Senate Passes Foreign Currency Oversight Bill

The Senate passed S 1619, the Currency Exchange Rate Oversight Reform Act of 2011 on October 11, 2011 by a vote of 63 – 35. The measure provides for a committee appointed by Congress and the President to study and assess foreign currency manipulations that have an adverse effect on foreign trade, and to recommend actions by the Treasury Secretary to take to combat those effects.

The 3o Republicans and five Democrats opposed to the bill voted on grounds that the ultimate effect of the measure would initiate trade wars which neither side would benefit from.

The bill was sent to the House where it lies unconsidered.

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