House Panel Set to Debate China Currency Issue

Hearing to focus on Obama administration's plans to address China trade barriers.

A U.S. House of Representatives panel will convene Oct. 25 to hear testimony regarding China's alleged currency manipulation.

The hearing will provide an opportunity for the Obama administration to explain its response to trade barriers in China that put U.S. companies at a competitive disadvantage, said Republican Rep. Dave Camp of Michigan in a statement.

"China's distorting trade policies are deeply troubling and cannot be allowed to stand," said Camp, who serves as chairman of the House Ways and Means Committee. "Its practices are costing U.S. jobs. . . . "The president and his administration should continue to press China to open its markets through every available avenue."

When China violates international trade rules the United States should "aggressively enforce its rights," Camp said.

The Senate approved legislation Oct. 11 that would punish China for manipulating its currency. Shortly before the Senate bill passed, House Majority Leader Eric Cantor, R-Va., said the Obama administration must state where it stands on the issue before House Republican leaders decide whether to act on the measure, The Washington Post reported.

The hearing will take place at 10 a.m. and will include testimony from invited administration witnesses. Organizations and individuals can submit testimony for the hearing record.

Tom Gibson, president and CEO of the American Iron and Steel Institute, plans to submit testimony on behalf of the U.S. steel industry. Gibson plans to address major roadblocks that U.S. manufacturers and the economy face related to China's trade practices.

"This bilateral trade deficit is unprecedented, unsustainable and causing serious, long-term damage to our manufacturing base," said Gibson in a draft of the testimony he plans to submit. "The United States must take much bolder and more imaginative steps to address this chronic problem."

See also:

Senate Passes China Currency Bill

China Currency Bill: A Boon or Bust for U.S. Manufacturers?

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