Crack Down on Chinese currency manipulation

[Guest LAW]

Ms. STABENOW. I rise today to, first of all, congratulate all of my colleagues, the 79 Members who came together to vote to proceed to a very important measure, a jobs bill that is currently before us.

 

The great news is that it is a jobs bill that will cost us zero dollars to be able to implement in terms of about 2.25 million new jobs, new jobs that will come. Why? Because we are saying as a group, as the Senate: Enough is enough, and we want China as well as other countries to follow the rules. We want them to follow the rules so when our companies and our workers are competing in a global economy they will have a level playing field and the ability to compete. We know if the rules are fair, if there is a level playing field, we in America will compete, and we will win. We know that.

 

The biggest violator on any number of trade issues we know of right now is China. When they joined the WTO 10 years ago, the whole point of them being able to join the world community under a world set of economic agreements was to make sure they would have to follow the rules like everybody else. But ever since that time they have done nothing but flagrantly violate the rules.

 

When China does not play by the rules, it costs us jobs. It puts our businesses in Michigan, our workers in Michigan and across the country at a severe disadvantage. It has to stop. We in Michigan have been through more, deeper and longer than any other State in the Union, and we are coming back because of a great work ethic and ingenuity and ideas and entrepreneurship. We are moving forward and creating new ideas. More clean energy patents are being created in Michigan than in any other place in the country.

 

We just had news today that, in fact, we are--last year 2010--the fastest growing high-tech sector. There are more high-tech research and development jobs in Michigan than any other place in the country. So we know how to compete and we know how to win.

 

But we are in a global economy, where our companies are competing against countries. When we have an entity, a country like China that does not believe they need to follow the rules--whether it is stealing our patents, whether it is blocking our businesses from being able to bid to do business in China, or whether it is the huge issue of currency manipulation, which is in front of us today, we know the rules matter. We know it is our job to stand for American businesses and American workers, and that is what the bill in front of us does.

 

It says to China and any other country involved in currency manipulation that we have had enough. It directs Treasury to take action; to look around the globe, determine where there is currency misalignment, and to prioritize the countries that are most egregious in their actions--we know China is at the top of that list--and then it requires them to act.

 

It requires Commerce to work with our businesses to act. We have had enough talk. We have had enough of hearing about give China time. We are now past 10 years when they entered the WTO, and every time we start talking about this, they say: Well, we are going to change it. We are starting to change it.

 

There are those in Congress who say not only has it not changed but maybe it is even getting worse. The point is, we are losing jobs as a result of the way China cheats. Enough is enough.

 

How do they do that? In this case, when we say currency manipulation, eyes glaze over. The reality is, because of the way they value their money--their currency--they are able to get an artificial discount. Their products appear to cost less coming to the United States--the same product made the same way. Ours artificially gets an increase in the price. It can be up to a 40-percent difference, not because of anything other than the fact that they do not value their currency the way every other country in the world does in the world economy. They always make sure they peg it in a way that they get a discount, no matter what.

 

That is illegal under the WTO. It is unfair. It is cheating. That is what this bill fixes. A real-world example: We have some great auto parts manufacturers in Michigan, and a very common story would be that a part breaks and to get another part, it costs $100 in Michigan, but the Chinese were able to peg their cost at $60--not because it was any different, other than the fact that they value their currency in a way that allows them to have it appear that it costs less. So this is something we intend to take action on.

 

We know right now that if the Chinese currency was revalued, if they did what everybody else does and followed the rules, we would see up to $286 billion added to the U.S. GDP right now. We would see 2.25 million U.S. jobs being created if China and others around them followed the lead and revalued their currency--2.25 million jobs. We don't need a line item in the budget to do that.

 

We are not talking about a new program. We are simply talking about leveling the playing field and stopping China from cheating. We can create those jobs. Our deficit would be reduced by between $621 billion and $857 billion, at no cost to taxpayers. At a time when we are struggling with the largest deficit we have ever had, and we are struggling with how we address that, the ability to have up to $857 billion reduced in our deficit at no cost to taxpayers--that sounds like a pretty good deal to me. People in Michigan would say: Why has it taken so long to be able to address this?

 

Now is the time that we have a strong, bipartisan coalition. I am so proud of all our colleagues who have come together from every part of the country, every part of our economy, whether it is manufacturing, agriculture, textiles or those involved in high tech, saying it is time for us to stand for America, for American jobs, and for American businesses. That is what this is all about. What else are we hearing about this particular effort? The Federal Reserve Chairman, Ben Bernanke, said:

 

The Chinese currency policy is blocking what might be a more normal recovery process in the global economy. It is ..... hurting the recovery.

 

Again, that is something we can do to reduce the deficit and create jobs. China is proceeding with a policy that is hurting the recovery, at a time when we need to get everything out of the way so we can come roaring back as a country. We are the greatest country in the world. We have tremendous challenges right now, economically, that we will work our way out of. But one of the first things we can do is say to China: Stop cheating.

 

We also have C. Fred Bergsten, a former Assistant Treasury Secretary, saying this:

 

I regard China's currency policy as the most protectionist measure taken by any major country since World War II.

 

Over the years, we have debated fair trade and free trade, whether it is protectionist to stand up for American businesses or workers, and here we have an expert saying to us that China's policy on currency manipulation is the ``most protectionist measure taken by any major country since World War II.''

 

The reality is, we can compete with anybody and win--and we will. But it is

 

our job to make sure there is a level playing field. This is about American competitiveness. This is about being a global economy and making sure the rules are fair, making sure everybody is following the same rules, and then let's go for it. I will put America's ingenuity and entrepreneurship, research and development, and skilled workforce up against anybody's.

 

Some say--and we have heard from the highest levels of the Chinese Government--it could spark a trading war if we stand for our businesses and require there be a level playing field. We know we have a complicated relationship with China. We borrow funds to offset our debt. But we also are the largest consumer market in the world. They want to be able to sell to us. I cannot believe they will decide that they suddenly don't want to sell to the United States all those things they make, the largest consumer market in the world. The difference is, they would not be able to cheat, to get artificial discounts that will hurt an American small business that is making the same product.

 

As for the American textile industry, I had an opportunity to visit some folks who make denim for jeans and folks in the cotton industry and talk about competitiveness and what this protectionist policy in China is doing to the American textile industry, which is beginning to come back--and will come back if, in fact, there is a level playing field on trade. But they are up against a situation where they artificially are facing a 28- to 30-percent discount because of currency manipulation. Yet they are still competing. Can you imagine if the rules were fair?

 

This is about American competitiveness, and it is about the fact that we are responsible for making sure there is a level playing field for American businesses and American workers. We will not have a middle class in this country if we don't make and grow products. We want to make products here and grow products here and the jobs will be here and then we are happy to export products. We want to export our products, not our jobs. That is the difference. We are sick and tired of exporting our jobs because of the fact that China does not follow the rules. Enough is enough. After more than 10 years, they have not had to step up and do what they are supposed to be doing under the agreements they have entered into. Enough is enough.

 

Again, I look forward to our final vote on this legislation. I think this is a very important moment, at a time when there are many disagreements, and there have been many difficult times in the Senate--being able to move forward and take action, the fact that colleagues on both sides are standing together on behalf of businesses and workers at every corner of this country, saying we are going to fight for American jobs and businesses, large and small, and we are going to make sure we create a level playing field so we have the competitiveness structure we need in this country, because we know if we have that level playing field, there is nothing that can stop American ingenuity and American workers, who are the best in the world and will continue to be.

 

I urge adoption of this bill and congratulate all my colleagues who have been involved with this issue for many years--colleagues on both sides of the aisle. I am very pleased we have been able to get the legislation to this point. It is now time to act on behalf of American workers and American businesses.

[Guest Brian]

We still live in a society of greed and corruption on the corporate level. That has been learned all around the world. Maybe it is time to get rid of currency and start trading chickens and goats again.

[Guest Ron]

I am so fraking fed up with our Federal Government.

Republicans.. Democrats.. both parties have acted in a manner of disgrace to the American people.

There is a lot of grand standing going on.

Little action.

[Guest greenzen]

Why do we say it is okay for American companies to outsource OUR jobs to foreign countries and our government lets it happen.

Why is it okay that we allow corporations to NOT pay Federal Income Tax and take our jobs away.

[Guest Dixie]

Anyone who is against this bill is a Commie loving traitor.

 

 

Like that!!!

[Guest LAW]

The President supports a strong bill.

 

News Conference by the President

 

East Room

 

11:00 A.M. EDT

 

Q Thank you, Mr. President. One question on the economy and one on foreign policy. First of all, the Senate has taken up today a bill aimed at pressuring China to let its currency rise. What’s your position on that bill? Would you veto or sign it, should it hit your desk?

 

THE PRESIDENT: Obviously we’ve been seeing a remarkable transformation of China over the last two decades, and it’s helped to lift millions of people out of poverty in China. We have stabilized our relationship with China in a healthy way. But what is also true is that China has been very aggressive in gaming the trading system to its advantage and to the disadvantage of other countries, particularly the United States. And I have said that publicly, but I’ve also said it privately to Chinese leaders. And currency manipulation is one example of it, or at least intervening in the currency markets in ways that have led their currency to be valued lower than the market would normally dictate. And that makes their exports cheaper, and that makes our exports to them more expensive. So we’ve seen some improvement, some slight appreciation over the last year, but it’s not enough.

 

It’s not just currency, though. We’ve also seen, for example, intellectual property, technologies that were created by U.S. companies with a lot of investment, a lot of upfront capital, taken, not protected properly by Chinese firms. And we’ve pushed China on that issue as well.

 

Ultimately, I think that you can have a win-win trading relationship with China. I’m very pleased that we’re going to be able to potentially get a trade deal with South Korea. But I believe what I think most Americans believe, which is trade is great as long as everybody is playing by the same rules.

 

Now, the legislation that is being presented in Congress is an effort to get at that. My main concern -- and I’ve expressed this to Senator Schumer -- is whatever tools we put in place, let’s make sure that these are tools that can actually work, that they’re consistent with our international treaties and obligations. I don’t want a situation where we’re just passing laws that are symbolic knowing that they’re probably not going to be upheld by the World Trade Organization, for example, and then suddenly U.S. companies are subject to a whole bunch of sanctions. We’ve got a -- I think we’ve got a strong case to make, but we’ve just got to make sure that we do it in a way that’s going to be effective.

 

Last point is, my administration has actually been more aggressive than any in recent years in going after some of these practices. We’ve brought very aggressive enforcement actions against China for violations in the tire case, for example, where it’s been upheld by the World Trade Organization that they were engaging in unfair trading practices. And that’s given companies here in the United States a lot of relief.

 

So my overall goal is, I believe U.S. companies, U.S. workers, we can compete with anybody in the world. I think we can make the best products. And a huge part of us winning the future, a huge part of rebuilding this economy on a firm basis that’s not just reliant on maxed-out credit cards and a housing bubble and financial speculation, but is dependent on us making things and selling things -- I am absolutely confident that we can win that competition. But in order to do it, we’ve got to make sure that we’re aggressive in looking out for the interests of American workers and American businesses, and that everybody is playing by the same rules, and that we’re not getting cheated in the process.

[Guest Rick Bagley]

Ross Perot said, on NAFTA, we would hear a huge sucking sound as jobs left America. as we see, he was 100% correct!

[Guest voletron]

Its completeBS to think we cant build our own products, and create more jobs by closing our borders to cheap chinese products made with communist, slave labor. i remember walmart when i was a kid, Sam Wal ran it and it sold nothing but American made stuff. wonderful durable high quality things like can openers that lasted years instead of days.

[Guest txconservmom]

Unfortunately sad to see Boehner bow down to big business on this one.

The politicians fail to realise that the playing field for all American business is now the world... Their best interests may no longer be aligned with those of our country....

[Guest 160thspecialops]

Anyone who is against this bill is a Commie loving traitor.

 

 

Like that!!!

 

I believe any company that exports American jobs and then imports their products back to sell in the US should pay special tax on top of their normal taxes, if they pay any at all. If you bring all those Chinese products up to level playing field then American companies can compete, and produce a product that is not junk. We should kick every congressman out for letting our technologies and trade secrets go to the Chinese. COMMUNIST does not mean best friend!!!!!!!!

[Guest LAW]

On China Currency, Sessions Makes Appeal: Do We or Don’t We Want Manufacturing in America?

 

“As a conservative, I feel it is my responsibility to defend [American workers’] legitimate interests, to prevent the disintegration of our manufacturing sector, and to adopt policies that empower middle class Americans to rely on themselves and their neighbors—not the government… I understand that some on Wall Street don’t like this bill… But they are not the only businesses in America. And they are far from always right. They were wrong about the housing market, wrong about immigration policy, and they are wrong about this.”

 

U.S. Sen. Jeff Sessions (R-AL) made the following comments after the Senate voted to invoke cloture on S.1619, the China currency bill. Sessions is an original cosponsor of the measure:

 

“We have a fundamental decision to make as a nation: do we or do we not want a manufacturing sector? That is what the debate over China’s currency abuse comes down to. No one disputes that China is manipulating it’s currency in order to shutter American factories. Factories that once strengthened our middle class across America no longer exist. The workers in these factories don’t want a handout or a subsidy or special treatment—they want only to provide for themselves and their families. They want leaders in Washington who defend their legitimate interests on the world stage. As a conservative, I feel it is my responsibility to defend their legitimate interests, to prevent the disintegration of our manufacturing sector, and to adopt policies that empower middle class Americans to rely on themselves and their neighbors—not the government.

 

When these factories close because China violates the rules the story doesn’t end. Our government then borrows money from China to provide unemployment benefits and other government services to the displaced workers.

 

I understand that some on Wall Street don’t like this bill. And they are free to advocate for whatever policy they feel is best for them. But they are not the only businesses in America. And they are far from always right. They were wrong about the housing market, wrong about immigration policy, and they are wrong about this.

 

China’s practices are not built on sound trade theory—they are built on aggressive nationalism. There are nations in this world that simply don’t share our economic values. If we don’t eventually wake up to that fact—and if we don’t defend our basic interests—we will risk more than our manufacturing sector: we risk our status as the world’s most powerful economy.”

[Guest Brian]

The web of desire, supply, need and corruption is so thick.. I think we will just be wasting out time and finances on something that will not go anywhere.. Especially if the rest of the globe is not truly on board. And corruption runs deep in places such as China, India, Pakistan, etc...

[Guest Greenzen]

There is a poll going on in Facebook on this very issue.

 

http://www.facebook.com/America.Oranament

 

Do you favor or oppose the 2011 Currency Exchange Rate Oversight Reform Act - This bill would stop Chinese products coming into the U. S. at 30% to 40% price advantage due to currency manipulation.

 

An overwhelming majority of respondents favor the bill.

[Guest LAW]

Press Briefing by Press Secretary Jay Carney

James S. Brady Press Briefing Room

 

1:30 P.M. EDT

 

Q Does the administration see the Senate vote on the China currency bill as actually harmful to U.S.-China relations?

 

MR. CARNEY: Cheryl, as I’ve said and others, we share the goal of the legislation in taking action to ensure that our workers and companies have a more level playing field with China, including addressing the under-valuation of their currency, an issue that I’ve spoken about and certainly Secretary Geithner and others have spoken about.

 

Aspects of the legislation do, as I’ve said, raise concerns about consistency with our international obligations, which is why we’re in the process of discussing with Congress those issues. And if this legislation were to advance, we would expect those concerns to be addressed.

 

Q I want to follow quickly on Cheryl’s China question, and then I have a South Korea question. There is not that much, it seems like, that the President and the House Speaker John Boehner agree on these days. Boehner today said that the China currency bill could set off a trade war. And what I want to know is, beyond the fact that the President is hoping that concerns will be addressed in the future, is the President also concerned that the implications of those could be a trade war?

 

MR. CARNEY: Well, what the President is concerned about is what I just described, which are that there are issues here about compatibility and consistency with out international obligations. And that’s why we’re talking to Congress and will continue to talk to Congress, and if this legislation were to advance, those issues would have to be addressed. The underlying goals of the legislation are things that we share and we need -- there needs to be a level playing field for our businesses and for our workers, and China needs to address the undervaluation of its currency.

 

Q But you don’t think the posturing out of the Democratic caucus, that what they’re doing is --

 

MR. CARNEY: I really described it in what I think are pretty specific terms about our feelings and our approach to this, and we’re continuing to work with members of Congress on it.

[Guest LAW]

Senate Passes Brown-Led Bill Cracking Down on Illegal Chinese Currency Manipulation

Brown is Lead Sponsor of the Currency Exchange Rate Oversight Reform Act of 2011, Which Cleared Senate by 63-35 Vote

 

October 11, 2011

 

WASHINGTON, D.C. – In response to years of illegal currency manipulation carried out by the Chinese government, the U.S. Senate today passed a bipartisan bill led by U.S. Sen. Sherrod Brown (D-OH) to level the playing field for American manufacturers and crack down on this unfair trade practice. The Currency Exchange Rate Oversight Reform Act of 2011, which would give the Obama Administration stronger authority to address currency manipulation and misalignment, cleared the Senate by a vote of 63 to 35.

 

“We are in trade war. But today we’re fighting back with one of the biggest bipartisan jobs bill the Senate has seen this year.

 

“Today, we put American workers and American manufacturers first by standing up to the Chinese.

 

“Today, we abandoned the unilateral disarmament approach we’ve taken for the past decade.

 

“We overcame criticisms that this bill would spark retaliatory tariffs from the Chinese. Because we finally acknowledged that American exporters already pay a tariff—to the tune of 25 to 40 percent—because of Chinese currency manipulation.

 

“Our workers and manufacturers can compete with anyone on a level playing field. My state of Ohio has a proud history of manufacturing. And throughout Ohio, I’ve heard from dozens of small business owners that are struggling to compete against Chinese companies that are able to illegally undercut American companies thanks to currency manipulation.

 

“We’ve seen how strong trade enforcement can create and protect jobs. Just ask the workers at V&M Star Steel in Youngstown, U.S. Steel in Lorain, or SMART Papers in Hamilton. By addressing illegal Chinese trade practices, we have been able to increase demand for domestic production, saving jobs in the process.

 

“This bill has strong bipartisan support. Senators Schumer, Casey, Snowe, Stabenow, Hagan, Sessions, Burr, Graham, Collins, and I have been working together to bring this bill to the floor. It has been endorsed by a wide range of businesses and labor groups.

 

“This bill has the potential to create or save two million jobs—at no cost to taxpayers—while raising revenue and reducing our deficit.

 

“Today, the Senate has decided to not give up on American workers, American manufacturers, and our country’s industrial base.”

 

The Chinese government has long practiced currency manipulation by intentionally devaluing its own currency against the United States dollar. This results in artificially expensive American imports to China, and artificially cheap Chinese imports to the United States. This puts Ohio and American manufacturers at a serious disadvantage, and makes it more difficult for American companies to compete against Chinese companies.

 

Recently, the Economic Policy Institute (EPI) and the Alliance for American Manufacturing released a new report showing that that the growing trade deficit with China, caused in large part by China’s illegal currency manipulation, has cost the United States more than 2.8 million jobs since 2001, including more than 1.9 million manufacturing jobs. In June, EPI released a report showing that addressing Chinese currency manipulation could support the creation of 2.25 million American jobs.

 

A summary of the bill can be found here.

[Guest Fedup]

Mark my words Republican leaders will stall this bill, because US corporations and banks with operations in China really don't like the idea of making less profit. Everyone knows they do not care about bringing jobs back to the United States. They pledge allegiance to their foreign investors.

[Luke_Wilbur]

This bill passed the House last year 348 to 79.

 

http://thomas.loc.go...d111:H.R.2378:#

 

H.R.2378 : Currency Reform for Fair Trade Act

 

H.R.2378

Latest Title: Currency Reform for Fair Trade Act

Sponsor: Rep Ryan, Tim [OH-17](introduced 5/13/2009) Cosponsors (159)

Related Bills: H.RES.1674, S.1027, S.1254, S.3134

Latest Major Action: 9/29/2010 Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Finance.

House Reports: 111-646

 

COSPONSORS(159), ALPHABETICAL

 

Rep Akin, W. Todd [MO-2] - 9/14/2010

Rep Altmire, Jason [PA-4] - 5/13/2009

Rep Andrews, Robert E. [NJ-1] - 3/25/2010

Rep Arcuri, Michael A. [NY-24] - 5/13/2009

Rep Baca, Joe [CA-43] - 7/7/2009

Rep Bachus, Spencer [AL-6] - 12/1/2009

Rep Baldwin, Tammy [WI-2] - 7/19/2010

Rep Barrett, J. Gresham [sC-3] - 5/13/2009

Rep Barrow, John [GA-12] - 3/25/2010

Rep Berkley, Shelley [NV-1] - 9/16/2010

Rep Berry, Marion [AR-1] - 5/20/2009

Rep Bishop, Rob [uT-1] - 5/20/2009

Rep Bishop, Sanford D., Jr. [GA-2] - 9/14/2010

Rep Blumenauer, Earl [OR-3] - 9/15/2010

Rep Boccieri, John A. [OH-16] - 3/25/2010

Rep Boren, Dan [OK-2] - 5/6/2010

Rep Boswell, Leonard L. [iA-3] - 5/13/2009

Rep Boucher, Rick [VA-9] - 5/13/2009

Rep Brady, Robert A. [PA-1] - 4/13/2010

Rep Braley, Bruce L. [iA-1] - 5/13/2009

Rep Brown, Henry E., Jr. [sC-1] - 5/13/2009

Rep Burton, Dan [iN-5] - 5/13/2009

Rep Buyer, Steve [iN-4] - 6/22/2010

Rep Calvert, Ken [CA-44] - 5/13/2010

Rep Carney, Christopher P. [PA-10] - 5/20/2009

Rep Cleaver, Emanuel [MO-5] - 9/28/2010

Rep Coble, Howard [NC-6] - 5/13/2009

Rep Coffman, Mike [CO-6] - 2/23/2010

Rep Connolly, Gerald E. "Gerry" [VA-11] - 3/25/2010

Rep Conyers, John, Jr. [MI-14] - 5/13/2009

Rep Costello, Jerry F. [iL-12] - 5/13/2009

Rep Courtney, Joe [CT-2] - 7/19/2010

Rep Critz, Mark S. [PA-12] - 6/9/2010

Rep Cummings, Elijah E. [MD-7] - 3/25/2010

Rep Dahlkemper, Kathleen A. [PA-3] - 7/7/2009

Rep Davis, Lincoln [TN-4] - 3/4/2010

Rep DeFazio, Peter A. [OR-4] - 5/13/2009

Rep Delahunt, Bill [MA-10] - 3/25/2010

Rep DeLauro, Rosa L. [CT-3] - 9/17/2009

Rep Dent, Charles W. [PA-15] - 3/15/2010

Rep Dingell, John D. [MI-15] - 9/24/2009

Rep Donnelly, Joe [iN-2] - 7/10/2009

Rep Doyle, Michael F. [PA-14] - 7/7/2009

Rep Duncan, John J., Jr. [TN-2] - 4/13/2010

Rep Edwards, Chet [TX-17] - 6/22/2010

Rep Ehlers, Vernon J. [MI-3] - 10/29/2009

Rep Ellison, Keith [MN-5] - 9/14/2010

Rep Ellsworth, Brad [iN-8] - 5/13/2010

Rep Filner, Bob [CA-51] - 10/29/2009

Rep Foster, Bill [iL-14] - 4/28/2010

Rep Fudge, Marcia L. [OH-11] - 9/14/2010

Rep Gerlach, Jim [PA-6] - 3/10/2010

Rep Green, Al [TX-9] - 9/28/2010

Rep Green, Gene [TX-29] - 5/13/2009

Rep Griffith, Parker [AL-5] - 5/25/2010

Rep Grijalva, Raul M. [AZ-7] - 9/14/2010

Rep Gutierrez, Luis V. [iL-4] - 3/25/2010

Rep Hall, John J. [NY-19] - 9/28/2010

Rep Halvorson, Deborah L. [iL-11] - 4/15/2010

Rep Hare, Phil [iL-17] - 5/13/2009

Rep Hastings, Alcee L. [FL-23] - 9/14/2010

Rep Heinrich, Martin [NM-1] - 9/15/2010

Rep Higgins, Brian [NY-27] - 5/13/2009

Rep Hill, Baron P. [iN-9] - 4/20/2010

Rep Hinchey, Maurice D. [NY-22] - 5/26/2010

Rep Hodes, Paul W. [NH-2] - 5/6/2010

Rep Hoekstra, Peter [MI-2] - 5/20/2009

Rep Holden, Tim [PA-17] - 5/13/2009

Rep Holt, Rush D. [NJ-12] - 5/13/2009

Rep Hunter, Duncan D. [CA-52] - 5/20/2009

Rep Inglis, Bob [sC-4] - 5/20/2009

Rep Jackson, Jesse L., Jr. [iL-2] - 5/11/2010

Rep Johnson, Eddie Bernice [TX-30] - 5/13/2009

Rep Jones, Walter B., Jr. [NC-3] - 5/13/2009

Rep Kagen, Steve [WI-8] - 5/13/2009

Rep Kanjorski, Paul E. [PA-11] - 8/10/2010

Rep Kaptur, Marcy [OH-9] - 11/3/2009

Rep Kildee, Dale E. [MI-5] - 5/13/2009

Rep Kilroy, Mary Jo [OH-15] - 3/23/2010

Rep Kissell, Larry [NC-8] - 5/20/2009

Rep Kucinich, Dennis J. [OH-10] - 9/15/2010

Rep Larson, John B. [CT-1] - 3/25/2010

Rep LaTourette, Steven C. [OH-14] - 4/20/2010

Rep Lee, Christopher J. [NY-26] - 5/13/2009

Rep Lipinski, Daniel [iL-3] - 5/20/2009

Rep Loebsack, David [iA-2] - 5/11/2010

Rep Luetkemeyer, Blaine [MO-9] - 6/24/2010

Rep Lynch, Stephen F. [MA-9] - 3/25/2010

Rep Maffei, Daniel B. [NY-25] - 4/29/2010

Rep Manzullo, Donald A. [iL-16] - 5/13/2009

Rep Markey, Edward J. [MA-7] - 9/22/2010

Rep Massa, Eric J. J. [NY-29] - 6/10/2009

Rep Matsui, Doris O. [CA-5] - 9/28/2010

Rep McCarthy, Carolyn [NY-4] - 3/25/2010

Rep McCollum, Betty [MN-4] - 9/14/2010

Rep McCotter, Thaddeus G. [MI-11] - 5/20/2009

Rep McGovern, James P. [MA-3] - 7/19/2010

Rep McHenry, Patrick T. [NC-10] - 5/20/2009

Rep McHugh, John M. [NY-23] - 5/13/2009

Rep McIntyre, Mike [NC-7] - 4/29/2010

Rep Michaud, Michael H. [ME-2] - 5/13/2009

Rep Miller, Brad [NC-13] - 6/10/2009

Rep Miller, Candice S. [MI-10] - 12/1/2009

Rep Miller, George [CA-7] - 7/28/2010

Rep Mollohan, Alan B. [WV-1] - 11/6/2009

Rep Murphy, Christopher S. [CT-5] - 5/11/2010

Rep Murphy, Patrick J. [PA-8] - 4/13/2010

Rep Murphy, Tim [PA-18] - 5/13/2009

Rep Murtha, John P. [PA-12] - 6/4/2009

Rep Myrick, Sue Wilkins [NC-9] - 5/13/2009

Rep Norton, Eleanor Holmes [DC] - 9/22/2010

Rep Olver, John W. [MA-1] - 5/13/2009

Rep Owens, William L. [NY-23] - 9/22/2010

Rep Pascrell, Bill, Jr. [NJ-8] - 9/16/2010

Rep Perriello, Thomas S.P. [VA-5] - 10/29/2009

Rep Peters, Gary C. [MI-9] - 6/4/2009

Rep Petri, Thomas E. [WI-6] - 9/16/2010

Rep Pingree, Chellie [ME-1] - 9/14/2010

Rep Pitts, Joseph R. [PA-16] - 5/21/2009

Rep Platts, Todd Russell [PA-19] - 5/13/2009

Rep Rahall, Nick J., II [WV-3] - 5/18/2010

Rep Richardson, Laura [CA-37] - 7/7/2009

Rep Rogers, Harold [KY-5] - 10/29/2009

Rep Rogers, Mike D. [AL-3] - 11/3/2009

Rep Rogers, Mike J. [MI-8] - 5/13/2009

Rep Rohrabacher, Dana [CA-46] - 5/13/2009

Rep Ross, Mike [AR-4] - 5/18/2010

Rep Rush, Bobby L. [iL-1] - 9/23/2010

Rep Salazar, John T. [CO-3] - 9/23/2010

Rep Sanchez, Linda T. [CA-39] - 5/11/2010

Rep Sanchez, Loretta [CA-47] - 3/25/2010

Rep Schakowsky, Janice D. [iL-9] - 6/28/2010

Rep Schauer, Mark H. [MI-7] - 12/9/2009

Rep Sensenbrenner, F. James, Jr. [WI-5] - 6/4/2009

Rep Sestak, Joe [PA-7] - 7/29/2010

Rep Shea-Porter, Carol [NH-1] - 3/25/2010

Rep Sherman, Brad [CA-27] - 6/10/2009

Rep Shuler, Heath [NC-11] - 5/13/2009

Rep Shuster, Bill [PA-9] - 5/13/2009

Rep Slaughter, Louise McIntosh [NY-28] - 5/21/2009

Rep Souder, Mark E. [iN-3] - 5/13/2009

Rep Space, Zachary T. [OH-18] - 6/26/2009

Rep Speier, Jackie [CA-12] - 9/14/2010

Rep Spratt, John M., Jr. [sC-5] - 10/8/2009

Rep Stark, Fortney Pete [CA-13] - 6/22/2010

Rep Stupak, Bart [MI-1] - 7/13/2010

Rep Sutton, Betty [OH-13] - 5/13/2009

Rep Thompson, Glenn [PA-5] - 5/21/2009

Rep Tonko, Paul [NY-21] - 9/22/2010

Rep Turner, Michael R. [OH-3] - 3/2/2010

Rep Upton, Fred [MI-6] - 9/14/2010

Rep Visclosky, Peter J. [iN-1] - 5/13/2009

Rep Welch, Peter [VT] - 4/13/2010

Rep Westmoreland, Lynn A. [GA-3] - 5/13/2009

Rep Whitfield, Ed [KY-1] - 10/8/2009

Rep Wilson, Charles A. [OH-6] - 5/13/2009

Rep Wilson, Joe [sC-2] - 5/13/2009

Rep Woolsey, Lynn C. [CA-6] - 5/6/2010

Rep Young, Don [AK] - 7/14/2010

 

Senator Brown's bill passed in the House a few years ago, and I hope the President rethinks things and signs it, because if he does, my prediction is that China, which never backs off when it is in their own economic interest, will, because it will no longer be in their economic interest because penalties will be imposed and equality will be imposed upon them once this bill is law. So they will let their currency float--maybe not as quickly as we want but far more quickly than it happens now, once this bill becomes law. - Senator Charles E. Schumer

Edited October 14, 2011 by Luke_Wilbur

[Guest Greenzen]

http://www.youtube.com/watch?v=clGGLPLvOL8

The Donald says PASS THE CURRENCY BILL!

[Guest Enron Ex]

I would have to agree. This country needs to kick out Speaker Boehner and President Obama with two leaders that have the ability to work with each other.

 

http://atimes.com/atimes/Global_Economy/MJ12Dj04.html

 

The China Currency Bill would permit US firms and workers harmed by China's 40% undervalued currency to obtain relief through offsetting duties until China stops intervening in currency markets. That should jog China into finally compromising on the issue. If not, it would move some jobs back to the United States that should not have left in the first place. The senate was reportedly set on Tuesday to pass the bill.

 

American companies like GE and Caterpillar which have outsourced American jobs and corporate functions to China and are now clients of Beijing's protectionism have convinced President Obama the China Currency Bill is protectionist and would start a trade war.

 

What China does is protectionist and America is already in a trade war - China is throwing rocks and President Obama is throwing words. China is bullying America, President Obama refuses to stand up to the bully, and Speaker Boehner is just fine with that.

[Luke_Wilbur]

President Obama and Secretary Geithner are delaying the Treasury's report to Congress to see if diplomacy can work at the G20 Summit while the Speaker Boehner stalls the manipulation bill in the House.

 

Treasury Department Statement Regarding Decision to Delay Semi-Annual Report to Congress on International Economic and Exchange Rate Policies

 

10/14/2011

​

WASHINGTON – Treasury today announced that it will delay publication of the semi-annual Report to Congress on International Economic and Exchange Rate Policies of our major trading partners until later this year to give us a chance to assess progress following several international meetings: the G-20 Finance Ministers and Central Bank Governors Meeting October 14-15, 2011; the G-20 Leaders Summit November 3-4, 2011; and the Asia-Pacific Economic Cooperation (APEC) Finance Ministers Meeting November 10, 2011 and APEC Leaders Meeting November 12-13, 2011.

 

Treasury last published the semi-annual Report on May 27, 2011.

 

http://www.treasury....ges/tg1329.aspx

 

China has allowed the currency to appreciate, but not fast enough. in principal, he supports the senate pill, but said in detail it has to be changed so the U.S. could honor its international obligations. - Steve Liesman, Geithner's Global Economic View, Fri 14 Oct 11

 

http://video.cnbc.co...ideo=3000051317

Edited October 15, 2011 by Luke_Wilbur

[Guest Edgar]

Q: The US Senate recently deliberated and passed the Currency Exchange Rate Oversight Reform Act of 2011. What is China's comment?

 

A: China has repeatedly reiterated its policy on the RMB exchange rate and manifested its solemn position on firmly opposing the US Senate's RMB exchange rate-related bill. Under the pretext of so-called "currency imbalance", the bill in fact wields protectionism and severely violates the WTO rules. Instead of resolving economic and employment problems of the US, it will only cause grave damage to China-US economic relations and trade and obstruct the efforts of both countries and the international community to push for strong global economic recovery and growth. It will not only hurt the interests of others but also the US and bring no good but harm.

 

China calls on the US Government, Congress and all sectors of the society to resolutely oppose playing up the RMB exchange rate issue and exerting pressure through domestic legislation and reject protectionism and the erroneous act of politicizing economic issues, with a view to safeguarding the sound development of China-US economic relations and trade.

 

http://www.fmprc.gov.cn/eng/xwfw/s2510/2535/t867006.htm

 

The only thing that´s going to hurt is that the US companies will move back again to US soil and realize that paying less taxes in the Right To Work States and helping out Local Unions in Union States was and is better sound money and that it makes better economic sense.

 

The Chinese, would by this time loose the market share of the USA´s consuming audience. The Chinese on the other hand, would of gotten a free ride on having gotten free technologies for over a decade, having built up their industry sectors that they did not have in the first place or could not of even conceived of the idea without the G.Bush Ambassador during the Nixon years.

 

They (the Chinese) would have to start over again. This time with an industrial sector already developed and in place, would have to succumb to a FREE MARKET World. Thus, threatening to tear down all fabrics of communism in order to produce and provide good and services in order to survive. This! is what´s at the heart core of Mr. Ma Zhaoxu´s remarks. They know this is oh so true.

[Guest Luke]

The Chinese growth rate is at 9.1%, which is exactly equal to the American unemployment rate at 9.1%.

 

http://blogs.wsj.com/chinarealtime/2011/10/18/cosmic-convergence-china-growth-and-u-s-unemployment-rates-coincide/

 

Some who worry the bill will spoil an important trade relationship for both sides and think it’s premised on flimsy causality, found humor in the two numbers colliding.

 

“If it gets back to the Washington that the Chinese growth rate is exactly equal to the American unemployment rate, there is going to be an insurrection against Speaker Boehner, and the bill will pass, and we will be in a whole other world of hurt,” joked Strobe Talbott, president of the Brookings Institution and deputy secretary of state in the Clinton administration. He was speaking Tuesday at a forum on U.S.-China relations in Hong Kong sponsored by Brookings, the Asia Society and the University of Hong Kong.

 

Mr. Talbott jested that China should somehow retroactively embargo the release of the enviable growth rate to prevent it from reaching Washington before the House of Representatives considers the issue. “Please shut up on this subject for a couple of hours,” he implored an audience of policy wonks and business executives, who laughed heartily.

[Guest Fedup]

For those that worry the currency manipulation bill will spoil an important trade relationship with China need to read this article and understand that the Chinese position is American companies should sell and make profits only with goods made by Chinese workers. Anything made here in the USA they do not want. We are are becoming so dependent on them that in the near future we do not bow to their wishes the USA will be no more.

 

http://content.usatoday.com/communities/driveon/post/2011/12/chinese-impose-duties-on-new-cars-imported-from-usa/1

 

General Motors, Chrysler, Mercedes-Benz, BMW and Honda have all gotten some bad news from China. It's going to impose duties ranging from 2% to 21.5% on vehicles imported from the U.S.

[Guest LAW]

Treasury Releases Semi-Annual Report to Congress on International Economic and Exchange Rate Policies

 

12/27/2011

 

WASHINGTON – The U.S. Department of the Treasury today released the Semi-Annual Report to Congress on International Economic and Exchange Rate Policies that is required under Sections 3004 and 3005 of the Omnibus Trade and Competitiveness Act of 1988. The Report covers international economic and foreign exchange developments in the first half of 2011. Where pertinent and available, data and developments through mid-December 2011 are included.

 

The Report highlights the need for greater exchange rate flexibility, most notably by China, but also in other major economies. Based on the ongoing appreciation of the RMB against the dollar since June 2010, the decline in China's current account surplus, and China's official commitments at the G-20, APEC, and the U.S.-China Strategic and Economic Dialogue (S&ED) that it will move more rapidly toward exchange rate flexibility, Treasury has concluded that the standards identified in Section 3004 of the Act during the period covered in this Report have not been met with respect to China. Nonetheless, the movement of the RMB to date is insufficient. Treasury will closely monitor the pace of RMB appreciation and press for policy changes that yield greater exchange rate flexibility, a level playing field, and a sustained shift to domestic demand-led growth.

 

Excerpts of Report

 

China held more than $3.2 trillion in foreign exchange reserves at the end of September 2011 – with

$373.1 billion of foreign exchange reserves accumulated in the first three quarters of 2011. In the fourth quarter of 2011, reserve accumulation likely slowed significantly, and the RMB has at times

traded at or near the bottom end of the trading band, as capital inflows to China and other emerging

markets diminished, and as increased uncertainty about the global economy reduced market

expectations of continued RMB appreciation against the dollar.

 

China continues to increase its global export market share, it remains heavily dependent on exports, and it has made little progress in making the required shift to domestic consumption. China's large foreign reserve accumulation has prolonged the misalignment in China’s real effective exchange rate and hampered progress toward global rebalancing, including among

economies that compete with China for exports.

 

China’s long-standing pattern of foreign reserve accumulation, the persistence of its current

account surplus and the incomplete appreciation of the RMB, especially given rapid productivity

growth in the traded goods sector, indicate that the real exchange rate of the renminbi is persistently misaligned and remains substantially undervalued, though the degree of this undervaluation appears to have declined recently. China’s large foreign reserve accumulation has prolonged the misalignment in its real effective exchange rate and hampered progress global rebalancing, including among economies that compete with China for exports. It is in China’s interest to allow the exchange rate to continue to appreciate, both against the dollar and

against the currencies of its other major trading partners. A lack of continued appreciation by

China would prevent the exchange rate from serving as a tool to encourage consumption so as

maintain strong, sustainable growth, further complicate the adjustment needed for broader

financial sector reform, and undermine China’s stated goal of strengthening domestic demand.

 

Read Report

 

http://www.treasury.gov/resource-center/international/exchange-rate-policies/Documents/FX%20Report%202011.pdf

[Guest ALWAYSRED]

Mitt Romney criticized the administration for refusing to cite China for manipulating its currency. Romney said in October that, if elected, he would take that step on his first day in office. That could lead to trade sanctions against China.

 

http://hosted.ap.org/dynamic/stories/U/US_CHINA_CURRENCY?SITE=KLIF&SECTION=HOME&TEMPLATE=DEFAULT