AAM Praises House Passage of China Currency Legislation
Today, the U.S. House of Representatives passed H.R. 2378, the Currency Reform for Fair Trade Act, legislation aimed at deterring China from manipulating its currency.
Scott Paul, Executive Director of the Alliance for American Manufacturing (AAM), praised the vote, saying, "Today, the House of Representatives sent a clear message to Beijing: Stop your cheating. America's workers and businesses deserve a level playing field, and passing this bipartisan bill is a significant step in that direction."
The bill passed by a strong, bipartisan vote of 348-79. 249 Democrats and 99 Republicans supported the bill. "This is one of the most pleasantly lopsided trade votes in recent history," said Paul. "Voters are mad and Congress is finally responding.
"We commend Reps. Tim Ryan (D-OH) and Tim Murphy (R-PA) for their strong leadership on this important issue."
Attention now turns toward the Senate, where action is needed to pass comparable legislation. Said Paul, "It's never been more clear that China responds to pressure. The Yuan is the one currency in the world that's pegged to political pressure. The lesson is clear: We need to keep the heat on. It's now the Senate's turn to act."
On October 15 the U.S. Treasury Department is due to release another semi-annual report on currency and Paul adds, "We expect the Administration to do their part as well and finally cite China for what has become rather egregious currency violations."
AAM has long been a key advocate of action on China's cheating, and has published an interactive map detailing 2.4 million U.S. jobs lost since 2001 due to the trade deficit with China. AAM's national economic poll, which showed broad voter support for action on China, helped drive the House Democrats' "Make it in America" initiative. And AAM's Scott Paul has been an outspoken commentator on the need for strong legislation.