Why is Sen. Scott Brown Still Not a Cosponsor of the Currency Bill?

Posted by scapozzola on 08/16/2011

In a recent press release, Senator Scott Brown (R-MA), a member of the Senate Manufacturing Task Force, discussed manufacturing during a jobs tour, saying, “I have visited countless manufacturing businesses in the Commonwealth and we can generate growth in this sector if we create the right conditions for it.”

Clearly, the right conditions do not include allowing China to walk all over American workers with subsidized exports fueled by a severely undervalued currency. Yet, despite 95% support among American voters, Senator Scott Brown says nothing about enforcing our trade laws when our trading partners illegally subsidize or dump imports. And despite strong bipartisan support in both the Senate and House of Representatives, Senator Brown still has not co-sponsored the Currency Reform for Fair Trade Act (S. 328 & H.R. 639), which would enhance America's ability to hold China accountable for its market-distorting, job-killing currency manipulation.

Our trade deficit with China rose from $84 billion in 2001 to a record $273 billion in 2010, and roughly three-quarters of our manufacturing trade deficit is attributable to China. Our surging trade deficit with China between 2001 and 2008 resulted in the loss or displacement of 2.4 million American jobs, including 72,200 in Massachusetts. If China were to revalue the yuan to its equilibrium level – and other Asian countries were to follow suit – the benefits for the U.S. economy would be significant:

•    The U.S. GDP would increase by as much as $285.7 billion (1.9%);
•    As many as 2.25 million American jobs would be created, enough to increase total U.S. employment by 1.6%; and
•    The U.S. budget deficit would be lowered by up to $71.4 billion per year – or between $621 to $857 billion over ten years, if sustained.

Read more about currency manipulation here.

Tell Senator Scott Brown to create the right conditions for manufacturing in Massachusetts. Tell him to cosponsor the currency bill (S. 328). Contact your elected officials by clicking here.

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