For Immediate Release:
September 29, 2010
(202) 225 - 3130
WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today after passage of the Currency Reform for Fair Trade Act:
"Strengthening America’s manufacturing is essential to the creation of well-paying, middle class jobs. That’s why Democrats have worked hard to pass pieces of our Make It In America agenda. Today, the House continued the Make It In America agenda by passing the Currency Reform for Fair Trade Act, which levels the trade playing field by holding China accountable for its unfair currency policy.
"I believe in free markets and open competition; I believe that American companies and workers can win under those conditions. But the rules have to be fair—and for years now, it has been clear that China’s currency policy unfairly tilts the field in its direction. By deliberately keeping the value of its yuan low, China is able to sell products here at an artificially low price. As a result, domestic manufacturers—whose prices would be much more competitive if China allowed the market to set the value of its currency—go out of business. And American workers lose their jobs.
"This bill comes after the Administration’s repeated efforts to urge China to reduce currency manipulation have yielded meager results. While China has made some progress, it has not been enough. This WTO-consistent legislation would give the Commerce Department authority to impose duties on imports from any country that subsidizes its industries through currency manipulation, just as it does in other cases of governments tilting the playing field by helping to sell goods at below-market prices. This bill is an important step to restore American manufacturing and create American jobs."