It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
As Washington prepares to roll out the red carpet for President Hu Jintao's state visit, three Democratic senators have introduced legislation aimed at punishing China for what they call a repeated failure to correct the value of its currency, which they say creates a negative impact on U.S. trade.
Senators Chuck Schumer, D-N.Y., Debbie Stabenow, D-Mich., and Bob Casey, D-Pa., unveiled the Currency Exchange Rate Oversight Act of 2011 Monday. The legislation would tighten the reins on Treasury Department decisions to cite a country for unfair currency manipulation, give more power to stiffen penalties on an offending country's exports and allows for prohibitions on companies headquartered in offending countries receiving federal government contracts.
"China's currency manipulation is like a boot on the throat of our economic recovery," Schumer said in a statement. "We are sending a clear message to the Chinese government: if you refuse to play by the same rules as everyone else, we will force you to."