Senate to Vote on Closing Debate on China Currency Bill on Oct 6
On October 5, 2011, the Senate continued its consideration of the Currency Exchange Rate Oversight Reform Act (S. 1619), which would establish a new framework for identifying misaligned currencies and require the Administration to take action if countries fail to correct such misalignment. S. 1619 would also clarify that countervailing duty law can address currency valuation.
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The Senate is scheduled to continue its consideration of S. 1619 on October 6 and to vote on a motion to clsoe debate on the bill.
House Speaker Calls China Currency Bill "Dangerous" According to Press
It should be noted that China currency legislation would likely face stronger opposition in the House. According to various press sources, House Speaker Boehner recently called S. 1619 "dangerous."
Administration Voices Concerns Bill Would Conflict with International Obligations
In an October 5, 2011 press conference, the White House Press Secretary responded to question about the Administration's position on S. 1619 by stating that the U.S. has "a series of international obligations...and we [the U.S.] wouldn’t want legislation that would be less than effective because it conflicted with our international obligations." The Press Secretary stated that if the bill was to advance and emerge from Congress, the Administration would talk with members of Congress about the need to address its concerns.
White House press briefing available here