Bill Enyart on Free Trade

Sponsored imposing import fee on countries with undervalued currency.

Congressional Summary:Amends the Tariff Act of 1930 to include a countervailing duty or antidumping duty on merchandise imported into the US from foreign countries with fundamentally undervalued currency.

• Defines the [amount subject to the import fee as] ) 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 the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets; and the country has experienced significant and persistent global current account surpluses; and the country's government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations falling due within the coming 12 months.

Opponent's argument against bill: (by the Club for Growth)We urge all House members to not co-sponsor the protectionist Currency Reform for Fair Trade Act. This proposal would make it easier for the federal government to slap