§5305 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

Each year the Secretary 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. The Secretary must send a written update six months later. If either committee asks, the Secretary must come and testify about the reports. The report must cover eight topics: currency market trends and how the dollar relates to major trading partners’ currencies; the U.S. and foreign factors behind those trends, including trade and capital flows; any actions taken to change the dollar’s exchange rate; how the dollar affects (1) the U.S. current account and merchandise trade account balance, (2) production, jobs, and noninflationary growth, and (3) U.S. industries’ competitiveness and the country’s external debt; recommended policy changes to reach a sustainable current account balance; results of negotiations under section 5304; key issues from the most recent IMF Article IV consultation; and the size and makeup of international capital flows and their effects on exchange rates and trade when possible.

Title 22, §5305

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)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)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)the results of negotiations conducted pursuant to section 5304 of this title;

(7)key issues in United States policies arising from the most recent consultation requested by the International Monetary Fund under article IV of the Fund’s Articles of Agreement; and

(8)a report on the size and composition of international capital flows, and the factors contributing to such flows, including, where possible, an assessment of the impact of such flows on exchange rates and trade flows.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (a), was in the original “this title”, meaning title III of Pub. L. 100–418, Aug. 23, 1988, 102 Stat. 1372, which enacted this chapter and section 262q of this title, amended section 225a, 635, 635i–3, 1843, and 3912, of Title 12, Banks and Banking, and enacted provisions set out as notes under section 262q of this title and section 635, 635i–3, and 1841 of Title 12. For complete classification of title III to the Code, see Tables.

Statutory Notes and Related Subsidiaries

Change of Name

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

§5305 Reporting Requirements