The Hill News

One of the Senate's top proponents of a bill that addresses Chinese currency manipulation put pressure on leaders Tuesday to bring up the legislation during the lame-duck session.

Sen. Charles Schumer (N.Y.), a member of the Senate Democratic leadership, took to the Senate floor to argue for the swift passage of the legislation. The measure, which has been a point of contention between Congress and the White House, would impose tariffs and other penalties against products from China and other countries due to the undervaluation of their currencies.

{mosads}"We must take decisive action against China’s currency manipulation and other economically injurious behavior," Schumer said, claiming that "the issue here is not U.S. protectionism, but China’s flouting of the rules of free trade.
 
"This is one reason why, when the Senate reconvenes later this year, my colleagues and I intend to move forward with legislation to provide specific! consequences for countries that fail to adopt appropriate policies to eliminate currency misalignment and to give the administration additional tools to address the impact of currency misalignment on U.S. industries," he continued. "This issue cannot wait for another year or for a new Congress. I am confident that this bill will pass the Senate with overwhelming support."

With Congress's last work period before the November midterms concluding this week, lawmakers are beginning to wrangle over what measures they will take up during the lame-duck session.

Senate Majority Leader Harry Reid (D-Nev.) has not yet decided whether or not to take up the Chinese currency bill after the elections.

The Obama administration has so far been cool to the legislation, as have previous White Houses, fearing it could damage the U.S.-China trade relationship. But Treasury Secretary Timothy Geithner testified before Congress this month, admitting that the under! valued yuan makes it difficult for U.S. goods to compete in th! e intern ational marketplace.

Small manufacturers and labor unions have long pushed for the legislation, saying that their workers and bottom lines are hurt by cheap Chinese exports.

Efforts to move forward on the bill have gained steam recently: the House Ways and Means Committee passed their version of the legislation on Friday. The bill enjoys bipartisan support in both the House and the Senate. 

Schumer said the legislation would not do damage to trade relations with China and argued that it could provide the Obama administration with a key bargaining chip.

"Each time I’ve pushed the administration to take a tougher stance against China’s currency manipulation, they have vowed to do so," he said. "Well, it’s not working. China is merely pretending to take significant steps on its currency.  This suckers’ game is never going to stop unless we call their bluff."