Senator Charles Schumer said on Friday he plans to move forward soon on legislation aimed at stopping China from manipulating its currency.
Now more than ever, there is a consensus to finally confront China's currency manipulation, the New York Democrat said in a statement.
It is the single biggest step we can take to promote U.S. job creation, particularly in the manufacturing sector. We plan to move forward with revamped legislation on this issue in the coming days, he said.
Schumer's statement comes as President Barack Obama's administration faces a decision by April 15 on whether to formally label China as a currency manipulator in a semi-annual Treasury Department report.
Many U.S. lawmakers complain that China's currency is undervalued by as much as 40 percent, giving its companies an unfair price advantage in international trade.
Schumer co-authored a bill several years ago that threatened to slap a 27.5-percent across-the-board tariff on Chinese goods because of its currency policies. However, he and Senator Lindsey Graham, a South Carolina Republican, later withdrew that plan.
Obama, in speech on Thursday on his plan to boost U.S. exports, said it was important China move to a more market-oriented exchange range.
Also on Friday, U.S. Treasury Secretary Timothy Geithner said China needs to move away from export and investment-driven growth and toward strategies that rely more on domestic consumption and domestic demand for future growth.