UPDATE 2-US House sets China currency hearing for Sept

(Adds Dodd’s comment and background)

WASHINGTON, July 22 (BestGrowthStock) – Democratic leaders in the
U.S. House of Representative said on Thursday they will wait
until at least September before taking any action on
legislation to force China to revalue its currency.

House Majority Leader Steny Hoyer said the Ways and Means
Committee would hold a hearing on the issue when lawmakers
return from their August break the week of Sept. 12th.

House Ways and Means Committee Chairman Sander Levin said
the purpose of the hearing would be to review the issue and
assess whether any legislation was needed.

They spoke at an event to lay out House Democrats’ plans
to pass several pieces of legislation aimed at helping create
more U.S. manufacturing jobs.

Import-sensitive U.S. industries like steel and textiles
in particular want Congress to pass a bill that would require
the Commerce Department to treat China’s “undervalued”
currency as a subsidy under U.S. trade law.

That would allow companies to request countervailing
duties to offset the amount of China’s currency
undervaluation.

China recently loosened its currency from a peg to the
dollar, but it has risen only slightly in value since.

“There’s been less than a 1 percent change and that’s very
unsatisfactory,” Levin said. “That’s the purpose of the
hearing, to determine the progress to date, and if there
isn’t, what the next step is.”

Senate Banking Committee Chairman Chris Dodd also has said
he wants to hold a hearing on China’s currency policy, but has
not yet set a date.

The Senate will be in session until around Aug. 7 before
taking its break.

In contrast, the House which is expected to leave at the
end of July for its summer recess.

Senator Charles Schumer and several of his colleagues have
been pushing for a vote in the Senate on China currency
legislation, but so far nothing has been set.

Investment Tools
(Reporting by Doug Palmer; Editing by Jan Paschal)

UPDATE 2-US House sets China currency hearing for Sept