Democrat Pushes Lew on Chinese Currency Manipulation
Negotiations over Trade Promotion Authority for the White House came under fire Tuesday at a House Financial Services hearing, as Rep. Brad Sherman, D-Calif., hammered Treasury Secretary Jacob J. Lew over the administration’s lack of law enforcement following reports of tax evasion by multinational companies and Chinese currency manipulation.
“The law is clear: if China is manipulating its currency, you’re supposed to designate them. Other than the fact that that would make them really mad and they are cheating less, why haven’t you carried out existing law and designated China a currency manipulator?” Sherman said. “What about the consequence to our constitutional system when the executive branch takes the attitude, ‘Congress doesn’t know what it’s doing so we’re not going to follow the law?’”