Obama Willing to Work on China Currency Bill, Treasury Says

The Obama administration is willing to work with Congress on a bill to address China currency and trade concerns but believes some provisions of pending legislation would violate international trade rules, a top U.S. Treasury official said Tuesday.

``Aspects of pending legislation ... do raise concerns about consistency with our international obligations and we are discussing these issues with members,'' U.S. Treasury Under Secretary Lael Brainard told the House of Representatives Ways and Means Committee.

The Obama administration believes any bill passed by Congress should meet the test of being ``effective and consistent with our international obligations, and we are very willing to work with members of Congress on that front,'' Brainard said.

She declined to discuss what specific provisions of a bill passed by the Senate and another pending in the House might violate World Trade Organization because of the prospect that the United States might ultimately have to defend the legislation against a challenge from China.