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Accountability and Oversight of US Exchange Rate Policy (Paperback)
Loot Price: R495
Discovery Miles 4 950
You Save: R81
(14%)
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Accountability and Oversight of US Exchange Rate Policy (Paperback)
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List price R576
Loot Price R495
Discovery Miles 4 950
You Save R81 (14%)
Expected to ship within 12 - 17 working days
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The dispute over Chinese exchange rate policy within the United
States has generated a series of legislative proposals to restrict
the discretion of the US Treasury Department in determining
currency manipulation and to reform the department's accountability
to the Congress. This study reviews the Treasury's reports to the
Congress on exchange rate policy-introduced by the 1988 trade
act-and Congress's treatment of them. It finds that the
accountability process has often not worked well in practice: The
coverage of the reports has sometimes been incomplete and not
provided a sufficient basis for congressional oversight. Nor has
Congress always performed its own role well, holding hearings on
less than half of the reports and overlooking important substantive
issues. Several recommendations can improve guidance to the
Treasury, standards for assessment, and congressional oversight.
These include (1) refining the criteria used to determine currency
manipulation and writing them into law; (2) explicitly harnessing
US decisions on manipulation to the IMF's rules on exchange rates;
(3) clarifying the general objectives of US exchange rate policy;
(4) reaffirming the mandate to seek international macroeconomic and
currency cooperation; and (5) institutionalizing multicommittee
oversight of exchange rate policy by Congress. As they develop
legislation targeting manipulation, furthermore, legislators should
not lose sight of the broader purposes of the 1988 act relating to
the effective valuation of the dollar, the current account, and
their ramifications for the US economy overall.
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