Originally posted by the Voice of America. Voice of America content is produced by the Voice of America, a United States federal government-sponsored entity, and is in the public domain. US Lawmakers Press Treasury Secretary for Tougher Action on Chinese Currency William Ide 16 September 2010 Treasury Secretary Timothy Geithner prepares to testify on Capitol Hill in Washington before the Senate Banking Committee hearing on the Treasury Department's report on international economic and exchange rate policies, 16 Sep 2010 Photo: AP Treasury Secretary Timothy Geithner prepares to testify on Capitol Hill in Washington before the Senate Banking Committee hearing on the Treasury Department's report on international economic and exchange rate policies, 16 Sep 2010 U.S. lawmakers pressed Treasury Secretary Timothy Geithner on Thursday to name China as a currency manipulator and to do more to address the undervaluation of the yuan. They said it hurts America's economy and adds to U.S. unemployment. The testimony before the Senate Committee on Banking, Housing and Urban Affairs was heated at times and the questions were direct. The message from Democratic Committee Chairman Christopher Dodd of Connecticut and other lawmakers was persistent and clear. "The time for action has long since come," said Dodd. "In fact, it is long overdue. For three decades, I've served on this committee and I've listened to every administration - Democrats and Republicans from Ronald Reagan to the current administration - producing the same results. China does basically whatever it wants, while we grow weaker and they grow stronger." Dodd noted that unlike some of his colleagues, he is not running for re-election in November and that his remarks were motivated solely by what he said is his conviction to do more to engage China on the issue. He said that although dialogue has helped produce some meaningful reforms, it clearly has not done enough. Senator Charles Schumer, a Democrat from New York, was more forceful, demanding that the treasury secretary and the Obama administration label China a currency manipulator. Schumer is the sponsor of a bill on China's currency that could tax Chinese imports in response to Beijing currency manipulation. "I am increasingly coming to the view that the only person in this room who believes China is not manipulating its currency is you," said Schumer to Geithner. "So the question I am asking is: 'What is the administration afraid of when every month, we lose jobs and wealth that we will never recover?'"  Secretary Geithner agreed that the situation was serious and voiced the administration's concern. He said China is not allowing its currency to move in a meaningful direction, even though Chinese officials said in June that they would allow for more flexibility. Geithner said that naming China a currency manipulator in a bi-annual report on foreign currencies that his department is required to release would do little to solve the problem. "We are concerned, as are many of China's trading partners, that the pace of [currency] appreciation has been too slow, and the extent of appreciation too limited. And we are examining the important question of what mix of tools - those available to the United States and multilateral approaches - might help encourage the Chinese authorities to move more quickly," said Geithner. Geithner said the Obama administration is ready to work with Congress on a more effective strategy. Several lawmakers have filed bills that threaten retaliatory action against China if it fails to let the value of its currency rise more quickly. After his hearing with the Senate Banking Committee, Geithner testified before the House of Representatives' Ways and Means Committee. Although many members of the House and Senate are running for re-election in November, and are feeling pressure from voters on the nation's economy and high unemployment, a consensus among lawmakers on currency legislation - which has broad bipartisan support - has yet to emerge. .