Congressman Ryan Introduces Currency Reform For Fair Trade Act
Washington, D.C. — Congressmen Tim Ryan (OH-13), Sander Levin (MI-09), Tim Murphy (PA-18) and Mo Brooks (AL-05) today announced they will host a press conference on Wednesday, March 20th to discuss introduction of their Currency Reform for Fair Trade Act, which holds foreign nations accountable for the illegal manipulation of currency exchange rates.
WHAT: Currency Reform for Fair Trade Act Press Conference
WHEN: Wednesday, March 20th at 11:00 A.M.
WHERE: House Radio-TV Gallery, Studio B
WHO: Congressman Tim Ryan (OH-13)
Congressman Tim Murphy (PA-18)
Congressman Sander Levin (MI-09)
Congressman Mo Brooks (AL-05)
About The Currency Reform For Fair Trade Act:
Due to illegal trading practices, Chinese exporters currently receive a 20-40 price discount against US-made products like steel. By keeping the value of the Renminbi artificially low, the Chinese government is unfairly propping up its own exporters at the expense of a free market and the American economy. Currency manipulation by China has led to a massive trade deficit, and according to the Peterson Institute for International Economics, cost the American economy at least one million jobs.
The Currency Reform For Fair Trade Act holds foreign governments like China accountable for this unfair trading practice by applying a fair and predictable standard for currency misalignment. The legislation gives the Department of Commerce the authority to apply countervailing import duties against unfairly traded imports if a U.S. industry is injured by an undervalued currency.
The bill reverses a current Commerce Department practice that has precluded it from treating foreign government currency practices as an export subsidy while also directing the department on how to measure subsidies provided to foreign producers through currency undervaluation.
By forcing China to play by the rules, this legislation would strengthen the hands of American workers and businesses, helping them to compete and succeed in the global marketplace. The legislation empowers American manufacturers and workers to seek remedies under current trade laws when injured by a foreign country’s currency manipulation
Congressman Tim Ryan
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