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Tuesday, October 4, 2011

Chinese currency devaluing measure cleared Senate committee hurdle, upcoming vote scheduled

Days of China’sundervaluing their Yuan to the American dollar could be over if upcoming legislation by a Bi-Partisan Senate committee is enacted into law.

On Monday, October 3, 2011, Senator Debbie Stabenow (D—Michigan) announced during a speech at the new headquarters of the Detroit/Wayne County Port Authority that legislation that would impose higher U.S. duty tax on Chinese products is coming near for a vote.

Sen. Stabenow and a bipartisan group of senators have made attempts for at least the six years to pass the legislation say China's government its currency undervalued against the dollar, hereby making the country’s exports cheaper and U.S. exports to China more expensive.

Cracking down on currency manipulation is the first part of her three-part "American Competitiveness Plan," which also includes hiring a trade prosecutor, passing tougher intellectual property laws, ensuring that businesses and workers can become competitive to create employment opportunities in the U.S.
"Our country needs to be exporting our products, not our jobs," Senator Stabenow stated. "It's long past time that Congress got tough with other countries who are violating international trade laws to give their own companies an anti-competitive advantage."
The bi-partisan legislation addressing China’s currency manipulation cleared a procedural hurdle Monday evening in the U.S. Senate. Intense lobbying efforts on behalf of American-based multinational corporations and trade associations could derail the legislation upcoming Senate vote, possibly later in the week. Additionally, the measure faces an uncertain future in the Republican-led House.

Congressional Budget Office, a non-partisan group, reports that the currency bill passed the legislation could mean $65 million initially in new trade duties that could assist with tacking the U.S. over $14 Trillion dollar budget deficit. Supporters say it also could help spur the creation of more than 1.5 million U.S. jobs.
"China's illegal currency manipulation directly translates to lost American jobs and suffering for families, especially in Michigan," Stabenow said. "With bipartisan momentum growing, now is the time for Congress to finally get this done," she stated.
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