House Speaker John Boehner voiced opposition to a Senate bill that would require the Obama administration to take action against China for its efforts to depress the yuan,
Dow Jones reports.
The Senate is debating a proposal that would require the White House to take disciplinary steps if it finds that a country is manipulating its currency. The bill doesn’t mention China specifically, but it’s clearly the target. Many Americans are upset that China has kept its currency weak to boost exports.
"This unfair practice, which gives Chinese exports an unmerited advantage in the global marketplace, injures the American economy . . . and it costs American jobs," said Senate Majority Leader Harry Reid.
But Boehner said, "It's a pretty dangerous thing to be moving legislation through the U.S. Congress forcing someone to deal with the value of a currency." He was speaking at a weekly press conference after a closed-door meeting of House Republicans.
“While I’ve got concerns about how the Chinese have dealt with their currency, I’m not sure this is the way to fix it,” Boehner said, according to
Politico.
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