Alliance for American Manufacturing (AAM) supports Currency Exchange Rate Oversight Reform Act of 2011
The Currency Exchange Rate Oversight Reform Act of 2011 was introduced in the U.S. Senate today by Sen. Sherrod Brown (D-OH), along with Senators Chuck Schumer (NY), Lindsey Graham (SC), Olympia Snowe (ME), Debbie Stabenow (MI), Jeff Sessions (AL), Robert Casey (PA), and Richard Burr (NC). The bipartisan legislation is intended to address China’s market-distorting, job-killing currency manipulation.
Alliance for American Manufacturing (AAM) executive director Scott Paul authored a letter to Sen. Brown and his colleagues to commend them for introducing this important bill. Paul praised the "common-sense legislation" which would "utilize our existing trade laws to provide a remedy for China’s market-distorting practice of currency manipulation":
There is broad consensus among economists that the yuan is severely undervalued and there is a wealth of economic research demonstrating that addressing the issue would boost our gross domestic product (GDP), create and preserve U.S. jobs, lower our trade deficit, and reduce budget deficits. Yet, as the Senate moves closer to a vote, some importers have made unsupported allegations about the dangers of enforcing our rights in international trade. Frankly, we are stunned that any organization would want to tie our hands behind our backs when faced with a mercantilist trade policy of a communist government that inflates dangerous global imbalances.
Paul's letter debunks some of the myths "perpetuated by outsourcers and others who have a financial interest in maintaining the status quo with respect to China’s currency rigging." Specifically, Paul explains why utilizing U.S. trade laws to remedy predatory trade is an appropriate, effective method of creating jobs in the U.S. while leveling the playing field for U.S. manufacturers.
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