Ways and Means Passes China Currency Bill

WASHINGTON– Today the House Committee on Ways and Means approved critical legislation to address China's fundamental undervaluation of its currency. The Committee adopted an Amendment in the Nature of a Substitute to H.R. 2378, the Currency Reform for Fair Trade Act, offered byChairman Sander M. Levin (D-MI), who led the body in pressing for passage of this bill to hold China accountable and enforce the rules of international trade.

"Today's passage signals an important advance in U.S. trade policy,"said Chairman Levin. "By taking a stand today, this Committee takes the lead in standing up for American workers and businesses, and holding China accountable for the manipulation of its currency. The measures included in this bill provide the Administration with additional tools for enforcing the rules of trade and are consistent with our WTO obligations. It will also bolster the Administration's efforts to bring about a multilateral framework for addressing this global issue. I look forward to working with my colleagues to bring this measure before the House for a vote."

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 the Chairman's Amendment in the Nature of a Substitute.

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