“I appreciate the Administration’s ongoing efforts, but the current dialogue isn’t working. China can and should be moving more quickly to a market-based valuation of its currency. But it’s not. China’s progress on currency modernization has been glacial. It’s good to continue the dialogue, but we can’t rely on it exclusively. Also, the Finance Committee bill isn’t a China bill. It’s not directed at any single country. It’s a much-needed overhaul of current law, which dates to 1988. And, it’s been drafted to comply with our WTO obligations. The bill creates a framework for bringing about realignment in currency exchange rates when macroeconomics informs us that there should be an adjustment that’s just not happening because of a foreign government’s actions. To do that, the bill incorporates meaningful consequences. I look forward to seeing currency exchange rate legislation passed this Congress.”