Ahead of Hu visit, senators push China trade legislation

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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.

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