§ 5302. — Findings.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC5302]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 62--INTERNATIONAL FINANCIAL POLICY
SUBCHAPTER I--EXCHANGE RATES AND INTERNATIONAL ECONOMIC POLICY
COORDINATION
Sec. 5302. Findings
The Congress finds that--
(1) the macroeconomic policies, including the exchange rate
policies, of the leading industrialized nations require improved
coordination and are not consistent with long-term economic growth
and financial stability;
(2) currency values have a major role in determining the
patterns of production and trade in the world economy;
(3) the rise in the value of the dollar in the early 1980's
contributed substantially to our current trade deficit;
(4) exchange rates among major trading nations have become
increasingly volatile and a pattern of exchange rates has at times
developed which contribute to substantial and persistent imbalances
in the flow of goods and services between nations, imposing serious
strains on the world trading system and frustrating both business
and government planning;
(5) capital flows between nations have become very large
compared to trade flows, respond at times quickly and dramatically
to policy and economic changes, and, for these reasons, contribute
significantly to uncertainty in financial markets, the volatility of
exchange rates, and the development of exchange rates which produce
imbalances in the flow of goods and services between nations;
(6) policy initiatives by some major trading nations that
manipulate the value of their currencies in relation to the United
States dollar to gain competitive advantage continue to create
serious competitive problems for United States industries;
(7) a more stable exchange rate for the dollar at a level
consistent with a more appropriate and sustainable balance in the
United States current account should be a major focus of national
economic policy;
(8) procedures for improving the coordination of macroeconomic
policy need to be strengthened considerably; and
(9) under appropriate circumstances, intervention by the United
States in foreign exchange markets as part of a coordinated
international strategic intervention effort could produce more
orderly adjustment of foreign exchange markets and, in combination
with necessary macroeconomic policy changes, assist adjustment
toward a more appropriate and sustainable balance in current
accounts.
(Pub. L. 100-418, title III, Sec. 3002, Aug. 23, 1988, 102 Stat. 1372.)
