WASHINGTON (Thomson Financial) – After a summer in which members of Congress said retaliating against China’s undervalued currency is critical to the survival of US companies, members returned from their summer break to find even higher priorities, which means a currency bill will be delayed at least until later in the fall or possibly next year. Instead, the two committees that approved China currency legislation over the summer — the Finance and Banking Committees — are waiting for the House to act next before pressing for full Senate passage. Other industry observers added that efforts by multinational companies to thwart legislation could easily delay House action, and said the Bush administration is also expected to work against the bill given its opposition to any legislation. But Hartquist of the China Currency Coalition said companies he represents are also pressing Levin and other House members to make sure the bill does not include many of the waivers in the Senate Finance bill that would allow the administration to avoid sanctions against China. While House passage of a currency bill would be seen as a trigger for more work in the Senate, it would also likely set up the possibly daunting hurdle of reconciling the House bill with the two competing Senate versions. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. read more
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