Senate Targets China Over Currency Manipulation

Law360, New York (March 17, 2010, 4:50 PM EDT) -- A bipartisan coalition of 14 U.S. senators has introduced legislation to press the Obama administration to penalize China for refusing to allow its allegedly undervalued currency to rise against the dollar.

The Currency Exchange Rate Oversight Reform Act of 2010 — introduced Tuesday by Sens. Charles Schumer, D-N.Y.; Lindsey Graham, R-S.C.; and Debbie Stabenow, D-Mich. — would impose harsher penalties on countries the U.S. determines are manipulating their currency.

Such measures would include levying tariffs on identified nations' exports and restricting their companies from U.S. government...
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