H.R.2942: To provide for identification of misaligned currency, require action to correct the misalignment, and for other purposes.

To provide for identification of misaligned currency, require action to correct the misalignment, and for other purposes. 6/28/2007--Introduced. Currency Reform for Fair Trade Act of 2007 - Amends the Tariff Act of 1930 to expand the authority of the administering authority or the International Trade Commission (ITC) to impose countervailing duties on products from a nonmarket economy country that have been provided a countervailable subsidy. Requires, when measuring subsidy benefits, the use of benchmarks outside of a nonmarket economy country when benchmarks in such a country are not available or are inappropriate. Includes fundamental and actionable misalignment of a currency (undervaluation of a foreign currency) by a foreign country as a countervailable subsidy. Directs the Secretary of the Treasury (Secretary) to: (1) report annually to Congress on international monetary policy and currency exchange rates (including fundamentally misaligned currencies);[...]

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