The White House on Tuesday threatened to veto a key trade bill if controversial anti-currency-manipulation language is attached to it.
White House press secretary Josh Earnest said an amendment proposed by GOP Sen. Rob Portman (Ohio) would undermine the independence of the Federal Reserve to set currency rules.
The language has endangered a Trade Promotion Authority (TPA) bill that would pave the way for a sweeping 12-nation trade agreement that is at the top of President Obama’s agenda.
The Ohio senator, who is facing a tough reelection race, has said that manufacturing companies in his state have been hurt by competitors that deliberately lower the value of their currency.
His amendment would mandate that future trade agreements include enforceable currency language.
Portman’s push has put him at odds with Republican leaders in Congress who back the TPA legislation, but he defended the amendment Tuesday, arguing it should not have drawn a veto threat.
http://thehill.com/policy/finance/242530-wh-threatens-trade-bill-veto-over-currency-language
White House press secretary Josh Earnest said an amendment proposed by GOP Sen. Rob Portman (Ohio) would undermine the independence of the Federal Reserve to set currency rules.
The language has endangered a Trade Promotion Authority (TPA) bill that would pave the way for a sweeping 12-nation trade agreement that is at the top of President Obama’s agenda.
The Ohio senator, who is facing a tough reelection race, has said that manufacturing companies in his state have been hurt by competitors that deliberately lower the value of their currency.
His amendment would mandate that future trade agreements include enforceable currency language.
Portman’s push has put him at odds with Republican leaders in Congress who back the TPA legislation, but he defended the amendment Tuesday, arguing it should not have drawn a veto threat.
http://thehill.com/policy/finance/242530-wh-threatens-trade-bill-veto-over-currency-language
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