US Senate Democrats Pledge To Hold Vote On Yuan Manipulation Bill

Un peu de débats au Congrès sur le cas du Yuan sous-évalué.

Soyez assuré, ça ne passera pas tous les lobbyings des gros industriels et des banques vont tout faire pour ça ne passe pas.

Par contre si on demande à son peuple, il y a belle lurette qu’il y aurait eu des lois pour contrecarrer la désindustrialisation et la délocalisation excessive.

Extrait de: US Senate Democrats Pledge To Hold Vote On Yuan Manipulation Bill, CPA Trade reform, 17 February 2011 by Sara.

The following article appeared in the American Iron and Steel Institutes’ Daily Media Report on 2/17/11.

WASHINGTON – Senate Democrats said they would include in their 2011 legislative agenda a measure to compel the Obama administration to take action against China’s alleged policy to deliberately keep its currency level depressed.

Democratic leaders rolled out several bills on Wednesday they plan to pursue in 2011, and included on the list legislation backed by Sen. Charles Schumer (D., N.Y.) that would seek to force the Obama administration’s hand in its dealings with Beijing over allegations of currency manipulation.

Several lawmakers believe China is deliberately keeping the value of the yuan lower than it would be if it floated on global currency markets in order to boost Chinese exports at the expense of international competitors.

Rep vs DemThe Obama administration has declined to endorse any legislation targeting China’s exchange-rate policy, offering a mixed message that has frustrated lawmakers.

Administration officials have said privately that the saber-rattling on Capitol Hill helps give them leverage in talks with Beijing, but in public have questioned the effectiveness of proposed measures.

Beijing has said this year it will gradually allow the yuan to rise in value. It has appreciated about 4% over the last year, not nearly enough to address the concerns of lawmakers, who believe the yuan may be as much as 40% undervalued.

The legislation would give the administration 90 days to negotiate an agreement with any government believed to be artificially depressing its currency. If no agreement is reached, it would instruct the administration to begin levying tariffs against imports from that country.

While the bill wouldn’t specifically mention China, it is clear the Asian giant is the intended target of the effort.

Senate Majority Leader Harry Reid (D., Nev.) said Wednesday Democrats planned to try and attach the tough language on the yuan to another piece of legislation, rather than bring it forward as a stand-alone bill.

That is a common strategy for lawmakers of both parties when trying to win passage for a measure that might not be successful on its own.

An aide to Schumer said that no decisions had been made as to what legislation the senator would try to attach the yuan measure to.

There are at least two Republicans in favor of pursuing legislation on the yuan issue. Sen. Lindsey Graham (R., S.C.) is working with Schumer on his version of the bill, while Sen. Olympia Snowe (R., Maine) introduced a different version of the measure along with Sen. Sherrod Brown (D., Ohio).

Last year, the House approved legislation on the matter, but the Senate failed to do so. This year, the Republican controlled House has shown much less enthusiasm for moving forward with legislation on the issue again.