Politics

Ahead of Hu visit, senators push China trade legislation

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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