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Senate passes currency bill, NFU pleased

The Senate has passed the currency exchange reform bill Tuesday night and the National Farmers Union applauds the move, saying the bill would help make the free trade agreements with the U.S. fair.

China’s foreign ministry spokesman said the bill – which would pressure countries to let their currency rise faster, would “not solve U.S. economic and employment problems and will only disturb efforts to promote world economic recovery.” After last night’s vote, China’s Central Bank devalued its currency but by Wednesday, China’s currency ended higher.

NFU President Roger Johnson says illegal currency manipulation has happened many times before and creates an unlevel playing field making it difficult for U.S. companies, farmers and ranchers to compete.

House Speaker John Boehner calls the bill “dangerous.” It passed the House last year. The Obama administration has expressed concerns that it might violate World Trade Organization rules.