China Currency Bill Moves Toward Senate Passage
A bill to hold China accountable for its job-killing practice of currency manipulation passed its final procedural hurdle in the Senate this morning 62-38 and is expected to pass in a final vote later today.
The Republican-controlled House is holding up its version of the legislation, even though it passed the House with overwhelming bipartisan support in 2010, with 99 Republicans supporting it.
For more on the bill, click here.
Also, check out this column by Jerry Jasinowski, former president of the National Association of Manufacturers (NAM), who writes that small manufacturers urged NAM to take a strong stand against China’s currency manipulation but big multi-nationals who said:
China’s currency policy was just fine with them. I am sure it was. They were making boatloads of products in China and shipping them back to the U.S. for sale to American consumers. They were doing very well indeed.
