Bipartisan legislation to address “egregious and ongoing” currency manipulation by China and other nations is a major step in the fight for good jobs and fair trade, AFL-CIO President Richard Trumka said.

The Currency Exchange Rate Oversight Reform Act of 2010 was introduced today by Democrat Sens. Charles Schumer (N.Y.) Debbie Stabenow (Mich.) and Republican Sens. Lindsey Graham (S.C.) and Olympia Snowe (Maine), with 10 other co-sponsors. In a statement, Trumka said:

At a time when America’s working families need good jobs now, the illegal undervaluation of currency, by China and other governments, has spelled the loss of millions of American manufacturing jobs.

The U.S. Treasury Department for years has refused to cite China’s government for currency manipulation, which would set off a process by which the administration can impose trade penalties. The legislation would bring the Treasury definitions more in line with International Monetary Fund guidelines, making it easier to determine currency manipulation. The bill also provides meaningful sanctions, including countervailing duties or tariffs, if currency negotiations fail.

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