The Senate is locked up over S.1619 the Currency Exchange Rate Oversight Reform Act of 2011 (the China Currency Bill). Details on Senate floor action can be found here.
The bill is designed to punish China for devaluing its currency. Tariffs will be assessed on Chinese imports if they do not raise the value of the Yuan. but critics wonder if the bill might end up hurting more than helping American workers. Dispute over the bill seems to cuts across party lines. Democrats and Tea Party Republicans (driven by populism, protectionism and animosity towards the financial sector) seem to be united on this. The White house and Republican leaders seem to be opposed.
- Our China Currency Bill Will Defend America's Core Interests.
- The China Currency Bill Will Make Americans Poorer, not Richer.
- Geithner Reiterates White House Concern on China Currency Bill.
- On Currency Bill, Rank-and-File Republicans Buck GOP Leaders.
