The Senate overwhelmingly passed the currency enforcement and customs trade bill Thursday, but it appears headed for oblivion in the House.
The currency provisions proposed by Sen. Charles E. Schumer, D-N.Y., nearly sank President Barack Obama's trade agenda earlier this week, and now that it remains separate from Obama's push for Trade Promotion Authority, also known as fast track, it may remain little more than a legislative sideshow.
"To think that Congress can legislate what currency evaluations are between counties is almost laughable," Speaker John A. Boehner, R-Ohio, told reporters Thursday morning. "I think the Department of Treasury under the four presidents I've served with, have done a very good job of working with our allies around the world when some of these currencies get — in some people's minds — out of line. I think that's a much better approach than trying to legislate what should or shouldn't happen with regard to currency valuations.”