Senators introduce currency manipulation legislation

Senators introduce currency manipulation legislation

A bipartisan group of senators renewed their push on Wednesday for legislation addressing global currency manipulation issues they argue put U.S. exports at a disadvantage.

The bill, introduced by eight senators, several of whom are members of the Senate Finance Committee, would use U.S. trade law to counter any economic harm encountered by U.S. manufacturers because of currency manipulation, while providing consequences for countries that fail to change their policies that cause the undervaluing problem.

Sens. Sherrod Brown (D-Ohio), Jeff Sessions (R-Ala.), Chuck Schumer (D-N.Y.), Lindsey Graham (R-S.C.), Debbie Stabenow (D-Mich.), Richard Burr (R-N.C.), Susan Collins (R-Maine), and Robert Casey (D-Pa.) are pressing for President Obama to raise the issue with Chinese President Xi Jinping in California later this week.

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