House leader presses Obama on China currency bill

Reuters News
Posted: Oct 11, 2011 1:29 PM
House leader presses Obama on China currency bill

WASHINGTON (Reuters) - The Obama administration must clarify its position on China currency legislation headed for Senate approval, the number two Republican in the House of Representatives said on Tuesday.

House Majority Leader Eric Cantor told reporters it was "critical" the White House specify its position on the bill, which the Senate will vote on later on Tuesday.

The Obama administration has avoided taking a direct position but has said Congress should take care that any legislation it passes to put pressure on China to revalue its currency be consistent with global trade rules.

It has not said how the legislation being considered in the Senate might violate WTO rules.

(Reporting by Richard Cowan and Doug Palmer)