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 The Senate could vote on a Trade Promotion Authority bill to speed
deals through Congress as early as next week, when Japan's Prime
Minister Shinzo Abe addresses a joint meeting of Congress.
Japan is a key partner in the 12-nation Trans Pacific Partnership
(TPP), and supporters of a deal say that countries negotiating with
Washington want to be sure that concessions they make will not
unravel during ratification in Congress.
U.S. Treasury Secretary Jack Lew said consultations with other TPP
countries showed they would never sign up to rules that risk
constraining central banks, whose easy money policies to stimulate
growth can help to weaken currencies.
"Seeking enforceable currency provisions would likely derail the
conclusion of the TPP given the deep reservations held by our
trading partners," Lew wrote in a letter to senior lawmakers.
 The Japanese yen and euro have fallen sharply against the dollar due
to money-printing programs by their central banks, making companies
based there more competitive in exports.
An amendment drafted by Republican Rob Portman and Democrat Debbie
Stabenow, to be introduced at a Senate Finance Committee debate on a
package of trade bills on Wednesday, would beef up rules against
currency manipulation. These currently allow the administration
discretion on how to get trading partners to toe the line.
Trade promotion authority, or TPA, allows Congress to set
negotiating objectives for trade in exchange for a yes-or-no vote.
That gives trading partners certainty deals will not be picked
apart.
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"Without strong currency enforcement, it will not have my vote,"
said Stabenow, whose state of Michigan is home to U.S. auto
manufacturers worried about more competition from TPP partner Japan,
such as Ford and General Motors.
Republican John Thune, a member of the Senate leadership team, said
it would be "perfect timing" for the fast track bill to go for a
full Senate vote during Abe's visit.
"You've got to strike while the iron is hot," he said.
But Senate Democratic leader Harry Reid said he was concerned about
the rush on the legislation, which is opposed by many Democrats
worried about the impact of trade deals on jobs and faces a close
vote in Congress.
"Slow this thing down a little bit," said Reid, who has voted
consistently against free trade deals.
(Reporting by Krista Hughes; Additional reporting by Susan Cornwell,
Richard Cowan, David Lawder, Jason Lange and Amanda Becker; Editing
by Dan Grebler and Cynthia Osterman)
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