House In No Hurry To Address Chinese Currency Manipulation

By Mike Hothi

House Speaker John Boehner (R-Ohio) said Tuesday that he is not worried about the Chinese currency situation.

“I think its pretty dangerous to be moving legislation through the United States Congress forcing someone to deal with the value of their currency,” said Boehner, referring to actions yesterday in which the Senate came close to clearing a bill that would punish China for manipulating its own currency for economic gain.

The bill in question would allow the U.S. government to enact tariffs on countries that undervalue their currency. Some Republicans fear the bill may damage the U.S. economy.

While the Speaker expressed some concern over China’s currency manipulation, it appears that for now the bill is going nowhere in the House.

“This is well beyond what the Congress ought to be doing,” Boehner said.