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House OKs Bill to Counter Devalued Yuan

NEW YORK ( TheStreet) -- A bill targeted at China's devaluation of its currency against the U.S. dollar received overwhelmingly approval in the House of Representatives on Wednesday.

The Currency Reform for Fair Trade Act passed by a vote of 349 to 79. The legislation, which would still need to garner approval from the Senate, would allow the United States to take actions, such as imposing tariffs, to counter the impact of a country undervaluing its currency.

The bill calls for "United States trade law [to] be amended to clarify and make explicit that fundamental undervaluation by an exporting country of its currency is actionable as a countervailable export subsidy and alternatively can be offset by antidumping duties when injury to producers and workers in the United States is caused by such subsidized and dumped imports."

In its coverage of the vote, The New York Times said the prospects for the bill to get approval from the Senate "remain dim" and the Wall Street Journal noted that the Obama administration has kept its distance from the measure; neither endorsing or working with legislators on its structure "out of concern for being tagged as secretly approving of the move."

The Democrats came out in force in support of the bill, however, with 249 of 255 coming through with aye votes, while Republicans contributed 99 ayes against 75 noes.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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