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    This page contains bill sponsorships in the Senate and House. Bill sponsorships indicate the topics that legislators are most interested in, and spend the most time on.

11-S0328 on Feb 14, 2011

Bill Sponsorship: Currency Reform for Fair Trade Act
Source: HR.639&S.328
  • Amends the Tariff Act of 1930 to include as a "countervailable subsidy" requiring action under a countervailing duty or antidumping duty proceeding the benefit conferred on merchandise imported into the US from foreign countries with fundamentally undervalued currency.
  • Defines "benefit conferred" as the difference between:
    1. the amount of currency provided by a foreign country in which the subject merchandise is produced; and
    2. the amount of currency such country would have provided if the real effective exchange rate of its currency were not fundamentally undervalued.
  • Determines that the currency of a foreign country is fundamentally undervalued if for an 18-month period:
    1. the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets
    2. the country's real effective exchange rate is undervalued by at least 5%
    3. the country has experienced significant and persistent global current account surpluses; and
    4. the country's government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations.

[Explanatory note from Wikipedia.com "Exchange Rate"]:

Between 1994 and 2005, the Chinese yuan renminbi was pegged to the US dollar at RMB 8.28 to $1. Countries may gain an advantage in international trade if they manipulate the value of their currency by artificially keeping its value low. It is argued that China has succeeded in doing this over a long period of time. However, a 2005 appreciation of the Yuan by 22% was followed by a 39% increase in Chinese imports to the US. In 2010, other nations, including Japan & Brazil, attempted to devalue their currency in the hopes of subsidizing cheap exports and bolstering their ailing economies. A low exchange rate lowers the price of a country's goods for consumers in other countries but raises the price of imported goods for consumers in the manipulating country.

Also see the related House of Representatives bill HR0639.


    Participating counts on VoteMatch question 13. Question 13: Support & expand free trade Scores: -2=Strongly oppose; -1=Oppose; 0=neutral; 1=Support; 2=Strongly support.
  • Topic: Free Trade
  • Headline: Impose tariffs against countries which manipulate currency (Score: -1)
  • Headline 2: Sponsored bill imposing tariffs for manipulating currency (Score: -1)

  • Key for participation codes:
  • Sponsorships: p=sponsored; o=co-sponsored; s=signed
  • Memberships: c=chair; m=member; e=endorsed; f=profiled; s=scored
  • Resolutions: i=introduced; w=wrote; a=adopted
  • Cases: w=wrote; j=joined; d=dissented; c=concurred
  • Surveys: '+' supports; '-' opposes.



Democrats participating in 11-S0328

Richard Blumenthal s1sCT Democratic Sr Senator 
Sherrod Brown s2pOH Democratic Sr Senator 
Benjamin Cardin s1sMaryland Democrat 
Carl Levin s1sMI Democratic Sr Senator (retiring 2014) 
Joe Manchin III s1sWV Democratic Senator 
Jack Reed s1sRI Democratic Sr Senator 
John Rockefeller s1sWV Democratic Sr Senator (retiring 2014) 
Charles Schumer s1sNY Democratic Sr Senator 
Debbie Stabenow s1sMI Democratic Jr Senator 
Sheldon Whitehouse s1sRI Democratic Jr Senator, previously attorney general 



Republicans participating in 11-S0328

Susan Collins s1sME Republican Sr Senator 
Olympia Snowe s1sME Republican Sr Senator 



Independents participating in 11-S0328

Bernie Sanders s1sVermont Independent 



Total recorded by OnTheIssues:

Democrats: 10
Republicans: 2
Independents: 1


















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