Senate Introduces Bipartisan Currency Legislation: Statement from Alliance for American Manufacturing (AAM).
Today, the Alliance for American Manufacturing (AAM) praised U.S. Senators Sherrod Brown (D-OH), Jeff Sessions (R-AL), Charles Schumer (D-NY), Lindsey Graham (R-SC), Richard Burr (R-NC), Debbie Stabenow (D-MI), Susan Collins (R-ME), and Robert Casey (D-PA) for their original co-sponsorship of the Currency Exchange Rate Oversight Reform Act of 2013.
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 both the House and Senate finally pass this common sense legislation.
“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.”
- As AAM's national 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 this week 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).