By Jay Heflin - 03/24/10 03:00 PM EDT
China’s undervalued currency has contributed to the loss of 1.5 million U.S. jobs, Ways and Means Committee Acting Chairman Sandy Levin (D-Mich.) said Wednesday.
Levin made the comments as part of his opening statement at a hearing his panel is holding Wednesday on currency manipulation.
U.S. pressure on China over currency has built over the past two weeks. Lawmakers say China keeps the value of its currency artificially low to reduce the cost of its exports to the U.S.
Levin’s committee is discussing the extent of the
manipulation and how to stop it. In the past, Levin has called for the G20 to
look into the issue.
This post was updated at 1:25 p.m.