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22 U.S.C. § 5304 — International negotiations on exchange rate and economic policies
Federal law — U.S. Code and appendices · legal_authorities
**(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
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Source location: Title 22, Chapter 62, § 5304; chapter-062-international-financial-policy.md
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**(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.
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Federal law — U.S. Code and appendices · legal_authorities
The oath of office shall be administered by the President of the Senate to each Senator who shall be elected, previous to his taking his seat.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Reports required** In furtherance of the purpose of this chapter, the Secretary, after consultation with the Chairman of the Board, shall submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, on or before October 15 of each year, a written report on international economic policy, including exchange rate policy. The Secretary shall provide a written update of developments six months after the initial report. In addition, the Secretary shall appear, if requested, before both committees to provide testimony on these reports.
**(b) Contents of report** Each report submitted under subsection (a) shall contain—
(1) an analysis of currency market developments and the relationship between the United States dollar and the currencies of our major trade competitors;
(2) an evaluation of the factors in the United States and other economies that underlie conditions in the currency markets, including developments in bilateral trade and capital flows;
(3) a description of currency intervention or other actions undertaken to adjust the actual exchange rate of the dollar;
(4) an assessment of the impact of the exchange rate of the United States dollar on—
(A) the ability of the United States to maintain a more appropriate and sustainable balance in its current account and merchandise trade account;
(B) production, employment, and noninflationary growth in the United States;
(C) the international competitive performance of United States industries and the external indebtedness of the United States;
(5) recommendations for any changes necessary in United States economic policy to attain a more appropriate and sustainable balance in the current account;
(6)
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Page 1645
TITLE 22—FOREIGN RELATIONS AND INTERCOURSE
§ 5304
SUBCHAPTER
I—EXCHANGE
RATES
AND
INTERNATIONAL ECONOMIC POLICY CO-
ORDINATION
§ 5301. Short title
This subchapter may be cited as the ‘‘Ex-
change Rates and International Economic Pol-
icy Coordination Act of 1988’’.
(Pub. L. 100–418, title III, § 3001, Aug. 23, 1988, 102
Stat. 1372.)
Editorial Notes
REFERENCES IN TEXT
This subchapter, referred to in text, was in the origi-
nal ‘‘this subtitle’’, meaning subtitle A (§§ 3001–3006) of
title III of Pub. L. 100–418, Aug. 23, 1988, 102 Stat. 1372,
which is classified principally to this subchapter. For
complete classification of subtitle A to the Code, see
Tables.
§ 5302. Findings
The Congress finds that—
(1) the macroeconomic policies, including
the exchange rate policies, of the leading in-
dustrialized nations require improved coordi-
nation and are not consistent with long-term
economic growth and financial stability;
(2) currency values have a major role in de-
termining the patterns of production and
trade in the world economy;
(3) the rise in the value of the dollar in the
early 1980’s contributed substantially to our
current trade deficit;
(4) exchange rates among major trading na-
tions have become increasingly volatile and a
pattern of exchange rates has at times devel-
oped which contribute to substantial and per-
sistent imbalances in the flow of goods and
services between nations, imposing serious
strains on the world trading system and frus-
trating both business and government plan-
ning;
(5) capital flows between nations have be-
come very large compared to trade flows, re-
spond at times quickly and dramatically to
policy and economic changes, and, for these
reasons, contribute significantly to uncer-
tainty in financial
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