2015: Schweikert Was Absent During A Vote On Requiring Semiannual Currency Reports On Currency Manipulations On Major U.S. Trading Partners And To Take Steps If The Administration To Counteract If It Does In A Customs And Trade Enforcement Bill. In December 2015, Schweikert missed a vote on legislation that would have, according to Congressional Quarterly, "requires[d] semiannual currency reports on nations that are major U.S. trading partners and directs the administration to take specific steps if it finds that a country is manipulating its currency. Under the measure, the semiannual reports must identify nations that are major U.S. trading partners and include an enhanced analysis for each nation that has a significant bilateral trade surplus with the U.S. and a material current account surplus and has engaged in persistent one-sided intervention in the foreign exchange market. The enhanced analysis must describe developments in the currency markets of that nation, the trends in the degree of undervaluation of that nation's currency and patterns in that nation's reserve currency." The underlying legislation was a conference report that would have "formally establish[ed] the U.S. Customs and Border Protection (CBP) and authorize[d] the CBP to use an automated import-export processing system [...] strengthen[ed] enforcement of intellectual property rights and [...] would [have] permanently ban[ned] state and local taxation of Internet access and ends grandfathered Internet access taxation in seven states." The vote was on the conference report. The House passed the legislation by a vote of 256 to 158. The Senate then passed the bill, which was signed into law by the president. [House Vote 693, 12/11/15; Congressional Quarterly, 12/11/15; Congressional Quarterly, 12/10/15; Congressional Actions, H.R. 644]
2015: Schweikert Voted To Require Semiannual Currently Reports On Major U.S. Trading Partners And Identify Those That Have Engaged In 'Persistent On-Sided Intervention In The Foreign Exchange Market' As Part Of Trade Enforcement Legislation. In June 2015, Schweikert voted for legislation that would have, according to Congressional Quarterly, "require[d] semiannual currency reports on nations that are major U.S. trading partners, and it direct[d] the administration to take specific steps if it finds that a country is manipulating its currency. [...] Under the measure, the semiannual reports must identify nations that are major U.S. trading partners and include an enhanced analysis for each nation that has a significant bilateral trade surplus with the U.S. and a material current account surplus and has engaged in persistent one-sided intervention in the foreign exchange market. The enhanced analysis must describe developments in the currency markets of that nation, the trends in the degree of undervaluation of that nation's currency and patterns in that nation's reserve currency." The underlying legislation "formally establish[ed] U.S. Customs and Border Protection (CBP) in statute [...] [and] include[ed] a number of provisions dealing with enforcement of U.S. trade laws, including U.S. intellectual property rights and anti-dumping and countervailing duty laws." The vote was on a motion to concur with the Senate amendments with an amendment. The House agreed to the amendment by a vote of 240 to 190. The House and Senate later conferenced, and a final version of the bill, with a similar provision, was signed into law. [House Vote 363, 6/12/15; Congressional Quarterly, 6/11/15; Congressional Quarterly, 6/12/15; Congressional Actions, H.R. 644]
2015: Schweikert Was Absent During A Procedural Vote On Treating Currency Undervaluation As An Illegal Subsidy. In December 2015, Schweikert missed a vote on legislation that would have "allow[ed] climate change and human trafficking provisions in trade deals, and that would insist on the currency manipulation provisions included in the Senate amendments, defining currency undervaluation as an illegal subsidy and thereby making it subject to duty laws." The underlying legislation was a conference report that would was a trade enforcement and customs bill. The vote was on a motion to recommit. The House rejected the motion by a vote of 172 to 239. [House Vote 692, 12/11/15; Congressional Quarterly, 12/11/15; Congressional Quarterly, 12/10/15; Congressional Actions, H.R. 644]
Senate Legislation Included A Currency Manipulation Provision From Sen. Charles Schumer (D-NY) Which Would Potentially Impact China. According to Congressional Quarterly, "The Schumer provision amends the Tariff Act of 1930 to treat currency undervaluation as a direct or indirect export subsidy subject to countervailing or import duties if the Commerce Department finds subsidized imports are causing harm to U.S. companies. If Schumer's provision becomes law, it would affect countries beyond those now engaged in talks for the Trans-Pacific Partnership pact. China, often cited as an active currency manipulator by those who follow trade, would face scrutiny under the provision if it becomes law." [Congressional Quarterly, 5/14/15]
The Treasury Department Opposed Schumer's Provision. According to Bloomberg, "The Treasury Department opposes the Schumer provision, arguing that it would expose the U.S. to retaliation and could violate U.S. obligations under existing trade agreements. Treasury prefers to address currency issues in other talks, led by finance ministers." [Bloomberg, 5/14/15]
Trump, 2015: China Is "The Number-One Abuser Of This Country," And "It's Through Currency Manipulation." At the Republican presidential debate on November 10th, 2015, Donald Trump said, "TRUMP: Yes. Well, the currency manipulation they don't discuss in the agreement, which is a disaster. If you look at the way China and India and almost everybody takes advantage of the United States -- China in particular, because they're so good. It's the number-one abuser of this country. And if you look at the way they take advantage, it's through currency manipulation. It's not even discussed in the almost 6,000-page agreement. It's not even discussed." [Washington Post, 11/10/15]
The International Monetary Fund Recently Declared That China's Currency Was No Longer Undervalued. According to CNN, "For years, China has been criticized for keeping its currency from strengthening too much against the dollar. But those days may be over -- the International Monetary Fund has declared that the yuan is 'no longer undervalued.'" [CNN, 5/27/15]