Talk Of Chinese Currency Bill Coincides With Hu’s Visit
Talk Radio News Service – A bipartisan duo in the Senate is preparing legislation aimed at discouraging China from undervaluing its currency.
In a letter to Treasury Secretary Tim Geithner, Sens. Sherrod Brown (D-Ohio) and OIympia Snowe (R-Maine) said they would reintroduce a bill that the House passed overwhelmingly just a few months back. The Currency Reform for Fair Trade Act would instruct the Commerce Department to “treat currency undervaluation as a prohibited export subsidy.” As a result, the federal government would have the power to impose taxes on Chinese exports.
“There’s bipartisan consensus that if we want to get our economy back on track, we must act—and act now—to penalize countries like China that violate global trade laws,” Brown said on Tuesday.
