§5305 Reporting requirements

Summary

The Secretary, after talking with the Chairman of the Board, must send a written report on international economic policy, including exchange rate policy, to the House Committee on Banking, Finance and Urban Affairs and the Senate Committee on Banking, Housing, and Urban Affairs by October 15 each year. The Secretary must send a written update six months later and must appear before those committees to testify if they ask. Each annual report must include eight things: a review of currency market moves and how the dollar compares to major competitors; the U.S. and foreign economic factors behind those moves (like trade and capital flows); any currency interventions or actions taken to change the dollar’s exchange rate; how the dollar affects the U.S. current account, goods trade, production, jobs, noninflationary growth, industry competitiveness, and external debt; recommended policy changes to reach a more sustainable current-account balance; results of negotiations under section 5304; key points from the IMF’s Article IV consultation; and the size, makeup, and causes of international capital flows and, when possible, how those flows affect exchange rates and trade.