Senate Passes Measure That Aims To Punish Currency Manipulators

The Senate on Thursday passed a measure aimed at punishing countries that manipulate the value of their currencies. The currency measure was included in a broader customs bill. The Obama administration opposes the currency language, saying it could lead to retaliation from other countries and undermine its own efforts to address manipulation. The bill now goes to the House. The currency measure would require the Commerce Department to investigate all allegations of manipulation by foreign countries. If manipulation is found, new duties would be imposed on imports from the country in question. The bill needed 60 votes to pass the Senate and got 78.