§4422 Advisory Committee on International Exchange Rate Policy

Summary

Creates an Advisory Committee on International Exchange Rate Policy to advise the Secretary of the Treasury about how exchange rates and foreign financial policies affect the U.S. economy. The group has nine members who are not federal employees: three chosen by the Senate pro tempore (after recommendations from key Senate committee leaders), three chosen by the House Speaker (after recommendations from key House committee leaders), and three chosen by the President. Members must have proven, unbiased experience in finance, economics, or currency work. Each member serves a two-year term and can be reappointed. Vacancies are filled the same way. The committee ends two years after February 24, 2016, unless the President renews it in two-year blocks before it ends. The group must meet at least twice a year, and members elect a chair for two years; the chair can be reelected but not for back-to-back terms. The Treasury Secretary must give the committee staff, data, and help it needs. Most federal rules for advisory committees apply, but meetings can be closed to the public if the President or the Treasury Secretary decides that talking publicly would hurt U.S. monetary or financial policy, spur big currency or market speculation, or threaten a financial institution. Congress authorized $1,000,000 each fiscal year while the committee exists to run its work.