Joe Lieberman: “I voted for Senator Schumer's and Senator Graham's China currency amendment even though I prefer my own legislation, S.…”

“I voted for Senator Schumer's and Senator Graham's China currency amendment even though I prefer my own legislation, S. 377, on this issue, which is consistent with our international obligations. Nonetheless, I supported this amendment to send a message to the administration that the time for action on currency manipulation has come. I acknowledge that if passed, this legislation may be disruptive to our trade obligations. But as noted economist Fred Bergsten wrote in the Financial Times on March 15, the world economy would suffer from a rapid and precipitous decline in the U.S. currency. Such a shock could drive up interest rates and curb U.S. growth to the detriment of all our trading partners. These risks are greatly exacerbated by the growing U.S. current account deficit and the connected actions by some countries, including China, that are blocking the orderly adjustment of the U.S. dollar by their direct currency intervention. It is long past time for market forces to be allowed to work and time for the administration to press this issue. I note that if national security problems arise, the President under the amendment has waiver authority.”