Casey: Currency Bill Aimed At Punishing Cheating China

Sen. Bob Casey (D-Pa.) spoke to reporters ahead of a key vote later today in the Senate on a bill to crack down on alleged currency manipulation by the Chinese government.

Casey said that Chinese officials must learn that they won’t get away with devaluaing their Yuan. 

“It’s time to vote and act to let the officials in China know there are consequences to cheating,” Casey said during a conference call.

Proponents of the legislation argue that over the past decade China has manipulated its currency and maintained trade policies that have harmed the U.S economy.

“We’ve lost hundreds and hundreds of thousands of jobs in the past decade and many are attributable directly to China’s currency policies,” Casey said.

The Senate bill, which has bipartisan support, would impose tariffs on Chinese imports and allow easier investigations into currency manipulation.

Not everyone is happy with the bill, however.

Around 50 U.S industry groups have vocally protested it and the White House has yet to endorse it. 

Some are worried that the legislation would lead to a trade war with China. 

Casey, however, has no such concern. 

“China would be wise to play by the rules,” he said. “The United States still has quite a mark on China, which they’re interested in so I would hope they wouldn’t overreact to it. I am not concerned by that. I am more concerned that we do nothing.”