Can a Stronger Chinese Currency Save the U.S. Economy?

Give Charles Schumer credit for persistence. The New York Senator first introduced legislation that targeted Chinese currency in 2003, and has been a leading congressional advocate of the view that China keeps the value of its currency, the renminbi, artificially low, giving its exporters an unfair advantage when competing against U.S. manufacturers.

On Monday a bill co-sponsored by Schumer that would allow for duties on goods from countries found to be currency manipulators won a Senate vote to open debate 79-19. If it passes a full Senate vote later this week it faces tougher odds in the House, where Speaker John Boehner has called the legislation "dangerous." The White House has also so far not said where it stands on the bill.

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