§4422 Advisory Committee on International Exchange Rate Policy

Summary

Creates an advisory committee to help the Secretary of the Treasury understand how international exchange rates and foreign financial policies affect the U.S. economy. The group has 9 members who are not federal employees. Three are chosen by Senate leaders after recommendations from the Senate banking and finance committee leaders, three by the House Speaker after recommendations from the House financial and tax committee leaders, and three by the President. Members must be chosen for their objectivity and show expertise in finance, economics, or currency exchange. Terms last 2 years and members can be reappointed. Vacancies are filled the same way and do not stop the committee from working. The committee must meet at least twice a year and picks a chair for 2 years; the same person can serve again later but not in back-to-back terms. The Treasury must give staff and help. Most federal advisory rules apply, but meetings can be closed if the President or the Treasury Secretary decides that public disclosure would seriously hurt U.S. monetary or financial policy, cause major speculation in markets, or threaten a financial institution’s stability. Up to $1,000,000 may be made available each fiscal year while the committee exists. The committee ends 2 years after February 24, 2016, unless the President renews it in 2-year steps before that date.