Senate passes currency bill: Alliance for American Manufacturing (AAM) Statement
This evening, the U.S. Senate passed S.1619, the Currency Exchange Rate Oversight Act of 2011, a bill to address China’s ongoing currency manipulation, by a vote of 63-35.
Said Alliance for American Manufacturing (AAM) Executive Director Scott Paul:
"The Senate's vote is a win for American jobs. A strong bipartisan majority has said to China: Stop the cheating on currency or face consequences. And more importantly, American manufacturers and their workers know that the Senate will guarantee a level playing field on currency so that we can export and successfully compete in the global marketplace.
"If S.1619 is signed into law, it will create good American jobs. But there is a long way to go. Speaker Boehner and President Obama appear to have concerns about this legislation. Most trade lawyers who have reviewed the legislation believe it is in compliance with our international trade obligations. The chances of a 'trade war' with China are about as likely as seeing a unicorn on the Capitol lawn.
"The choice is now clear for Speaker Boehner and President Obama: Will you side with the Beijing regime and outsourcers, or will you stand with American manufacturing? I find it hard to believe that Speaker Boehner would defy a majority of his own caucus and the House of Representatives to placate irrational threats from a communist government. I doubt President Obama wants to be outflanked on China by Mitt Romney or any other presidential candidate after criticizing President Bush on China trade in 2008.
"The passage of the currency bill in the Senate is also a major defeat for special interests. 16 Republican Senators defied the Club for Growth and voted with the strong majority of their constituents for this bill.
"We praise the leadership of Senators Sherrod Brown, Lindsey Graham, Chuck Schumer, and Jeff Sessions for authoring and securing passage of S.1619. We also thank Majority Leader Harry Reid for bringing the legislation to the floor and the 63 Senators who supported passage of S.1619 tonight."