Cheer on Congress as it acts on currency manipulation
Taxes are due on April 15! Get your 1040s in order.
But there's another reason to circle the date on your calendar: April 15 is also the day that the Treasury Department releases its semi-annual exchange rate report.
This report is the government's designated opportunity to officially label a country that manipulates its currency a "currency manipulator."
In an op-ed for the Huffington Post, Alliance for American Manufacturing President Scott Paul explains why that's a big deal:
Designating another government a deliberate trade cheat is a serious charge. Doing so would be the first step in formal action by Washington to addressing the problem, as it would initiate formal negotiations on the issue of currency between the accused government and our own. And if those talks broke down, it would allow our government to seek redress through direct sanctions.
But does Treasury often act against currency manipulators? Nope:
... If you're an entrenched interest that finds the idea of Treasury applying the currency manipulator label a little worrisome, don't worry: At the Obama administration's Treasury Department, they're cautious. So cautious, in fact, that they've let one of the world's most egregious trade cheats -- the Chinese government -- slide despite eight opportunities do something about it since the start of the president's first term.
Luckily, our much-beloved Congress is doing something about Chinese currency manipulation while Treasury rests on its laurels. Is your representative on board with legislation that would help curb China's cheating? Make sure! Send them a letter.
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