Populist Caucus Urges Vote on Chinese Currency Manipulation Crackdown PDF Print E-mail
News Releases - Business, Economy & Finance
Written by Jeff Giertz   
Tuesday, 25 October 2011 11:50

Braley and Populists urge Boehner to allow vote on Currency Reform for Fair Trade Act

Washington, DC – Today, Rep. Bruce Braley (IA-01) joined the vice-chairs of the House Populist Caucus to urge House Speaker John Boehner and Majority Leader Eric Cantor to allow a vote on legislation cracking down on Chinese currency manipulation.

The Currency Reform for Fair Trade Act would allow the United States to put new duties on goods imported from countries with undervalued currencies, like China.  Economists say that China’s efforts to keep the value of its currency artificially low give it an unfair advantage in trade by keeping the costs of is exports artificially low.

“This is about making sure American businesses and manufacturers are on a level playing field with China,” Populist Caucus Chair Bruce Braley said.  “For years, China has kept the price of its exports low by artificially keeping the value of its currency low.  American workers can’t compete when the deck is stacked against them.  It’s time to get tough on job-killing Chinese currency manipulation.  American workers can compete with the Chinese if they play by the same rules we do.”

 

On October 11th, the Senate passed the Currency Reform for Fair Trade Act by an overwhelming bipartisan margin of 63-35.  The House would likely approve the legislation, but Speaker Boehner and Majority Leader Cantor are preventing the bill from being brought up for a vote.

Braley and the Populist Caucus vice-chairs made their request in a letter that can be downloaded at the following link: http://go.usa.gov/9oE

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