By Maggie McNeil Last Update: 1:42 PM ET Jun 13, 2007 WASHINGTON (MarketWatch) -- The bipartisan leadership of the Senate Finance Committee introduced a bill Wednesday that fundamentally alters how the United States would handle questions of currency manipulation that have been focused for several years on China's yuan. The new bill, while not specifically mentioning China, would remove a requirement that the Treasury Department label the country a currency manipulator before taking action. Congress has been unhappy that the Bush administration has failed to apply the manipulator label to China. The new bill requires Treasury only to identify "misaligned currencies" to Congress twice a year. It sets out a timetable of action that would follow if a country failed to take remedial action. Included in the timetable is the possibility that imports from the offending country would be slapped with duties and a possible case brought before the World Trade Organization.