House Passes Landmark China Currency Bill

September 29, 2010

WASHINGTON – Today the House of Representatives passed critical legislation to address China's fundamental undervaluation of its currency by a vote of 348-79. The legislation, H.R. 2378, the Currency Reform for Fair Trade Act, is the first of its kind to pass the House of Representatives and signals a mounting concern among U.S. lawmakers regarding China's violation of its international obligations.

"This is an important moment for this Congress and for the American people," said Ways and Means Committee Chairman Sander M. Levin (D-MI). "China's persistent manipulation of its currency contributes to the outsourcing of American jobs and poses a very serious problem that requires real action. Under our leadership, real action is now being taken in Congress to stand up for American workers and businesses.

"China clearly has an economic strategy to bolster its businesses and workers. Our nation needs to implement an active economic strategy to enforce the rules of trade and allow our businesses and workers to compete and win in the international marketplace. This bill is consistent with America's international obligations and is a significant step to bring about China's compliance with theirs."

The legislation considered on the floor today reflects the text of an amendment adopted by the Committee on Ways and Means last week.

Please click here to view a one-page summary of H.R. 2378 as amended.

Please click here (scroll down) to view letters in support of H.R. 2378 as amended.

Please click here to view a background document on the issue of China's exchange rate policy.

Please click here to view the text of Chairman Levin's Amendment in the Nature of a Substitute, which was adopted by the full House of Representatives today.

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