Senators eye October approval of China currency bill

Reuters News
|
Posted: Sep 22, 2011 12:34 PM
Senators eye October approval of China currency bill

WASHINGTON (Reuters) - A bipartisan group of senators said on Thursday they expected the Senate to pass a bill in October that would crack down on China's currency practices they said are costing American jobs.

A key provision would direct the Commerce Department to treat currency undervaluation as a subsidy under U.S. trade law. That would allow companies to seek countervailing duties on Chinese goods on a case-by-case basis.

"There is no better step we can take to put Americans back to work than to pass this bill," Senator Charles Schumer, a New York Democrat, told reporters.

(Reporting by Doug Palmer; editing by Anthony Boadle)