WASHINGTON (Reuters) - A senior Democraticlawmaker said on Wednesday he consulted with President BarackObama's administration in drafting a bill aimed at pressuringChina to revalue its currency.
In remarks at the Global Services Summit, HouseWays and Means Committee Sander Levin declinedto say whether the administration backed the bill, which isscheduled for committee action on Friday.
However, one motivating factor behind the legislation wasthe Obama administration's conclusion that formally labelingChina a currency manipulator would be a futile move unlikely tochange Beijing's behavior, he said.
Meanwhile, Representative Dave Camp, a Republican, said hehad concerns that the bill could violate World TradeOrganization rules and that it could "do more harm than good"in U.S. trade relations with China.
(Reporting by Doug Palmer; Editing by Eric Walsh)