House advances bill clamping down on currency manipulation

A House Ways and Means document states that China's currency has appreciated less than one percent against the dollar since the promise was made. Some contend the currency is undervalued by roughly 24 percent when compared to the dollar.

By undervaluing its currency, Chinese products are cheaper to buy than products made domestically. Absent today's bill, the Commerce Department would be unable to penalize China for manipulating its dollar.

The bill now moves to the upper chamber where Sen. Olympia Snowe (R-Maine) called for immediate action on companion legislation she has authored.

"This vital legislation will ensure our government has the tools to adequately address these inequities and provide penalties for countries that violate global trade rules by holding down the value of their currency," she said in prepared remarks.  

Sen. Chuck Schumer (D-N.Y.) on Tuesday said he would press for a vote on the House measure in the lame-duck session.  

"We must take decisive action against China's currency manipulation and other economically injurious behavior," he said in a floor speech.