Switzerland is back on the US Treasury Department currency watch list, one step shy of being labeled a currency manipulator. According to the 1988 Omnibus Foreign Trade and Competitiveness Act, the US Treasury Department has to conduct an annualized review to determine which country manipulates its currency to gain a competitive advantage against the US. The biggest drawback of being designated a currency manipulator by the US is the exclusion of US government procurement contracts. Updates are conducted every six months.