27 September 2011 22:21 [Source: ICIS news]
WASHINGTON (ICIS)--The US Senate may vote as early as next week on a bill to penalise ?xml:namespace>
Sponsored by Democrat Senator Sherrod Brown of
In addition to the annual review and report by the Treasury, the bill would allow US companies to bring a formal complaint before the Department of Commerce (DOC) and the US International Trade Commission (ITC) to allege currency manipulation by a foreign country.
If the agencies’ investigation confirmed the company’s allegations, the Commerce Department could impose countervailing duties against selected imports from the offending nation.
Similar legislation has been introduced since 2004 in both the House and Senate before but never has won approval of both chambers.
Brown and his 19 bipartisan cosponsors have combined elements of earlier bills that got majority support in either chamber into a single measure that in theory should find broad support among both parties in Congress.
Members of Congress and many among
An undervalued currency also benefits the manipulating country by making imports more expensive, consequently giving domestic producers another advantage over foreign competitors.
“How much longer is Congress willing to stand by and watch thousands of jobs move to
“We know that two million jobs hang in the balance when it comes to currency manipulation,” he said, adding: “It’s time to put American jobs and American workers first.
Senator Lindsey Graham of
Another cosponsor, Senator Charles Schumer (Democrat-
“There will be a bipartisan push to send this bill to the president’s desk this year,” Schumer added.
A companion bill was expected in the House within days.
Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy
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