Hoyer Remarks at Press Conference on Currency Manipulation Bill

For Immediate Release:

October 14, 2011

Contact:

Katie Grant, 202-225-3130

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) delivered remarks today at a press conference to urge House Republicans to take action on the Currency Reform for Fair Trade Act. Below are his remarks as prepared for delivery:

"On Tuesday, the Senate sent us a bill that would help American workers and businesses who are facing unfair competition as a result of other countries manipulating their currencies. It passed with strong bipartisan support, but the House Republican leadership has refused to bring it up for a vote – even though it passed the House last year by a wide bipartisan margin.

"Right now, millions of Americans are out of work and in no small part because other currencies are artificially weak against the dollar. This is the result of unfair trade tactics, and it causes cheaper production overseas, leading to the outsourcing of American jobs, and more expensive American products in foreign markets.

"Currency manipulation costs us more than a million jobs, and taking steps to address it – which this legislation will do – is a key component of the Make It In America jobs plan. Make It In America is about creating the right conditions for businesses to innovate here, make their products here, and create jobs here. That’s why addressing currency manipulation is a critical part of our plan.

"American businesses can compete against anyone anywhere, if they’re competing on a fair playing field. That’s what this bill aims to do and will do if we can pass it.

"Next week we’re heading into a district work period, and I hope Republicans listen carefully to their constituents. I expect they will hear a clamoring for action on jobs and for a chance to put our businesses on a level-playing field with global competitors. I urge the Republican leadership to put the currency bill on the floor when we return to session and to start working with Democrats to create jobs and move our economy forward."

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