–Democratic Senator Says Revamped Bill Will Pass in The Senate
–China Gets Away With ‘Economic Murder’ on Currency
–‘We Don’t Have Much Time’ To Get Debt Hike Deal
–Administration Opposes Currency Bill
By John Shaw
WASHINGTON (MNI) – Sen. Chuck Schumer, the third ranking Senate
Democrat on Capitol Hill, said Thursday that the Senate will take up
currency legislation in the early part of October and he predicted that
it will pass the Senate easily.
At a briefing with a bipartisan group of about a half dozen
senators, Schumer said passing the bill in the Senate will “send a huge
shot against China’s bow.”
“The jig is up,” Schumer said, adding that China has been getting
away with “economic murder” as it pertains to its undervalued currency.
Among other things, the bill would clarify current law to allow the
Commerce Department to impose countervailing duties on Chinese goods to
offset the effect of the country’s currency policies.
With the legislation, countervailing duties would be available to
any U.S. industry that could demonstrate it has been “materially
injured” by imports from the country with the undervalued currency.
Schumer said the Obama administration opposes the bill, but he
would not say if it would veto the bill if it ever reached the
president’s desk.
“Ask them,” he said.
Schumer has predicted that currency bills directed at China would
pass the Senate in several recent years and it has not occurred.
The legislation requires Treasury to develop a biannual report to
Congress that identifies two categories of currencies: a general
category of “fundamentally misaligned currencies” based on objective
criteria and a smaller group of “fundamentally misaligned currencies for
priority action” that reflect misaligned currencies caused by clear
policy actions by the relevant government.”
** Market News International Washington Bureau: (202) 371-2121 **
[TOPICS: M$A$$$,MI$$$$,M$Q$$$,MN$FX$,M$$FX$,M$U$$$,MFU$$$,MCU$$$]
