Rep. Levin adds second hearing on China currency

The first hearing, which is scheduled to take place Sept. 15 and will feature Treasury Secretary Timothy Geithner, will now be followed up by a second hearing on Sept. 16 and will include testimony from the private sector and lawmakers on currency issues. 

Despite promises to the contrary, China has allowed its currency to appreciate less than one percent since it decided more than a month ago to allow more flexibility in its exchange rate. The rate issue has caused trade imbalances to occur, as Chinese goods are less expensive for companies to purchase.  

"The large and persistent U.S. trade imbalance with China is a major contributor to global imbalances, costing the United States jobs and economic growth," Levin said in prepared remarks. "The issue of China's persistent exchange rate program must be resolved was we seek to address these imbalances." 

The focus of the committee's hearings will be what action Congress and the Obama administration should take to pressure China to keep its word.