Related article September 2011 ~ Link .. New bill targeting Chinese currency manipulation introduced in Senate .. Also Link.. Asian Currencies Under Pressure ..And Link..Asian currencies: The world’s bounciest economies have its most undervalued currencies
Wednesday, January 4, 2012
The Senate Passes Legislation To Apply The Trade Laws To Chinese Currency Practices
The Senate, with strong bipartisan support, recently passed legislation to address currency manipulation by countries that significantly undervalue their currency.
The bill, known as the Currency Exchange Rate Oversight Reform Act of 2011 (S. 1619), is designed to address currency manipulation through traditional trade remedies, rigorous oversight by the Department of Treasury and Congress and increased U.S. actions in multilateral bodies, most importantly the World Trade Organization and the International Monetary Fund.[1]
S. 1619’s prospects in the House are uncertain: House Republican leadership has indicated an unwillingness to bring the bill up for a vote despite significant bipartisan support. A similar bill passed overwhelmingly in the House just last year with a vote of 348 to 79.[2] The Currency Reform for Fair Trade Act (H.R. 639), this year’s House-proposed legislation, has 230 cosponsors.[3] If either S. 1619 or H.R. 639 were allowed to reach the House floor, it would likely pass by a comfortable margin.
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