§ 5304. International negotiations on exchange rate and economic policies
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/usc/title-22/section-5304A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Multilateral negotiations 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 negotiations The 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.)
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U.S. Code
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- Public Law 109–115Making appropriations for the Departments of Transportation, Treasury, and Housing and Urban Development, the Judiciary, District of Columbia, and independent agencies for the fiscal year ending September 30, 2006, and for other purposes
- Public Law 100–418To enhance the competitiveness of American industry, and for other purposes
- Public Law 108–447Making appropriations for foreign operations, export financing, and related programs for the fiscal year ending September 30, 2005, and for other purposes
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- Pub. L. 100–418, title III, § 3004
- 102 Stat. 1373
- section 1(a) of Pub. L. 104–14
- Pub. L. 100–418, title I, § 1124
- 102 Stat. 1146
- Pub. L. 100–418
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§ 5304
International negotiations on exchange rate and economic policies
Stat.×4
Bills×2
U.S.C.×2
Fed. Reg.×1
Pub. L.Pub. L. 100–418, title III, § 3004
Stat.102 Stat. 1373
Pub. L.section 1(a) of Pub. L. 104–14
Pub. L.Pub. L. 100–418, title I, § 1124
Stat.102 Stat. 1146
Cites 8 · showing 7Cited by 9 across 4 sources