40 Associations Urge Senate Not to Act on House-Passed China Currency Bill
On November 29, 2010, 40 associations sent a letter to Senator Reid (D), Senate Majority Leader and Senator McConnell (R), Senate Minority Leader, urging them to oppose hasty action on H.R. 2378, the Currency Reform for Fair Trade Act, in the lame duck session. They urge the Senate to follow regular order and allow the Senate Finance Committee to exercise its jurisdiction over the bill.
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In the letter, the associations express the opinion that H.R. 2378 does not appear to be consistent with World Trade Organization rules and warn that unilateral action could invite retaliation against U.S. exports to China. The groups urge the Senate leaders to work with the Administration to develop a bilateral and multilateral approach to currency and other China issues. Copies of letter available by emailing documents@brokerpower.com