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Graham: Congress likely to pick up currency manipulation after G-20 fail

Sen. Lindsey Graham (R-S.C.) predicted Sunday that Congress would pick up Chinese currency manipulation after President Obama was rebuffed on the issue at the G-20 summit.

The leaders of the world’s top 20 economies refused to get behind a U.S. effort in Seoul this weekend to condemn “competitive devaluation” of currencies.

“The currency issue was disappointing to me,” Graham said on ABC’s “This Week.”

“Clearly, China does
manipulate the value of the yuan to get an advantage in exports. They
already have enough advantages. I was disappointed with the other
nations who would not get behind President Obama to push the Chinese to
change their currency policy.”

He called the meetings “dispappointing” on the front of a lack of a trade agreement with South Korea and no movement in the currency fight with China.

“And I think you’re going to see the Congress get more involved on the currency front after this trip,” Graham said.

House Democrats advanced a currency manipulation bill before Congress left for the campaign recess.

“For years, the Bush Administration, the Obama Administration, and
Members of Congress have tried to persuade the Chinese government to
allow its currency to respond to market forces. No significant progress
has been made,” House Speaker Nancy Pelosi (D-Calif.) said then. “It is time for Congress to pass legislation that
will
give the Administration leverage in its bilateral and multilateral
negotiations with the Chinese government – so that U.S. businesses and
workers have a more level playing field in world trade.”

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