"and it is about time we took some real action. We're here to do it.” -Chuck Schumer

A bipartisan group of senators on Tuesday introduced legislation to pressure China to raise the value of its currency, a step the Chinese government has adamantly resisted in order to keep its exports relatively cheap.

Arguing that the Treasury Department has failed under successive administrations to combat China's policy of artificially pegging the yuan at low values against the dollar, the bill would compel the department to make such a determination. This could result in import duties.

The legislation is similar to a measure co-authored by Schumer and Graham in 2006. That bill passed the Senate with 67 votes, but was abandoned before being introduced in the House after Beijing took steps to boost the exchange rate of the yuan.