Senate Leader Plans Action on China Currency Legislation Soon
During a September 13, 2011 press conference, Senate Majority Leader Reid (D-NV) indicated that he plans for the Senate to consider China currency legislation after the Senate completes its consideration of a bill to retroactively reinstate the GSP program, increase the Merchandise Processing Fee, and renew Trade Adjustment Assistance.
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No Decision Yet on Which China Bill Would be Considered
Press sources have indicated that a decision has not yet been made on whether the Senate will consider Senator Brown’s (D-OH) 2011 China currency bill, Senator Schumer’s (D-NY) 2010 China currency bill, or if a new China currency bill will be crafted.
(In February 2011, Senator Brown introduced the Currency Reform for Fair Trade Act of 2011 (S. 328). Senator Schumer introduced the Currency Exchange Rate Oversight Reform Act (S. 3134), in March 2010.)
House View of China Legislation Less Certain
Although the House passed China currency legislation (H.R. 2378) in the 111th Congress, it should be noted that the 2011 change in control of the House (from Democrats to Republicans) could affect whether the House again considers legislation pertaining to China.
Trade Subcommittee Chair wants focus on broad range of China issues. In June 2011, House Ways and Means Committee Trade Subcommittee Chairman Brady (R-TX) indicated that Congress needs to focus on the full range of China issues, not just currency misalignment.
House Democrats want to force China currency bill. In June 2011, House Democrats launched a procedural move to force House China currency legislation (H.R. 639) out of the House Ways and Means Committee so it can move to the House floor for a vote. As of September 14, 2011, it appears that the petition to discharge the House Ways and Means Committee from consideration of H.R. 639 is still 42 signatures short of the 218 required to move forward. (H.R. 639 has been with the House Ways and Means Committee since it was introduced in February 2011. No committee action on the bill has yet been taken.)
(See ITT’s Online Archives or 02/11/11 news, 11021083, for BP summary on the introduction of S. 328 and H.R. 639.
See ITT’s Online Archives or 03/18/10 news, 10031850, for BP announcement of the introduction of S. 3134.
See ITT's Online Archives or 02/11/11 news, 11021083, for BP summary on the introduction of H.R. 639
See ITT’s Online Archives or 06/17/11 news, 11061723, for BP summary of Subcommittee Chairman Brady’s June 2011 remarks on China.
See ITT’s Online Archives or 09/30/10 news, 10093022, for BP summary on the passage of H.R. 2378.)