Alliance for American Manufacturing statement on introduction of new China currency bill
The Alliance for American Manufacturing (AAM) commends U.S. Senators Sherrod Brown (D-OH) and Olympia Snowe (R-ME), and U.S. Representatives Sander Levin (D-MI), Tim Murphy (R-PA), and Tim Ryan (D-OH), for introducing today the Currency Reform for Fair Trade Act of 2011. The House bill already enjoys strong bipartisan support among its 100+ original co-sponsors.
Last fall, the House passed H.R. 2378, an identical currency bill, with a strong, bipartisan vote of 348-79 (249 Democrats joined 99 Republicans to pass the bill). The Senate ran out of time this past fall, but was also expected to pass such legislation. A similar effort received strong Senate backing in 2005.
AAM supports immediate passage of the bill, which would allow for undervalued currency to be treated as an actionable subsidy under U.S. trade law. The U.S. trade deficit with China has cost more than 2.4 million jobs since 2001.
Said AAM Executive Director Scott Paul:
"Passing legislation to hold China accountable for its currency manipulation is one of the very few bipartisan things Congress could do to lower our trade deficit, create manufacturing jobs, boost economic growth, and cut spending-all at the same time. This bill passed overwhelmingly in the House last year. We challenge the House to pass the re-introduced legislation before the next semi-annual currency report is due: April 15. We will be working hard with manufacturers, labor union members, and Tea Party supporters to secure this goal."