Senate Passes Currency Manipulation LegislationSubmitted by The Philosopher on Thu, 10/13/2011 - 08:20
The ball is now in House Speaker John Boehner’s (R-OH) court after the senate passed a bill last night that cracks down on China’s illegal practice of undervaluing its currency to gain an upper hand in international trade.
Sixteen Republicans joined forces with most of the Democratic caucus to pass the legislation in a 63-35 vote. Four Democrats and Independent Joe Lieberman (CT) voted against the measure.
The bill will now move on to the house, where it has widespread, bipartisan support. However, Boehner has called the bill “dangerous” and has said that he has no intention of bringing it to the floor.
Senate Democrats are hoping that their action will put pressure on Boehner to bring the bill to the floor for a vote.