Senators Brown and Sessions Urge Action on Currency Manipulation
Congressional leaders called on the Obama administration for the umpteenth time Tuesday to crack down on currency manipulation.
Sen. Sherrod Brown (D-OH) and Sen. Jeff Sessions (R-AL) penned a letter to President Obama ahead of the 2014 U.S.-China Strategic and Economic Dialogue. China has repeatedly manipulated its currency at the expense of American companies and workers.
China’s currency manipulation weakens our economic recovery and makes U.S. exports less competitive, which is why we must combat it with every tool in our toolbox. To date, the Administration’s efforts to achieve a market-based exchange rate in China have not succeeded. We believe it is time to develop a comprehensive national strategy for fighting currency manipulation and leveling the playing field for American workers and businesses.…We believe our bill, the Currency Exchange Rate Oversight Reform Act, is a critical component of any national effort to address China’s currency manipulation, and we will push for a vote on it in Congress this year.
The Administration has repeatedly failed to take action on currency manipulation, even as the yuan reevaluation slows. In fact, Obama has had even less success in tackling China’s currency undervaluation than his predecessor. Just take a look at this graph:
It’s well past time for action. Research suggests that ending global currency manipulation could create millions of jobs in the American economy. It’s time the Administration support the Senators efforts to pass the Currency Exchange Rate Oversight Reform Act.
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