§ 5305. — Reporting requirements.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC5305]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 62--INTERNATIONAL FINANCIAL POLICY
SUBCHAPTER I--EXCHANGE RATES AND INTERNATIONAL ECONOMIC POLICY
COORDINATION
Sec. 5305. Reporting requirements
(a) Reports required
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) Contents of report
Each report submitted under subsection (a) of this section 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.
(Pub. L. 100-418, title III, Sec. 3005(a), (b), Aug. 23, 1988, 102 Stat.
1374.)
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
sections 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 sections 635, 635i-3, and 1841 of Title 12. For complete
classification of title III to the Code, see Tables.
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.
