House to vote next week on China currency

The House will vote next week on the China currency bill approved Friday morning by the Ways and Means Committee.

House Majority Leader Steny Hoyer (D-Md.) announced the move in a statement Friday afternoon. The committee approved the bill by voice vote, with ranking Republican Rep. Dave Camp (Mich.) joining Democrats in supporting it.

This is the first time the full House will consider legislation to respond to China's currency policy. The Senate approved legislation in 2005, but the Republican-controlled House at the time did not pick up the bill.

Several other Republicans voted against the bill, which would allow the Commerce Department to impose anti-subsidy duties on Chinese imports.

Here's Hoyer’s statement:

“I’m pleased the Ways and Means Committee passed WTO-consistent China currency legislation this morning. I will bring this bill to the House floor for a vote next week. While a multilateral approach to addressing this issue is preferable, we cannot wait any longer to level the playing field for U.S. businesses and protect American manufacturing jobs. We recognize the efforts China is making toward reform, but they need to act faster to allow their currency to appreciate. Taking action on this bill, as part of our Make It in America agenda to strengthen U.S. manufacturing and create jobs, will help American workers and small businesses compete successfully.”