http://news.yahoo.com/s/bloomberg/a3sgcd...

Legislation Possible

Schumer said he would pursue legislation if necessary to prevent stimulus funds from being used for the Texas project, though he said he’s “hopeful” the Obama administration will “change the policy.”

He said it was “counterproductive” for the U.S. to invest federal funds in Chinese companies. Energy Secretary Chu and other administration officials have said the U.S. is in danger of falling behind China in a competition to dominate the global market for clean-energy technology.

“China is fast emerging as one of our main rivals in the race to build the technology that can help us achieve energy independence,” Schumer said yesterday in a statement. “We should not be giving China a head start in this race at our own country’s expense.”

The Obama administration has not been tough enough in negotiations with China on a wide range of issues, including trade, according to Schumer. “They don’t play fair,” he said yesterday, referring to China.

“One of the many reasons we had the financial collapse that we had is because China manipulated its currency,” Schumer said. He said the U.S. should be “a lot tougher” on China.

http://money.cnn.com/2009/08/18/technolo...

http://www.cn-c114.net/583/a399078.html