The act seeks to deter China from manipulating its currency by putting in place a mechanism to determine whether the exchange rate of the currency of an exporting country (i.e.- China) is fundamentally and actionably undervalued or overvalued (misaligned) against the U.S. dollar for an 18-month period which would then lead to "certain actions under a countervailing duty or antidumping duty proceeding to offset such misalignment in cases of an affirmative determination."
If you're still not clear on what it is or does, go here:
The bill passed the house 348-79.
For a more detailed look at the results, click here:
As you can see, the republicans were split right down the middle.
Here is what Scott Paul, Executive Director of the Alliance for American Manufacturing (AAM,) had to say:
Today, the House of Representatives sent a clear message to Beijing: Stop your cheating. America's workers and businesses deserve a level playing field, and passing this bipartisan bill is a significant step in that direction... Voters are mad and Congress is finally responding.The Chinese, however, have a different take on the matter:
PS. Sorry for the lack of updates!