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 Collection: Congressional Research Service Reports
The Exon-Florio National Security Test for Foreign Investment
The proposed acquisition of major operations in six major U.S. ports by Dubai Ports World and of Unocal by the China National Offshore Oil Corporation sparked intense concerns among some Members of Congress and the public and has reignited the debate over what role foreign acquisitions play in U.S. national security. The United States actively promotes internationally the national treatment of foreign firms. Several Members of Congress have introduced various measures during the 2nd Session of the 109th Congress that can be grouped into four major areas: those that deal specifically with the proposed Dubai Ports World acquisition; those that focus more generally on foreign ownership of U.S. ports; those that would amend the CFIUS process; and those that would amend the Exon-Florio process. digital.library.unt.edu/ark:/67531/metacrs9413/
The Exon-Florio National Security Test for Foreign Investment
The proposed acquisition of major operations in six major U.S. ports by Dubai Ports World and of Unocal by the China National Offshore Oil Corporation sparked intense concerns among some Members of Congress and the public and has reignited the debate over what role foreign acquisitions play in U.S. national security. The United States actively promotes internationally the national treatment of foreign firms. Several Members of Congress have introduced various measures during the 2nd Session of the 109th Congress that can be grouped into four major areas: those that deal specifically with the proposed Dubai Ports World acquisition; those that focus more generally on foreign ownership of U.S. ports; those that would amend the CFIUS process; and those that would amend the Exon-Florio process. digital.library.unt.edu/ark:/67531/metacrs7748/
The Berne Union: An Overview
The Berne Union, or the International Union of Credit and Investment Insurers, is an international organization comprised of 54 public and private sector members that represent various segments of the export credit and investment insurance industry. Within the Berne Union, the United States is represented by the U.S. Export-Import Bank (Eximbank) and the Overseas Private Investment Corporation (OPIC) and four private-sector firms and by one observer. Congress, through its oversight of Eximbank and OPIC, as well as international trade and finance, has interests in the functioning of the Berne Union. digital.library.unt.edu/ark:/67531/metacrs7965/
Taxes, Exports and Investment: ETI/FSC and Domestic Investment Proposals in the 108th Congress
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U.S. Direct Investment Abroad: Trends and Current Issues
The United States is the largest investor abroad and the largest recipient of direct investment in the world. Some observers believe U.S. firms invest abroad to avoid U.S. labor unions or high U.S. wages, however, 70% of U.S. foreign direct investment is concentrated in high income developed countries. Even more striking is the fact that the share of investment going to developing countries has fallen in recent years. Most economists conclude that direct investment abroad does not lead to fewer jobs or lower incomes overall for Americans and that the majority of jobs lost among U.S. manufacturing firms over the past decade reflect a broad restructuring of U.S. manufacturing industries. digital.library.unt.edu/ark:/67531/metadc84103/
The Committee on Foreign Investment in the United States (CFIUS)
This report gives a brief overview of P.L. 110-49, the Foreign Investment and National Security Act of 2007. Although both the President and Congress are directly involved in formulating the scope and direction of U.S. foreign investment policy, this law broadens Congress' oversight role; it also explicitly includes the areas of homeland security and critical infrastructure as separately-identifiable components of national security that the President must consider when evaluating the national security implications of a foreign investment transaction. digital.library.unt.edu/ark:/67531/metadc122300/
LIBOR: Frequently Asked Questions
This report answers frequently asked questions about the London Interbank Offer Rate (LIBOR), which is an estimate of prevailing interest rates in London money market. In particular, it addresses the effects of individual institutions, in response to an admission by Barclays (a British bank) that the bank had submitted false reports to manipulate the index. digital.library.unt.edu/ark:/67531/metadc98032/
The Global Financial Crisis: Analysis and Policy Implications
The world has entered a global recession that is causing widespread business contraction, increases in unemployment, and shrinking government revenues. The process for coping with the crisis by countries across the globe has been manifest in four basic phases. The first has been intervention to contain the contagion and restore confidence in the system. The second has been coping with the secondary effects of the crisis, particularly the global recession and flight of capital from countries in emerging markets and elsewhere that have been affected by the crisis. The third phase of this process is to make changes in the financial system to reduce risk and prevent future crises. The fourth phase of the process is dealing with political, social, and security effects of the financial turmoil. The role for Congress in this financial crisis is multifaceted. This report describes this role, as well as the financial crisis in general, in detail. digital.library.unt.edu/ark:/67531/metadc26285/
The Exon-Florio National Security Test for Foreign Investment
This report covers the recent background of the Exon-Florio provision with special regards to issues faced in the 112th Congress. The Exon-Florio provision grants the President the authority to block proposed or pending foreign acquisitions of "persons engaged in interstate commerce in the United States" that threaten to impair the national security. digital.library.unt.edu/ark:/67531/metadc462289/
The Committee on Foreign Investment in the United States (CFIUS)
This report gives a brief overview of P.L. 110-49, the Foreign Investment and National Security Act of 2007. Although both the President and Congress are directly involved in formulating the scope and direction of U.S. foreign investment policy, this law broadens Congress' oversight role; it also explicitly includes the areas of homeland security and critical infrastructure as separately-identifiable components of national security that the President must consider when evaluating the national security implications of a foreign investment transaction. digital.library.unt.edu/ark:/67531/metadc462552/
Foreign Investment and National Security: Economic Considerations
This report assesses recent international developments as the leaders from a number of nations work to reach a consensus on an informal set of best practices regarding national restrictions on foreign investment for national security purposes. This report also provides one possible approach for assessing the costs and benefits involved in using national policies to direct, or to restrict, foreign direct investment for national security reasons. digital.library.unt.edu/ark:/67531/metadc463297/
The Berne Union: An Overview
This report provides background information about the Berne Union, or the International Union of Credit and Investment Insurers. It is an international organization comprised of more than 70 public and private sector members that represent both public and private segments of the export credit and investment insurance industry. digital.library.unt.edu/ark:/67531/metadc462893/
U.S. Taxation of Overseas Investment and Income: Background and Issues
This report analyzes how the current U.S. tax system applies to foreign investment undertaken by U.S. firms abroad, and how that application was changed by recent legislation. It also assesses the impact of the tax system and legislation, and concludes by discussing a variety of issues in international taxation that Congress may face in 2008 and beyond. It begins with a brief examination of the data on international investment. digital.library.unt.edu/ark:/67531/metadc462482/
The Multilateral Debt Relief Initiative
In June 2005, G8 finance ministers proposed the new Multilateral Debt Relief Initiative (MDRI). The MDRI proposes to cancel debts of some of the world's poorest countries owed to the International Monetary Fund, World Bank, and African Development Bank. This report discusses MDRI's implementation and raises some issues regarding debt relief's effectiveness as a form of foreign assistance for possible congressional consideration. digital.library.unt.edu/ark:/67531/metadc87385/
The Multilateral Debt Relief Initiative
In Juen 2005, G8 finance ministers proposed the new Multilateral Debt Relief Initiative (MDRI). The MDRI proposes to cancel debts of some of the world's poorest countries owed to the International Monetary Fund, World Bank, and African Development Bank. This report discusses MDRI's implementation and raises some issues regarding debt relief's effectiveness as a form of foreign assistance for possible congressional consideration. digital.library.unt.edu/ark:/67531/metacrs10682/
China's Currency Peg: A Summary of the Economic Issues
This report evaluates that assertion, and considers other effects China’s peg has on the U.S. economy. These include the beneficial effects on consumption, interest rates, and investment spending. Nationwide, these effects should offset job loss in the trade sector, at least in the medium term. Several bills have been introduced in the 109th Congress to address China’s currency policy, including H.R. 1216, H.R. 1498, H.R. 1575, S. 14, S. 295, S. 377, and S. 593; some would impose trade sanctions against China unless it accepted a market-based system of currency valuation. digital.library.unt.edu/ark:/67531/metacrs8739/
China's Currency: A Summary of the Economic Issues
This report explores various aspects of the Chinese economy, including specific policies that some Members of Congress consider a form of currency manipulation, the U.S.-China economic relationship, and the state of the Chinese economy with respect to the current global economic crisis. digital.library.unt.edu/ark:/67531/metacrs8782/
Africa: Trade and Development Initiatives by the Clinton Administration and Congress
In February 1997, the Clinton Administration submitted the second of five annual reports on the Administration's Comprehensive Trade and Development Policy for Africa as required by section 134 of the Uruguay Round Agreements Act (House Document 103-3415, Vol. 1.). On April 24, 1997, members of the African Trade and Investment Caucus introduced a bill, H.R. 1432, on U.S.-Africa trade and investment issues. In his State of the Union address in January 1998, President Clinton called on Congress to pass the trade legislation. digital.library.unt.edu/ark:/67531/metacrs813/
France: Factors Shaping Foreign Policy, and Issues in U.S.-French Relations
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The Federal Reserve's Arrangement for Emergency Loans to Japanese Banks
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China, the United States and the IMF: Negotiating Exchange Rate Adjustment
In recent years, the United States and other countries have expressed considerable concern that China’s national currency (the yuan or renminbi) is seriously undervalued. Some analysts say the yuan needs to rise by as much as 40% in order to reflect its equilibrium value. Critics say that China’s undervalued currency provides it with an unfair trade advantage that has seriously injured the manufacturing sector in the United States. Chinese officials counter that they have not pegged the yuan to the dollar in order to gain trade advantages. Rather, they say the fixed rate promotes economic stability that is vital for the functioning of its domestic economy. digital.library.unt.edu/ark:/67531/metacrs9142/
France: Factors Shaping Foreign Policy, and Issues in U.S.-French Relations
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China’s Currency: U.S. Options
In recent years, the United States and China have disagreed whether China’s national currency, the yuan or renminbi, is properly valued compared to the U.S. dollar and whether China is manipulating its currency.1 The United States has pushed China to raise the value of its currency. Chinese officials say they want to make their exchange rate system more flexible, but China also needs long-term stability in its currency value in order to avoid dislocations. Chinese officials also say they will not bow to foreign pressure. China announced a new exchange rate procedure on July 21, 2005. This report summarizes this controversy, it describes actions and positions taken by the United States, China and other countries, and it discusses various approaches the United States might use to address this concern. digital.library.unt.edu/ark:/67531/metacrs7298/
China's Currency: Brief Overview of U.S. Opinions
Many are concerned that China’s currency is undervalued and that this injures the U.S. economy. The Chinese authorities say they are not manipulating their currency and they want to move as soon as possible to a market-based yuan. A new exchange rate procedure was announced in July 2005 but has not resulted in meaningful changes in the yuan’s international value. This report reviews the issues and discusses alternative approaches the United States might take to encourage more rapid reform. digital.library.unt.edu/ark:/67531/metacrs7951/
France: Factors Shaping Foreign Policy, and Issues in U.S.-French Relations
This report examines the key factors that shape French foreign policy. From that context, it analyzes some of the reasons for the tensions in and the accomplishments of U.S.-French relations. The report is illustrative, rather than exhaustive. Instead, the report reviews issues selected because they exemplify some of the essential features of the U.S.-French relationship. digital.library.unt.edu/ark:/67531/metadc98055/
China's Holdings of U.S. Securities: Implications for the U.S. Economy
This report examines the importance to the U.S. economy of China's investment in U.S. securities, as well as U.S. concerns over the possibility that China might unload a large share of those holdings, including the likelihood that this would occur, and the potential implications such action could have for the U.S. economy. The report concludes that a large sell-off of Chinese Treasury securities holdings could negatively affect the U.S. economy, at least in the short-run. As a result, such a move could diminish U.S. demand for Chinese products and thus could lower China's economic growth as well. digital.library.unt.edu/ark:/67531/metadc462179/
China's Currency: Economic Issues and Options for U.S. Trade Policy
This paper reviews the various economic issues raised by China's present currency policy, including: the economic concerns raised by the United States over China's currency policy and China's concerns over changing that policy; how China's fixed exchange rate regime works and the various economic studies that have attempted to determine China's real, or market, exchange rate; trends and factors in the U.S.-China trade imbalance; economic consequences of China's currency policy for both China and the United States; China's massive accumulation of foreign exchange reserves and purchases of U.S. federal debt instruments; and policy options on how the United States might induce China to reform its present currency policy, including current legislation introduced in Congress. digital.library.unt.edu/ark:/67531/metadc462913/
China's Sovereign Wealth Fund: Developments and Policy Implications
China's ruling executive body, the State Council, established the China Investment Corporation (CIC), a sovereign wealth fund, in September 2007 to invest $200 billion of China's then $1.4 trillion in foreign exchange reserves. Congress and financial analysts raised concerns about the CIC after its creation, partly because it was a comparatively large sovereign wealth fund, partly because it was government-owned, and partly because it reported directly to the State Council. These concerns raise question about U.S. policies on inward foreign direct investment (FDI) and the global competitiveness of U.S. financial institutions. Certain commentators suggest that more should be done to protect the United States from China's rising role in international capital markets. digital.library.unt.edu/ark:/67531/metadc29612/
North Korean Counterfeiting of U.S. Currency
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Pakistan's Capital Crisis: Implications for U.S. Policy
Pakistan - a key U.S. ally in global efforts to combat Islamist militancy - is in urgent need of an estimated $4 billion in capital to avoid defaulting on its sovereign debt. The Pakistani government is seeking short-term financial assistance from a number of sources, including the International Monetary Fund (IMF), China, and an informal group of nations (including the United States) known as the "Friends of Pakistan." The current crisis has placed some strain on U.S.-Pakistan relations. digital.library.unt.edu/ark:/67531/metacrs10820/
China's Currency: A Summary of the Economic Issues
Many Members of Congress charge that China's policy of accumulating foreign reserves (especially U.S. dollars) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into China more expensive than they would be under free market conditions. Although China made modest reforms to its currency policy in 2005, Members contend the forms have not gone far enough and have warned of potential legislative action. This report summarizes the main findings CRS Report RL32165, China's Currency: Economic Issues and Options for U.S. Trade Policy. digital.library.unt.edu/ark:/67531/metacrs10596/
China's Currency: A Summary of the Economic Issues
Many Members of Congress charge that China's policy of accumulating foreign reserves (especially U.S. dollars) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into China more expensive than they would be under free market conditions. Although China made modest reforms to its currency policy in 2005, Members contend the forms have not gone far enough and have warned of potential legislative action. This report summarizes the main findings CRS Report RL32165, China's Currency: Economic Issues and Options for U.S. Trade Policy. digital.library.unt.edu/ark:/67531/metacrs10597/
China's Currency: A Summary of the Economic Issues
This report explores various aspects of the Chinese economy, including specific policies that some Members of Congress consider a form of currency manipulation, the U.S.-China economic relationship, and the state of the Chinese economy with respect to the current global economic crisis. digital.library.unt.edu/ark:/67531/metadc26318/
Multilateral Development Banks: Overview and Issues for Congress
Multilateral Development Banks (MDBs) are international institutions that provide financial assistance, typically in the form of loans and grants, to developing countries in order to promote economic and social development. This report provides an overview of the MDBs and highlights major current issues for Congress. The first section discusses the history of the MDBs, their operations, major donor contributions, and their organization. The second section discusses issues of particular interest to Congress, including the effectiveness of the MDBs; congressional legislation authorizing and appropriating U.S. contributions to the MDBs; congressional oversight of the MDBs; and U.S. commercial interests in the MDBs. digital.library.unt.edu/ark:/67531/metadc33016/
China's Holdings of U.S. Securities: Implications for the U.S. Economy
This report examines the importance to the U.S. economy of China's investment in U.S. securities, as well as U.S. concerns over the possibility that China might unload a large share of those holdings, the likelihood that this would occur, and the potential implications such action could have for the U.S. economy. The report concludes that a large sell-off of Chinese Treasury securities holdings could negatively affect the U.S. economy, at least in the short-run. As a result, such a move could diminish U.S. demand for Chinese products and thus could lower China's economic growth as well. digital.library.unt.edu/ark:/67531/metadc463389/
The Future of the Eurozone and U.S. Interests
Seventeen of the European Union's 27 member states share an economic and monetary union (EMU) with the euro as a single currency. These countries are effectively referred to as the Eurozone. What has become known as the Eurozone crisis began in early 2010 when financial markets were shaken by heightened concerns that the fiscal positions of a number of Eurozone countries, beginning with Greece, were unsustainable. This report provides background information and analysis on the future of the Eurozone in six parts, including discussions on the origins and design challenges of the Eurozone, proposals to define the Eurozone crisis, possible scenarios for the future of the Eurozone, and the implications of the Eurozone crisis for U.S. economic and political interests. digital.library.unt.edu/ark:/67531/metadc31475/
The Future of the Eurozone and U.S. Interests
Seventeen of the European Union's 27 member states share an economic and monetary union (EMU) with the euro as a single currency. These countries are effectively referred to as the Eurozone. What has become known as the Eurozone crisis began in early 2010 when financial markets were shaken by heightened concerns that the fiscal positions of a number of Eurozone countries, beginning with Greece, were unsustainable. This report provides background information and analysis on the future of the Eurozone in six parts, including discussions on the origins and design challenges of the Eurozone, proposals to define the Eurozone crisis, possible scenarios for the future of the Eurozone, and the implications of the Eurozone crisis for U.S. economic and political interests. digital.library.unt.edu/ark:/67531/metadc87159/
Pakistan's Capital Crisis: Implications for U.S. Policy
Pakistan - a key U.S. ally in global efforts to combat Islamist militancy - is in urgent need of an estimated $4 billion in capital to avoid defaulting on its sovereign debt. The elected government of President Asif Ali Zardari and Prime Minister Yousaf Raza Gillani is seeking short-term financial assistance from a number of sources, including the International Monetary Fund (IMF), China, and an informal group of nations (including the United States) known as the "Friends of Pakistan." The current crisis has placed some strain on U.S.-Pakistan relations. digital.library.unt.edu/ark:/67531/metacrs10819/
The Eurozone Crisis: Overview and Issues for Congress
The Eurozone's economic crisis threatens economic stability in Europe and beyond. Four specific economic challenges faced are high debt levels and public deficits, weaknesses in the European banking system, recession and high unemployment in some Eurozone countries, and persistent trade imbalances. Three issues for Congress regarding these challenges are how this situation will impact the US economy, IMG involvement, and how the US and Europe will cooperate to solve these issues. digital.library.unt.edu/ark:/67531/metadc86596/
The Eurozone Crisis: Overview and Issues for Congress
This report provides an overview of the causes, challenges, political dynamics, and other aspects of the Eurozone's economic crisis and discusses the related issues that Congress may address, such as: how this situation will impact the U.S. economy, IMF (International Monetary Fund) involvement, and how the US and Europe will cooperate to solve these issues. The report also contains supplemental figures and charts. digital.library.unt.edu/ark:/67531/metadc122220/
The Eurozone Crisis: Overview and Issues for Congress
This report provides an overview of the causes, challenges, political dynamics, and other aspects of the Eurozone's economic crisis and discusses the related issues that Congress may address, such as: how this situation will impact the U.S. economy, IMF (International Monetary Fund) involvement, and how the US and Europe will cooperate to solve these issues. The report also contains supplemental figures and charts. digital.library.unt.edu/ark:/67531/metadc122221/
Security and Prosperity Partnership of North America: An Overview and Selected Issues
The Security and Prosperity Partnership of North America (SPP) is a trilateral initiative that was launched in March 2005 for the purpose of increasing and enhancing security and prosperity in the United States, Canada, and Mexico. This initiative promoted communication and cooperation across several key policy areas of mutual interest, such as improving certain sectors of the economy, developing higher health and safety standards, and addressing environmental concerns. This report describes this initiative in brief detail, including summaries of several SPP-related meetings between the three countries' leaders. digital.library.unt.edu/ark:/67531/metadc26336/