Board of Governors of the Federal Reserve System and the Advisory Committee on International Exchange Rate Policy with respect to the preparation of each report required under subsection (a). Not later than the date that is 15 days before the date each report is due under subsection (a), the Chairman of the Board of Governors of the Federal Reserve System and the Advisory Committee on International Exchange Rate Policy shall submit to the Secretary any comments of the Chairman or Advisory Committee on the report. The Secretary shall review and consider all comments received from the Chairman and the Advisory Committee under paragraph
(2)before submitting the report required under subsection (a).