WASHINGTON — House Speaker John Boehner has dismissed a Senate bill that could punish China for undervaluing its currency.
The Ohio Republican says it’s “pretty dangerous” for Congress to tell another country how to run its monetary policy.
The bill has bipartisan support in the Senate and cleared a procedural hurdle on Monday.
Boehner says he understands the concerns about the Chinese undervaluing their currency. Some say that makes Chinese goods cheaper, giving them a competitive advantage over American products.
But Boehner says he’s sure that congressional action is the way to address the issue.
The Senate bill would set up a way to penalize countries that undervalue their currencies. Critics say that could spark a trade war.
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