Schumer vows to move China currency legislation

Treasury Secretary Timothy Geithner put off a report in April on
whether China manipulates its currency to secure a trade advantage. The decision
contributed to warming relations between the United States and China, which have
bickered this year over a number of economic issues.

Currency has been the biggest fight, as U.S. labor groups
and manufacturers argue China’s low currency allows it to export products more
cheaply at the expense of U.S. jobs. But it’s tough for the administration to
take a hard line with China when it needs the Asian giant’s cooperation on
issues ranging from Iran sanctions to the handling of North Korea.

The economic crisis in Europe has made it more difficult for
China to strengthen its currency, which rises and falls with changes in the
dollar’s value. The euro’s fall in value has made Chinese exports more
expensive in the EU, spooking a government determined to keep up its growing
trade.

In animated testimony before the U.S.-China Economic and
Security Review Commission, Schumer said China’s deliberate undervaluation of its
currency was responsible for millions of lost jobs in the United States.

“More than any single stimulus program we could pass into
law, forcing China to revalue its currency is the biggest step we could take to
protect American jobs,” Schumer said.

Schumer expressed disappointment with what he called a
wavering stance toward China, saying it was time for lawmakers to “put up or
shut up.”

Schumer said he was confident the bill would pass the Senate
overwhelmingly.

“This is not about China-bashing,” Schumer said. “This is
about defending the United States.”