The Senate could vote “by the end of May on legislation to prod China to raise the value of its currency, a spokeswoman for Senate Majority Leader Harry Reid said on Friday,” Reuters reports.
"If China does not satisfactorily address the concerns raised by its currency policy, this legislation could come to the floor in some form during the upcoming work period," Reid’s spokeswoman said.
The warning came “just a few days before Chinese President Hu Jintao will be in Washington for a nuclear security summit hosted by U.S. President Barack Obama.”
Many U.S. lawmakers, such as “Senators Charles Schumer and Lindsey Graham, believe China’s currency is undervalued by as much as 40 percent and have been pressing for action on a bill that would allow new duties on some Chinese goods.”
"Senator Reid has talked to Senator Schumer and supports the goal of this legislation," the Reid spokeswoman said.
(credit image – associated press)
Congress in Your Pocket
S E N A T U S 
Be careful Harry. Don’t offend our bankers. Without them, all this free money you’re passing out wouldn’t be possible.
Interesting, the most irresponsible currency chastises the most conservative currency for doing well, demanding hyperinflation of 40% in China or the USA will tax China imports 40%. Who will pay that tax?
Maybe you should look into how Chinese Goods are not carrying the burden of the Federal Tax revenue in the price of the product? That simple fix will adjust with all imports <22%.
Take the USA Dollar out of the closet and let the adjustment begin. At the Same time implement the FairTax plan and go down in History as the Wisest era while in the midst of the most incompetent period of Governance.
China, side note. Try our U.S. Constitution and set your People at Liberty to self fulfill. You will flourish Well~
This is so ridiculous when there are such urgent problems in this country with unemployment. Didn’t Washington borrow a whole bunch of money from China anyway?? ANd…..why the hell would we want to be indebted to them anyway? Washington always finds money right here for stuff that has nothing to do with the economy but then this country has come to be about helping others before we help our own. That whole thing is waaaayyyyy wrong.