New GOP Lawmakers Want Action On China Currency

WASHINGTON -- Chinese President Hu Jintao's high-profile visit to Washington this week comes as newly elected Republican lawmakers are itching to act against what they see as an undervalued Chinese currency that is costing American jobs.

But they could run into resistance from their own party. In fact, Congress may be less likely to pass legislation on the issue than it had been last year, when both chambers were under Democratic Party control. A bill to give U.S. companies a means of challenging what they view as an unfair export subsidy sailed through the House of Representatives then, but died in the Senate.

The new House speaker, Rep. John Boehner, voted against the bill. Rep. Dave Camp, now chairman of the House Ways and Means Committee that would screen any such legislation, voted in favor, but has appeared unenthusiastic about focusing strictly on currency while ignoring trade barriers and other issues. Without the support of such senior Republicans, the bill may never reach the House floor for a vote.

GO HERE to read more.