Jeb Hensarling: “I believe that the preponderance of the evidence does show that China is manipulating its currency. So I don't question…”

“I believe that the preponderance of the evidence does show that China is manipulating its currency. So I don't question the problem; I question the remedy. And I question whether or not punishing American consumers is the right remedy to apply to this situation. I believe that, ultimately, if this legislation is enacted, that is what will happen. We know already--we don't know what the estimates are, 5 to maybe 30 percent--that the renminbi may be overvalued. And China should let their currency float. It is wrong what they're doing. They are hurting their own people by doing what they're doing. But in addition, one thing I do know they are doing is they are subsidizing goods to the American people at a time when many family budgets are being strained. The available evidence shows that if this was passed, if actually the renminbi was revalued, that prices for many of these Chinese goods may go up 10 percent. A pair of shoes that a mother needs for her child to go to school, maybe it is a pair of glasses, maybe it is toys at Christmas, all become more expensive.”