- Jan 2010
Senator says currency bill should reach Obama
WASHINGTON | Fri Sep 30, 2011 2:11pm EDT
(Reuters) - A top Democratic senator on Friday said he was confident the Senate would "overwhelmingly" pass a bill next week to crack down on China'scurrency practices.
Senator Charles Schumer also told reporters he thought it would be difficult for Republican leaders in the House of Representatives to block the legislation, making it likely it would reach President Barack Obama's desk.
However, Schumer said he didn't know if Obama would sign the bill into law. "They said they're looking at it, so you'll have to ask them," he said.
A key provision would make it easier for U.S. companies to persuade the Commerce Department to slap duties on goods from countries that undervalue their currency.
The bill also imposes other punitive measures, such as denying Overseas Private Investment Corp financing, to countries with "fundamentally misaligned currencies" that the Treasury Department has designated for priority action.
The House, when it was still in the control of Democrats last year, past a similar measure that died in the Senate because it never came to a vote.
House Republican leaders have not been eager to take up China currency legislation this year, but Schumer said he expected that to change after the Senate vote.
Jeff Sessions is one of many Senate Republicans who support the currency bill. Asked what he would say to encourage House leaders to take up the legislation, Sessions replied: "I think the message is this country can not allow the loss of a single job because of the unfairness of our trading partners."
more: Senator says currency bill should reach Obama | Reuters
Whoa ... interesting! Don't know much about it, but from this short article, sounds like a good idea to me. Wonder why Obama might not sign it?