New Bill Would Hold Trading Partners Liable for Currency Manipulation
On June 21, 2011, Senators Rockefeller (D) and Snowe (R) introduced S. 1238, a bill to hold the U.S.' trading partners accountable if they deliberately suppress the value of their currency to gain an unfair trade advantage.
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According to a press release, S. 1238, the Currency Exchange Rate Transparency Act, would require that, before Congress approves any bill implementing a free trade agreement or extending permanent normal trade relations to another country, the President must first certify to Congress that the government of the trading partner has not, in the ten years preceding the certification, manipulated its currency to gain an unfair trade advantage.