For more than a decade, China has manipulated its currency, which has undermined the ability of American workers and American businesses to compete and hire workers. American workers are highly skilled and productive. But when China manipulates its currency, that’s not competing — that’s cheating.
China’s blatant currency manipulation — the act of undervaluing its currency to sell products at artificially low prices — drives American companies out of business and harms our economy.
With this in mind, I introduced the Currency Exchange Rate Oversight Reform Act — which passed the Senate on October 11, 2011, with strong bipartisan support. This legislation is a commonsense solution that would ensure that tools — such as U.S. trade laws — may be used to counter the economic harm to manufacturers caused by currency manipulation.
This bill, should it become law, would help level the playing field for our businesses and manufacturers — and that’s one of the reasons why there is large bipartisan support for it.
The best way to move America’s economy forward is to make sure that every American who wants to work has a job. And that is why the federal government has a responsibility to use its trade enforcement tools to ensure that domestic manufacturers and small businesses can compete with the rest of the world.
If we’re serious about standing up for American workers and manufacturers, the Currency Exchange Rate Oversight Reform Act must become law.
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