What is in this article?:
- China currency bill advances, FTA votes expected
- Uncertain future in House
- A final vote in the Senate on legislation targeting China's intervention in currency exchange markets is now scheduled for Oct. 11.
- The House and the Senate are both scheduled to hold votes on the Colombia, South Korea and Panama FTAs on Oct. 12, one day before South Korean President Lee’s state visit on Oct. 13.
China currency legislation has advanced in the Senate and Free Trade Agreements (FTA) are scheduled for votes in the House and Senate this week.
A final vote in the Senate on legislation targeting China's intervention in currency exchange markets is now scheduled for Oct. 11.
Senate Majority Leader Harry Reid (D-Nev.) pressed to wrap up the Currency Exchange Rate Oversight Reform Act of 2011 (S.1619) before the Senate takes up the President's jobs bill and three pending FTAs with Panama, South Korea and Colombia.
The Senate voted 62-38 to invoke cloture and cut off debate on the China currency legislation but further progress on the currency legislation, which if enacted would deem undervalued currencies actionable subsidies, was delayed by disagreements over amendments.
A number of Republicans supported the legislation, which would impose sanctions on China for manipulating its currency in order to increase exports.
Support from Southern Republican Senators whose states have lost manufacturing jobs in recent years appeared to deliver the key votes on the cloture motion. Sens. Graham (R-S.C.), Sessions (R-Ala.), Burr (R-N.C.), who are co-sponsors of S. 1619, were joined by Sens. Chambliss (R-Ga.), Cochran (R-Miss.), Isakson (R-Ga.) and Shelby (R-Ala.), in voting for cloture. Other Republicans voting for the motion to invoke cloture were Sens. Snowe (R-Maine), Collins (R-Maine), Brown (R-Mass.), Hoeven (R-N.D.) and Portman (R-Ohio).