The American people overwhelmingly support action to address China's ongoing currency manipulation
A bipartisan group of U.S. Senators recently introduced the Currency Exchange Rate Oversight Act of 2011 to provide recourse for U.S. manufacturers adversely affected by China's ongoing currency undervaluation.
In a letter to the Senate explaining the importance of this legislation, Alliance for American Manufacturing (AAM) Executive Director Scott Paul set the record straight regarding this new legislation:
Myth: Legislation to address currency manipulation is being pushed by special interests in Washington, DC.
Fact: Legislation to address currency manipulation is, and has always been, advocated by a bipartisan mix of members – with the backing of a broad range of economists, domestic firms, and workers.
The Senate approved currency legislation offered by Senators Schumer and Graham in 2005 by a vote of 67-23 – with the support of 29 Republicans. Meanwhile, pending legislation in the House enjoys the overwhelming bipartisan support of over 200 members, including nearly 60 Republicans. Identical legislation passed in the House of Representatives in September 2010 by a margin of 348-79 with support from nearly all Democrats and 99 Republicans.
Perhaps most important is the vast support of the American public. A national, bipartisan poll conducted by Whit Ayres and Mark Mellman shows that 86 percent of voters favor penalizing nations like China that manipulate exchange rates and implement trade barriers to gain an unfair trade advantage. And 95 percent favor keeping “America’s trade laws strong and strictly enforced to provide a level playing field for our workers and businesses.”
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