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Sen. Schumer Proposes to Punish Countries That Abuse Their Currencies
By Ryan Morden
Oswego, NY – U.S. Sen. Chuck Schumer is proposing legislation that would punish countries that manipulate their currencies.
The Democrat and many other members of congress, accuses China of manipulating their currency to compete unfairly against U.S. businesses.
The consequences could include new tariffs on that country, among other provisions.
Even though it is not proven that China is intentionally manipulating its currency, Schumer said he is convinced
"Everyone knows they're manipulating the currency and I got treasury secretary [Timothy] Geithner, last year, to say it at a hearing," said Schumer.
The proposal would take away the need to show proof to determine whether a country is manipulating its currency.
Instead, the bill requires that the Treasury Department bases its determination strictly on objective measures related to currency exchange rates.
Schumer expects the bill to pass before Memorial Day.