House Introduces Currency Legislation: Statement from Alliance for American Manufacturing (AAM).
Today, the Alliance for American Manufacturing (AAM) praised U.S. Representatives Sander Levin (D-MI), Tim Murphy (R-PA), Tim Ryan (D-OH), and Mo Brooks (R-AL) for introducing the bipartisan ‘Currency Reform for Fair Trade Act.’ 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.
Said AAM President Scott Paul:
“The Currency Reform for Fair Trade Act is a common-sense bill and should be passed and signed into law. Congress has acted on China’s currency in 2005, 2010, and 2011. I hope 2013 is the year that the stars align and both the House and Senate finally pass it.
“It’s clear the Administration is not going to do enough to really press China on currency. That’s why congressional action is so important.
“You’d be hard-pressed to find another job-creating bill with this level of bipartisan Congressional support. The China currency bill broke a filibuster in 2011, and a majority of the House cosponsored it last year in what is otherwise a deeply divided political environment.
“This is the year that Speaker Boehner and Chairman Camp should free the currency bill, or they will show they are completely out of step with the American people, Republicans in Congress, and the vast majority of Republican voters.”
As recent polling demonstrates, 62% of voters, including 68% of Republican voters, favor tough action on China’s predatory trade practices and repeated violations of trade agreements.
In an editorial published yesterday at Real Clear Politics, Paul urged action on China’s currency, which he says is clearly pegged to political pressure.
AAM has produced a fact sheet demonstrating how the Yuan has appreciated each time Washington moves to take action.
In 2012, the U.S. trade deficit with China reached a new record of $315 billion. This trade deficit has cost 2.7 million U.S. jobs between 2001-2011, according to a recent study by the Economic Policy Institute (EPI).