Crack Down on Chinese currency manipulation

[Guest Fedup]

It appears that the Speaker is in a secret allegiance on this issue with the President.

 

===========================================

 

 

Brown, a Democrat, is author of the Currency Exchange Rate Oversight Reform Act of 2011 that cleared the Senate in a bipartisan 63-35 vote with support from Ohio Sen. Rob Portman, a Republican.

Although a bill similar to Brown’s in the House has 230 co-sponsors, Speaker John Boehner, R-West Chester Twp., has refused to allow a vote because he believes it could provoke a trade war.

Boehner office spokeswoman Brittany Bramell said Wednesday,

 

“Ohioans deserve a level playing field when it comes to trade with China, but Congressman Boehner has serious concerns about the approach in this bill and the negative effects that it would have on Ohio’s economy.”

 

“Passing legislation that could seriously damage the United States’ important trade relationship with China would threaten Ohio jobs as well as future economic growth. Congressman Boehner believes the Obama administration needs to continue to work with the Chinese to get the valuation of their currency correct,” Bramell

 

http://www.middletownjournal.com/news/middletown-business-news/chinese-currency-manipulation-undercuts-ohio-jobs-sen-brown-says-1311444.html

[Guest Dixie]

I don't think the Speaker is a commie, but he sure is doing his best to protect thier interest over ours. President Romney will change that and Boehner will get the boot like Newt.

 

“On my first day in office. I will label China a currency manipulator — and under U.S. law, once that label has been affixed, the president is able to apply tariffs to any of their goods where the president believes that their unfair trade practices have cost American jobs or killed American industries,” the former Massachusetts governor said. “I’m making it very clear to the Chinese: That’s where we will go if they continue the practices they are pursuing right now.”

 

Hannity wondered what the consequences would be if the Chinese viewed any Romney action as starting a trade war or moving toward protectionism.

 

“Well, you have to open up new markets — a highly productive nation like ours has to have new markets to sell goods too in order to continue to grow,” Romney said. “But if one of those markets — one of those countries begins to cheat on the agreement and to unfairly attack our markets and kill jobs here — you have to say whoa, whoa, whoa, you got to live by the rules of fair trade.

Read more on Newsmax.com: Romney: Trump Shares My Vision on Stopping China

[Luke_Wilbur]

Mitt Romney vows to brand China a “currency manipulator.” But, he has not called out the Speaker for refusing to bring this issue to the House Floor.

 

On most issues, former Gov. Mitt Romney tries to distinguish himself from President Obama and set his policies apart from those of the current administration. Yet, in one area Romney is not only a clone of Obama but has doubled down and insisted that the president's policies be applied with even greater force. This area involves China and its alleged currency manipulation.

 

The exchange rate between the U.S. dollar and Chinese yuan is the main battlefield in the global currency wars. Romney demands that China be officially branded a currency manipulator and suffer retaliation in the form of taxes and trade sanctions from the United States. This is just a more extreme form of Obama's continual diplomatic pressure on the Chinese to revalue their currency upward.

 

http://www.usnews.com/opinion/blogs/economic-intelligence/2012/05/07/romney-doubles-down-on-obamas-toxic-currency-policies

[Guest Stevo]

He just blames the President.

 

http://www.mittromney.com/issues/trade

 

President Obama has also singularly failed in handling commercial relations with China, which has adopted a deliberate policy of building up its own economy by misappropriating western technology, blocking access to its market, and manipulating its currency.

[Guest LAW]

The Currency Exchange Rate Oversight Reform Act of 2011

 

http://thomas.loc.gov/cgi-bin/bdquery/z?d112:s.1619:

 

10/11/2011:

Passed Senate without amendment by Yea-Nay Vote. 63 - 35. Record Vote Number: 159. (text: CR S6378-6382)

 

10/12/2011:

Message on Senate action sent to the House.

 

10/12/2011 12:37pm:

Received in the House.

10/12/2011 1:39pm:

Held at the desk.

 

Currency Exchange Rate Oversight Reform Act of 2011 - (Sec. 3) Directs the Secretary of the Treasury to: (1) make public and report biannually to Congress on international monetary policy and currency exchange rates; and (2) appear, if requested, before certain congressional committees to testify regarding such reports.

 

Prescribes report contents, including: (1) an analysis of currency market developments and the relationship between the U.S. dollar and the currencies of major economies and trading partners of the United States, (2) a review of the economic and monetary policies of major economies and trading partners of the United States and an evaluation of how such policies impact currency exchange rates, and (3) a list of currencies designated as fundamentally misaligned currencies.

(Sec. 4) Instructs the Secretary to: (1) analyze semiannually the prevailing real effective exchange rates of foreign currencies; (2) determine whether any such currency is in fundamental misalignment; and (3) designate it for priority action if the issuing country engages in specified behavior, including excessive and prolonged official or quasi-official accumulation of foreign assets for balance of payments purposes.

 

(Sec. 5) Prescribes procedures for: (1) negotiations and consultations; and (2) actions in response to failure, including persistent failure, to adopt appropriate policies, or take identifiable action to eliminate the fundamental misalignment.

 

(Sec. 9) Requires the Secretary, before the United States approves a proposed change in the governance arrangement of any international financial institution, to determine whether any member of the international financial institution that would benefit from the proposed change, in the form of increased voting shares or representation, has a currency designated for priority action. Requires U.S. opposition to the proposed change if the Secretary renders an affirmative determination.

(Sec. 10) Amends the Tariff Act of 1930, for purposes of an antidumping investigation or review, to require an adjustment in the price used to establish export (and constructed export) prices, in the case of a fundamentally misaligned currency designated for priority action, by reducing such price by the percentage by which the domestic currency of the producer or exporter is undervalued in relation to the U.S. dollar.

 

(Sec. 11) Requires the administering authority, upon the filing of a petition by an interested party, to initiate a countervailing duty investigation or review to determine whether currency undervaluation by the government of, or any public entity within, a foreign country is providing, directly or indirectly, a countervailable subsidy to its exporters or products. Requires the same kind of countervailing duty investigation upon the designation of a foreign currency as a fundamentally misaligned currency for priority action.

 

Declares that the fact that such a subsidy is also provided in circumstances not involving export shall not, for that reason alone, mean it cannot be considered export contingent and actionable under a countervailing duty and antidumping duty proceeding.

 

(Sec. 12) Adds as a factor the administering authority must take into account in determining whether a foreign country is a nonmarket economy country the question of whether its currency is designated, or has been designated at any time over the five years before review of any nonmarket economy status, for priority action under this Act.

 

(Sec. 13) Declares that the amendments made by this Act shall apply to goods from Canada and Mexico.

 

(Sec. 14) Establishes the Advisory Committee on International Exchange Rate Policy to advise: (1) the Secretary in the preparation of reports to Congress on international monetary policy and currency exchange rates; and (2) Congress and the President with respect to international exchange rates and financial policies, including the impact of such policies on the U.S. economy.

(Sec. 15) Repeals the Exchange Rates and International Economic Policy Coordination Act of 1988.

[Luke_Wilbur]

I wrote to Presidential candidate, Buddy Roemer, on his position on currency manipulation?

 

His staff member Carlos Sierra wrote:

 

He's been all over this for more than a year. He stood in front of the Chinese Embassy and called them currency manipulators.

 

I then asked Carlos:

 

"Why not ask the Speaker to put the Bill to the Floor?"

 

His response:

 

We have. We've sent multiple press releases and contacted his office.

 

What was the Speaker's response.

 

nothing

[Guest Fedup]

The speaker should be thrown out of office. Even Ben Bernanke, the chairman of the Federal Reserve, has accused China's devaluation tactics of delaying a global recovery from the Great Recession.

 

http://seekingalpha.com/article/590741-the-evolution-of-yuan-policy

[Guest LAW]

The Omnibus Trade and Competitiveness Act of 1988 (the "Act'') requires the Secretary of the

Treasury to provide semiannual reports on the international economic and exchange rate policies

of the major trading partners of the United States. Under Section 3004 of the Act, the Report

must consider “whether countries manipulate the rate of exchange between their currency and

the United States dollar for purposes of preventing effective balance of payments adjustment or

gaining unfair competitive advantage in international trade.” This Report covers developments

in the second half of 2011, and where pertinent and available, data through mid-May 2012.

Treasury has concluded that no major trading partner of the United States met the standards

identified in Section 3004 of the Act during the period covered in the Report.

 

Over the past decade, China resisted very strong market pressures for RMB appreciation,

reflected in the substantial accumulation of foreign currency reserves. Over that period, China's

real effective exchange rate exhibited persistent and substantial undervaluation, although the

extent of misalignment appears to have narrowed since the RMB resumed its appreciation

against the U.S. dollar in June 2010.

 

Significantly, China's current account surplus has fallen markedly over the past four years, from

9.1 percent of GDP in 2008 to 2.8 percent of GDP in 2011. Some of the reduction reflects

weaker demand growth in China's major trading partners, the large impact of rising commodity

prices on China's trade surplus and unsustainably high rates of domestic investment in China.

However, some of the improvement reflects structural adjustments in the Chinese economy,

continued wage increases in the manufacturing sector, and the effects of RMB appreciation.

China is gradually allowing necessary external adjustments to take place, as indicated by the

decline in China's current account surplus together with real appreciation of the RMB since June

2010 and China's steps to gradually open its capital account.

 

Nevertheless, the underlying factors that distort China's economy and constrain global demand

growth remain. China accumulated $373.1 billion in additional foreign exchange reserves in the

first three quarters of 2011. Reserve accumulation slowed in the fourth quarter to $11.7 billion,

but increased again to $74.8 billion in the first quarter of 2012. At the end of March 2012, China

held $3.3 trillion in foreign reserves, equivalent to 45 percent of China's GDP in 2011.

 

From June 2010, when China moved off its peg against the dollar, through May 15, 2012, the

RMB appreciated by a total of 8.0 percent against the dollar, and by 12.5 percent bilaterally on

an inflation-adjusted basis. Since China initiated currency reform in July 2005, the RMB has

appreciated 40 percent bilaterally against the dollar after adjusting for inflation. Nonetheless, in

2012, through May 15, the RMB has been virtually flat against the dollar.

 

At the May 2012 U.S.-China Strategic and Economic Dialogue (S&ED), Chinese authorities

stated that China will continue to enhance exchange rate flexibility, letting supply and demand

play a more basic role, and re-iterated their determination to implement fully their G-20

commitments to move more rapidly to a market-determined exchange rate system and avoid

persistent exchange rate misalignments. Recently, China widened the daily RMB trading band, a

move that has the potential to increase exchange rate flexibility and adjustment if it is implemented in a way that allows the value of the exchange rate to better reflect market forces.

China has also taken steps to liberalize its capital account, including by increasing the ability of

portfolio investors to invest in Chinese assets and the ability to externally raise and use renminbi

funds for investment in China.

 

With the global economy continuing to face headwinds as it recovers from the financial crisis, it

is important that China follow through on these commitments. Greater RMB flexibility would

encourage increased exchange rate flexibility in other Asian economies and thus further promote

a strong and sustained global recovery.

 

Based on the appreciation of the RMB against the dollar since June 2010, the balance of

payments adjustment evidenced in the decline in China's current account surplus, and China's

commitments in the G-20 and S&ED that it will move more rapidly to a more market-determined

exchange rate system, 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 available evidence suggests the RMB remains significantly undervalued and we

believe further appreciation of the RMB against the dollar and other major currencies is

warranted. Treasury will continue to closely monitor the pace of RMB appreciation and press

for policy changes that yield greater exchange rate flexibility, level the playing field, and support

a pronounced and sustained shift to domestic-demand led growth.

 

The Chinese economy continued to expand rapidly in 2011, growing by 9.2 percent in real terms,

slowing modestly from 10.4 percent in 2010. Growth moderated further to 8.1 percent on a year over-year basis in the first quarter of 2012, and recent data point to continued slowing in near term

growth, as credit and investment appear to have slowed further and external demand remains

relatively weak. Authorities, however, have scope for further policy easing, and most economic

forecasters expect real GDP growth will remain about 8 percent for the year. The most recent IMF and the World Bank forecasts were for Chinese real GDP growth of 8.2 percent in 2012.

 

 

http://www.treasury.gov/resource-center/international/exchange-rate-policies/Documents/Foreign%20Exchange%20Report%20May%202012.pdf

[Guest LAW]

In 2010 and through much of 2011, rising goods and property price inflation led China to tighten

monetary and credit policy. Over the last six months, however, with consumer inflation in China

declining from its mid-2011 peak, housing price increases tapering off, and external demand

slowing, China has gradually loosened monetary policy to support growth. Since November, the

People’s Bank of China (PBOC) has cut the share of deposits that commercial banks are required

to hold as reserves at the central bank by 1.5 percentage points, reducing the required reserve

ratio for large commercial banks to 20 percent.

 

Chinese leaders have identified shifting away from growth driven by exports toward a greater

reliance on domestic consumption as a critical goal for sustaining growth in the medium to long

term. This shift also is needed to support strong, sustainable, and more balanced growth in the

global economy. At the Fourth U.S.-China Strategic and Economic Dialogue (S&ED) meeting

in May 2012, Chinese authorities reiterated this commitment and highlighted a number of

specific and complementary policies to achieve the goals of increasing household incomes and

consumption spending.

 

At the S&ED, China stated that it intends to cut import tariffs on certain consumer goods this

year, and expand the coverage, to all regions and sectors, of its pilot program to reduce the tax

burden on services in order to accelerate development of the services sector. In a move that will

help to both level the playing field with private companies and unlock some of the large retained

profits of state-owned enterprises (SOEs), China also stated its intention to raise the SOE

dividend payout rate and increase the number of SOEs that pay dividends. Greater SOE

dividends could give the Chinese government more resources to strengthen the social welfare

system, which would boost household confidence and income security, thereby raising

household spending. In addition, China stated that it would promote market-based reform of

interest rates in China. A rise in real deposit rates could lead to an increase in Chinese household

consumption, as low real bank deposit rates have meant that Chinese households earned very

little on their savings, requiring them to save more to meet their financial goals.

[Luke_Wilbur]

Today I spoke with Dan Bongino, running for U.S. Senate in Maryland. I asked him whether he supported Mitt Romney's idea to stop Chinese currency manipulation.

 

Dan responded that he believes in telling the truth. The bill to stop currency manipulation will never pass. The United States does not want put tariffs on China. If this happens he stated that prices will skyrocket and war could start.

 

He then stated that Americans no longer support "Made in America." He asked me if I had one company that cuts my grass for $30 and another company offered to do the same job for $20, which would I pick. I told him that if the first company was doing a good job I would stay with them. He responded, that no one else would.

 

It appears the Republican Party is split on this issue.

[Luke_Wilbur]

I spoke with Congressman James Patrick "Jim" Moran at the 31st annual Memorial Day Festival and Parade in Fall Church, Virginia. He told me that the Currency Manipulation Bill was stuck in committee. That Republican leaders would not let the bill go to the floor. I told him that there are Republicans that want to see that bill go to the floor. He stated that no really listens to him anymore. I told him that I do. He smiled and told me to voted Democrat this Fall.

 

We then spoke about the transfer of technology to China and how it is affecting our National Security.

[Guest LAW]

U.S. Sen. Sherrod Brown (D-OH) released the following statement today after the U.S. Treasury Department released its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies. In the report, Treasury avoided labeling China as a currency manipulator, only acknowledging that “the available evidence suggest the RMB [renminbi] remains significantly undervalued, and we believe further appreciation of the RMB against the dollar and other major currencies is warranted.”

 

“Once again, the U.S. Treasury Department has given China a free pass when it comes to its currency manipulation,” Brown said. “While we’re seeing American manufacturing rebound, China is stepping up its efforts in a number of critical sectors, including clean and solar energy, advanced manufacturing, and auto parts. Addressing China’s currency manipulation is critical to our economic recovery and for job gains, and despite wide bipartisan support in the Senate for legislation that tackles this issue, the U.S. House has failed to act. Speaker Boehner should bring the Currency Exchange and Oversight Reform Act to the floor as soon as possible.”

 

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. Brown authored the biggest bipartisan jobs bill to pass the Senate last year, which could create more than 2 million jobs in our country by leveling the playing field for American manufacturers competing against unfairly-subsidized imports. According to a report by the Economic Policy Institute (EPI) and the Alliance for American Manufacturing, 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.

[Luke_Wilbur]

The only way this country is going to get out of this economic sinkhole is to create jobs. Financial capitalism is a fixed deck for the very few. We need a leader that will brand entrepreneur optimism, lower the corporate tax rate, and most importantly stop currency and market manipulation.

[Guest LAW]

New Data Indicate China Continues to Weaken Currency, Putting American Manufacturers at An Unfair Disadvantage

 

 

Bipartisan Casey-backed Bill Passed the Senate Last Year, But House Has Yet to Act to Save American Jobs

 

In Letter to Speaker Boehner, Senator Casey Urges Swift Action on Legislation to Crack Down on Unfair Manipulation

 

U.S. Senator Bob Casey (D-PA) today called on House Speaker John Boehner to take up legislation to crack down on China’s continued currency manipulation in the wake of news that China allowed its currency to weaken in May more than any month since 2005. Currency manipulation gives Chinese manufacturers an unfair advantage over their American competitors, and Senator Casey has strongly pushed the Administration and Congress to take action to protect American jobs.

 

“China’s currency manipulation has a concrete, negative effect on the U.S. economy and Pennsylvania jobs, which is why we must take action now to protect our workers and crack down on China’s unfair practices,” said Senator Casey. “The Senate passed legislation to crack down on China nearly 8 months ago with bipartisan support, so it’s time for the House to act to protect Pennsylvania jobs and the American economy.”

Pennsylvania has been significantly impacted by China’s unfair trade practices, and Senator Casey has strongly pushed for action to protect Pennsylvania jobs. The Senate passed the Currency Exchange Rate Oversight Reform Act last October, legislation Senator Casey championed to require the Administration to crack down on Chinese currency manipulation. A similar proposal has bipartisan support in the House.

 

“It is critical that the House of Representatives pass legislation to address China’s currency manipulation; I urge you to allow a vote on these bills without delay,” Senator Casey wrote in a letter to Speaker Boehner today.

 

Full text of the letter is below:

 

The Honorable John Boehner

Speaker of the House

U.S. House of Representatives

 

Dear Mr. Speaker:

 

I write to ask that you bring currency legislation for a vote in the House of Representatives.

Last week, the Treasury Department released its semiannual “Report to Congress on International Economic and Exchange Rate Policies.” This year’s report once again raises serious concerns about China’s continued currency manipulation. Over the last decade, China’s real effective exchange rate has been subject to “persistent and substantial undervaluation.” Despite actions by China to permit some appreciation of their currency over the last two years, the Treasury Department indicates that significant further adjustment is necessary. Unfortunately, China’s recent actions have represented a step backwards—thus far in 2012, China has further depreciated the value of the renminbi.

 

This manipulation has a concrete, negative effect on the U.S. economy. By decreasing the value of the renminbi, China is able to drive down the price of its exports, giving Chinese manufacturers an unfair advantage over their American competitors. This has significantly contributed to our $295 billion trade deficit with China, a trade deficit which has cost the United States 2.8 million jobs over the last decade, according to a report by the Economic Policy Institute.

 

There is strong bicameral and bipartisan support for congressional action to crack down on this manipulation. More than six months ago, the Senate passed the Currency Exchange Rate Oversight Reform Act of 2011 in a bipartisan vote. In the House of Representatives, the Currency Reform for Fair Trade Act has more than 230 bipartisan cosponsors. It is critical that the House of Representatives pass legislation to address China’s currency manipulation; I urge you to allow a vote on these bills without delay.

 

Thank you for your consideration of my views.

 

Sincerely,

Robert P. Casey, Jr.

United States Senator

[Guest Bidnis man]

Imports=exports. We devalue the rand to say R20 to the USD and gold mines will make more profits and employ more people...but the rest of the economy will go into recession as fuel, computers, vehicles go through the roof. It will just create turbulence and not achieve anything.

[Guest Ron]

Mitt Romney vows to brand China a “currency manipulator.” But, he has not called out the Speaker for refusing to bring this issue to the House Floor.

 

The sentiment is growing...

 

At campaign stop after campaign stop Mitt Romney says that he will crack down on China's currency manipulation on his first day in office. Yet he has an opportunity to do something about it right now. Romney has the opportunity right now to demonstrate that he will live up to his words. He can ask Speaker Boehner to bring the currency bill to the floor of the House for a vote. And he can ask Republicans in Congress to sign a discharge petition to bring up for a vote a currency manipulation bill that 61 of them co-sponsored. It is his own party that is holding this up.

 

So it this another Etch-A-Sketch or does Romney really mean what he says about China's currency manipulation. He can show us right now.

 

http://www.ourfuture...-china-currency

[Guest Make it in America]

Speaker Boehner, listen to us:

 

• Take a stand on China's currency manipulation.

 

• Stop China's illegal and unfair trade practices.

 

• Pass H.R. 639/S. 328 – NOW!

 

http://capwiz.com/americanmanufacturing/issues/alert/?alertid=61371601&MC

[Guest LAW]

New Data Indicate China Continues to Weaken Currency, Putting American Manufacturers at An Unfair Disadvantage

 

Bipartisan Casey-backed Bill Passed the Senate Last Year, But House Has Yet to Act to Save American Jobs

 

In Letter to Speaker Boehner, Senator Casey Urges Swift Action on Legislation to Crack Down on Unfair Manipulation

 

WASHINGTON, DC – U.S. Senator Bob Casey (D-PA) called on House Speaker John Boehner to take up legislation to crack down on China’s continued currency manipulation in the wake of news that China allowed its currency to weaken in May more than any month since 2005. Currency manipulation gives Chinese manufacturers an unfair advantage over their American competitors, and Senator Casey has strongly pushed the Administration and Congress to take action to protect American jobs.

 

“China’s currency manipulation has a concrete, negative effect on the U.S. economy and Pennsylvania jobs, which is why we must take action now to protect our workers and crack down on China’s unfair practices,” said Senator Casey. “The Senate passed legislation to crack down on China nearly 8 months ago with bipartisan support, so it’s time for the House to act to protect Pennsylvania jobs and the American economy.”

 

Pennsylvania has been significantly impacted by China’s unfair trade practices, and Senator Casey has strongly pushed for action to protect Pennsylvania jobs. The Senate passed the Currency Exchange Rate Oversight Reform Act last October, legislation Senator Casey championed to require the Administration to crack down on Chinese currency manipulation. A similar proposal has bipartisan support in the House.

 

“It is critical that the House of Representatives pass legislation to address China’s currency manipulation; I urge you to allow a vote on these bills without delay,” Senator Casey wrote in a letter to Speaker Boehner today.

 

Full text of the letter is below:

 

The Honorable John Boehner

 

Speaker of the House

 

U.S. House of Representatives

 

Dear Mr. Speaker:

 

I write to ask that you bring currency legislation for a vote in the House of Representatives.

 

Last week, the Treasury Department released its semiannual “Report to Congress on International Economic and Exchange Rate Policies.” This year’s report once again raises serious concerns about China’s continued currency manipulation. Over the last decade, China’s real effective exchange rate has been subject to “persistent and substantial undervaluation.” Despite actions by China to permit some appreciation of their currency over the last two years, the Treasury Department indicates that significant further adjustment is necessary. Unfortunately, China’s recent actions have represented a step backwards—thus far in 2012, China has further depreciated the value of the renminbi.

 

This manipulation has a concrete, negative effect on the U.S. economy. By decreasing the value of the renminbi, China is able to drive down the price of its exports, giving Chinese manufacturers an unfair advantage over their American competitors. This has significantly contributed to our $295 billion trade deficit with China, a trade deficit which has cost the United States 2.8 million jobs over the last decade, according to a report by the Economic Policy Institute.

 

There is strong bicameral and bipartisan support for congressional action to crack down on this manipulation. More than six months ago, the Senate passed the Currency Exchange Rate Oversight Reform Act of 2011 in a bipartisan vote. In the House of Representatives, the Currency Reform for Fair Trade Act has more than 230 bipartisan cosponsors. It is critical that the House of Representatives pass legislation to address China’s currency manipulation; I urge you to allow a vote on these bills without delay.

 

Thank you for your consideration of my views.

 

Sincerely,

 

Robert P. Casey, Jr.

 

United States Senator

[Guest LAW]

Press Gaggle by Principal Deputy Press Secretary Josh Earnest en route Miami, FL, 10/11/2012

 

 

Hank Greenberg, the former AIG chairman, told Bloomberg today in an interview that he believes Romney, if he’s elected, would reverse his position as it related to labeling China a currency manipulator. He said that the U.S. would have a choice between a trade agreement or a trade war. Do you think that this is also true? Do you believe that Romney would go through with the currency manipulator step if he were elected? Or do you believe that that’s a campaign tactic?

 

MR. EARNEST: Well, why don’t I start just by pointing out that the President has engaged over the course of his three and a half years in office in dealing with China in a way that ensures a level playing field for American workers. The President certainly welcomes international competition but only with a level playing field -- a playing field that’s level for American workers and for American businesses and for American entrepreneurs.

 

And the President is confident that if that playing field is leveled, that American businesses can succeed in that kind of environment, and so that’s something that he’s done in his conversations with Chinese leaders. And that’s, frankly, something that members of the administration have done with their Chinese counterparts at every turn, and on a range of issues, not just on the issue of currency valuation.

 

That has also been true in dealing with some trade programs. We’ve talked a lot over the last couple of weeks about the efforts at the WTO told hold China accountable for unfair trade policies. That’s something that the President has done repeatedly with a significant benefit that’s accrued to the American people for that. It’s something that we’ve done when it comes to intellectual property to ensure that the Chinese government is not allowed to -- or Chinese businesses are not allowed to unfairly steal the ideas and hard work of American entrepreneurs.

 

Q But Governor Romney, do you believe that he would go through with what he said on the campaign trail?

 

MR. EARNEST: One other thing I would point out and then I’ll let Jen take this -- the one other thing that I would point out is that Mr. Greenberg is not the only business leader in this country to raise concerns about the impact that labeling China a currency manipulator could have on our economy.

 

The United States Chamber of Commerce, who, as you know, is spending tens of millions of dollars in campaigns all across the country to try to defeat Democrats in Congress and other allies of the President in Congress, has also expressed concerns about the impact that Mr. Romney’s promise could have on our economy. So it might tell you the seriousness with which they confront this issue, they consider this issue, if the position that they are taking seems to align with the tact that the President has taken in dealing with China on this very important issue.

 

Q So what do you think about Romney?

 

MS. PSAKI: Look, I think to the degree that people in this country are paying attention to China as an issue they’re voting on, which is -- as we’ve seen in states like Ohio, it very much is an issue that people are tuning into. What they’re looking at, in our view, is the actions and the seriousness with which these candidates have taken the issues.

 

So there’s only one candidate who has taken nine trade actions against China, only one candidate who has held them accountable on tariffs and held their feet to the fire on unfair trade practices. Those are steps the President has taken that Mitt Romney has criticized.

 

We’ve seen pretty clearly over the last couple of days and weeks that he’s willing to say and do anything to become President. That doesn’t mesh with his conservative record and with his record on this website, and his record he’s been running on for the last six years. It would be virtually impossible for us to predict what things he will try to change his rhetoric on in the next few weeks, never mind in the weeks after he would become President. But we don’t think he’s going to have that opportunity, so hopefully we won’t have to address it.

[Guest LAW]

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

 

 

10/12/2012

 

 

 

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 in order to assess progress following the G-20 Finance Ministers and Central Bank Governors Meeting next month.

[Guest howard]

currency manipulation , unfair trade , no respect for patent law and /or copyright protection , these are all some of the economic attacks on america. all of these offences could not happen without permission from powerful american corporate leaders here in america . so , before anyone can fix this problem requires transparency , requires both republican and democrat co operation , and involves treason. why treason??? because , all of these offences are a threat to our economy , and america canot remain a superpower , and have a third world economy. if our people have no jobs and opportunity , then we no longer have a tax base , and if our government can not pay our bills , we are unable to support our so called military/industrial complex , which allows america to be the number one superpower in the world. as for me , i like that. and as i say , democrats and republican need to come together and agree on this most important factor. this can only be done if republicans decide to rid their party of the tea bag party , in which this tea bag party is funded by those who are in bed with china.

[Guest Tea Party Patriot]

You may want to clarify your statement.

 

http://www.wnd.com/2012/10/democrats-cant-stomach-this-gop-rock-star/

 

We’re about to lose our status as the economic superpower of the world, and we very well could lose our status as the military superpower of the world as well. Indicators are that China will assume that position. The world will be different if China is the economic and military superpower. I don’t think that should happen, and that’s why this is the most important election of our lifetime. - Rep. Michele Bachmann, R-Minn