Senate panels approve China currency measures.Prior to the August congressional recess, two U.S. Senate committees approved legislation giving the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. Department new tools to pressure China to revalue its currency. The Senate Banking Committee bill, passed 17-4, would tighten the U.S. government's definition of currency manipulation Manipulation Dealing in a security to create a false appearance of active trading, in order to bring in more traders. Illegal. to require the Treasury to make that finding against any country that has both a material global current account surplus and a significant trade surplus with the U.S. The Senate Finance Committee voted 20-1 to pass another bill aimed at China that allows anti-dumping duties against countries with "fundamentally misaligned mis·a·ligned adj. Incorrectly aligned. mis  a·lign ment n. currencies" if they fail to make
appropriate reforms. Anti-dumping duties are imposed on goods sold at
below fair market value.
Next steps will include developing compromise legislation that can pass the full Senate. |
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