H.R.1498 - Chinese Currency Act of 2005109th Congress (2005-2006)
Summary: H.R.1498 — 109th Congress (2005-2006)
Introduced in House (04/06/2005)
Chinese Currency Act of 2005 - Amends the Tariff Act of 1930 regarding countervailing duty investigations to revise the definition of countervailable subsidy to include exchange-rate manipulation.
Defines "exchange-rate manipulation" as protracted large-scale intervention by an authority to undervalue its currency in the exchange market that prevents effective balance-of-payments adjustment or that gains an unfair competitive advantage over any other country.
Specifies factors for determining whether exchange-rate manipulation is occurring and a benefit thereby conferred.
Applies the definition of "exchange-rate manipulation" to the Government of the People's Republic of China (PRC) or any other public entity within its territory.
Specifies: (1) factors for determining whether exchange-rate manipulation is occurring in the PRC; (2) actions to be taken, if a petition for an investigation alleges and reasonably documents that it is occurring; and (3) the standard for presidential action to prevent or remedy the market disruption at issue (including import relief and its modification and extension).
Directs the Secretary of Defense, upon proper request or resolution, to report to the U.S. International Trade Commission any determination as to whether or not the articles of the PRC that are the subject of the investigation are like or directly competitive with domestically produced articles critical to the U.S. defense industrial base.
Prohibits the Secretary from procuring, directly or indirectly, such products if the Commission or the President or the U.S. Trade Representative makes an affirmative determination that the Secretary's determination is accurate.
Provides for presidential waiver of the prohibition in the national security interests of the United States.