House OK’s currency manipulation bill
WASHINGTON — The House has approved legislation that would allow the United States to seek trade sanctions against China and other nations for manipulating their currency to gain trade advantages.
The 348-to-79 vote yesterday sends the measure to the Senate, where its prospects are unclear. Senate supporters hope to get a vote on a similar proposal after Congress returns following the November congressional elections.
Supporters said the bill would allow the Obama administration to pressure China on an issue that they say has led to the loss of more than 2 million manufacturing jobs in the United States over the past decade.
The vote came as lawmakers scrambled to wrap up unfinished business so they can hit the campaign trail with a little over a month before the Nov. 2 elections.
The measure was passed by a wide margin with 99 Republicans joining Democrats to vote yes.
Those in opposition included 74 Republicans and five Democrats.
Supporters said the size of the vote should send a strong message to Beijing that Washington will not tolerate currency manipulation and other trade practices viewed as unfair to American workers.