For the most part it seems the Senate likes to blow smoke when there is little fire to take action. Will this time be different?
Today the Senate voted 79 to 19 to allow Bill S. 1619: Currency Exchange Rate Oversight Reform Act of 2011, to proceed for amendments and a floor vote. The bill is a long overdue measure to provide for identification of misaligned currency. The bill provides a mechanism to require corrective action by the offending currency manipulator nation to correct the currency peg misalignment or face anti-dumping type tariffs. Reuters has a plain English summary of what the bill does. Beyond this cloture vote, the question becomes, will the Senate really do something and pass something to take on China and their flagrant undervaluing of their currency?
Uncle Sam should no longer be Uncle Sucker
Recent comments