The Law of Currency Manipulation

Marc's previous post referred to the silence of international trade law on the currency manipulation issue.  Looks like some people are trying to change that, at least under domestic law.  According to a news report, two U.S. Senators, Debbie Stabenow and Jim Bunning, have "introduced legislation to make it easier for U.S. manufacturers to prove they're being injured by currency manipulation and impose sanctions on guilty foreign competitors."  I don't think the full text of the bill is available on the web yet, but the article summarizes its provisions as follows:

Stabenow and Bunning said their legislation would say that if the U.S. government finds "currency misalignment" by a country, it could slap a countervailing duty on a guilty country's goods. And if the U.S. government won't push the claim, the manufacturer could go directly to the World Trade Organization and ask for sanctions.

"This gives the manufacturer the direct ability to go to the WTO with the case," Bunning said.

The senators said the standard for proving currency manipulation would be showing that the value of a country's currency isn't tracking with the currency changes of the rest of the world.

I'm curious about the "go directly to the World Trade Organization and ask for sanctions" part.  Does that mean they can ask USTR to bring a case and USTR must then do so?  Apparently, a similar bill (H.R.782) was introduced in the House last year, but I don't see a "go directly to the WTO" provision in it.

ADDED:  The full text of the bill is now available here: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:s796is.txt.pdf  I don't see anything in it about going directly to the WTO.  Perhaps that was a mis-statement or a mis-quote in the article.