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Senators talk tough on China currency.
Senate Democrats renewed their push to crack down on countries that manipulate their currencies, ahead of a key meeting between Chinese President Hu Jintao and U.S. President Barack Obama in Washington.
A bill introduced Monday by Senator Charles Schumer and two other Democrats would impose penalties, including possible tariffs, on nations that manipulate their currencies -- particularly China.
The Senators told reporters in a conference call that China's currency and trade polices undercut U.S. manufacturers and are costing American jobs.
The new legislation, called the Currency Exchange Rate Oversight Reform Act of 2011, would establish clearer criteria for the Treasury Department to designate a nation as a currency manipulator, paving the way for more strict penalties.