Congress confronts Unfair chinese trade practices - I wonder why it took until 2007, for congress to start dealing with this? I'm sure it has nothing to do with the change in the congressional majority party
Panel Hopes To Prod ChinaStep Up Currency Reform, Senators Say
By DAVID LIGHTMAN * Washington Bureau Chief
August 2, 2007
WASHINGTON - The Senate Banking Committee on Wednesday defied the Bush administration and voted overwhelmingly to give U.S. officials new weapons to pressure China to change its currency policies.
The panel voted 17-4 to allow the Treasury Department to send a strong message to China and to the White House that the current pace of China's currency reform is unacceptable.
"A change in our currency manipulation policy is long overdue," said committee Chairman Christopher J. Dodd, D-Conn.
Dodd contended that although the U.S. "stands to benefit greatly from China's booming economy and growth ... the current conditions of this relationship are hurtful to the U.S., not helpful."
Dodd got important bipartisan support, notably from Sen. Richard C. Shelby, R-Ala., the committee's top Republican.
"For too long, American workers and businesses have suffered because China manipulates its currency to gain an unfair trade advantage," Shelby said.
The bill, which the Senate is expected to take up after it returns from an August recess, would allow the Treasury Department to assess whether a country has manipulated its currency even if officials cannot prove that was the country's intention.
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U.S. lawmakers and the business community have been concerned for some time that China is manipulating exchange rates. By keeping the yuan undervalued, the argument goes, China has an advantage in international trading.
http://www.courant.com/business/hc-currency0802.artaug02,0,5206215.story