Currency bill no "silver bullet": House Republican

Reuters News
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Posted: Oct 25, 2011 2:17 PM
Currency bill no "silver bullet": House Republican

WASHINGTON (Reuters) - A top Republican congressman on Tuesday urged the Obama administration to tell Congress what it "should and should not do" to confront concerns about Chinese trade and currency practices blamed for U.S. job losses.

"Some in Congress focus on legislation to address currency manipulation as if it were a silver bullet," House of Representatives Ways and Means Committee Chairman Dave Camp said in prepared remarks at the start of a hearing on China trade concerns.

"In doing so, they miss the many issues we have with China," Camp said, citing a long list of concerns that included theft of U.S. intellectual property, lavish domestic subsidies, discriminatory regulation and curbs on exports of scarce raw materials such as rare earth minerals.

Camp also chided the administration for its delay in pursuing a bilateral investment treaty with China, noting the European Union had recently announced plans to negotiate such a pact with Beijing.

(Reporting by Doug Palmer; editing by Bill Trott)