CPA Board Member, Tom Neppl, to Host Colorado Senate Candidate Andrew Romanoff
CPA board member Tom Neppl Owner/President of Springs Fabrication (Colorado Springs, CO) is hosting Andrew Romanoff today at his plant. Romanoff, a Democrat, is ex-speaker of the Colorado House and challenging incumbent Democrat Michael Bennet in the Colorado primaries.
The event starts at 11a mdt.
Here is Romanoff's press statement about the event, excerpted:
Romanoff will be speaking at 11:00am at Springs Fabrication, a company whose success story has been chronicled and admired. It is also a story that other American companies will find hard to replicate if our trade deficit is not turned around swiftly. China's defiant manipulation of its currency is a big step in the wrong direction, creating conditions that diminish our ability to compete. Profits enjoyed by the Chinese are funneled directly into the purchase of U.S. Treasury notes, a cycle with dire long-term implications. This issue demands immediate attention. Wednesday morning, Romanoff outlines his trade policy initiatives; he is the first candidate in the race to do so.
The House Ways & Means Committee held a hearing yesterday (March 24, 2010) on currency manipulation. Sander Levin (D-MI) presided. CPA submitted this written testimony.
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WRITTEN TESTIMONY OF
COALITION FOR A PROSPEROUS AMERICA
BEFORE THE UNITED STATES HOUSE OF REPRESENTATIVES
COMMITTEE ON WAYS AND MEANS
HEARING ON THE EXCHANGE RATE POLICY OF THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA, AND ITS IMPACT ON THE U. S. AND GLOBAL ECONOMIES
HEARING DATE MARCH 24, 2010
Thank you Chairman Levin, and members of the House Committee on Ways and Means, for allowing the Coalition for a Prosperous America to present this written testimony to you. We respectfully request that this written testimony be accepted into the written record for this hearing.
SUMMARY OF TESTIMONY:
The Coalition for a Prosperous America, and its members, support neutralizing the persistent undervaluation of the Chinese renminbi through countervailing duties and/or anti-dumping duties. This can best be accomplished through passage of the Currency Reform for Fair Trade Act of 2009 (H.R. 2378). There is wide agreement that China persistently undervalues its currency and that the impact is a mercantilist one, not a free-trade result. The quantity of undervaluation is anywhere from 25 to 50 percent, a range that is agreed upon widely. This currency manipulation has in large part been an underlying cause of the Great Recession.
The volume of manufacturing and jobs off shored because of this unfair trade tactic has been devastating. As Treasury Secretary Geithner has argued, we cannot grow GDP without correcting this problem. Diplomacy and negotiation have been tried for several years, reached the upper levels with President Obama's November 2009 visit to China, and failed. Enforcement of international norms, which disallow such undervaluation, is necessary. The U.S. House should pass the Currency Reform for Fair Trade Act for 2009 (HR 2378) to neutralize this currency advantage and return to free and fair trade. Passage of HR 2378 is the most significant jobs creation and economic growth action that this body can take.
Contact: Michael Stumo, 413-854-2580,
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Coalition for a Prosperous America
www.prosperousamerica.org
March 11, 2010
The Pennsylvania Chapter of the Coalition for a Prosperous America (CPA) thanked Congressman Jim Gerlach (R-PA-06) for agreeing to co-sponsor the Currency Reform for Fair Trade Act of 2009 (H.R. 2378). Members of the Pennsylvania Chapter of CPA who participated in the CPA legislative fly in last week asked Congressman Gerlach to co-sponsor this important legislation. CPA received notification yesterday that the Congressman agreed to do so.
"Currency manipulation is a major problem for the U.S. economy," said Joe McGlynn, CPA PA Chapter steering committee member and Vice President of Campbell Fittings in Boyertown, PA. "Some foreign countries, particularly in Asia, peg their currency to the dollar at an unfairly low rate. Many people don't realize the impact, which is a huge tariff on U.S. exports and a major subsidy to their export sales to the United States."
Contact: Michael Stumo, 413-854-2580,
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Coalition for a Prosperous America
www.prosperousamerica.org
March 10, 2010
The Colorado Chapter of the Coalition for a Prosperous America (CPA) helped persuade both Houses of the Colorado State Legislature to adopt a resolution supporting new trade policies to balance America's trade deficit. The resolution called change in policies that have handicapped American manufacturing and agricultural producers and resulted in massive job losses and stagnant wages.
"We were stunned by the overwhelming support given by our Colorado political leadership for common sense policies to reduce the U.S. trade deficit," said Tom Neppl, CPA board member and President of Springs Fabrication, Inc. in Colorado Springs. "America cannot recover from the Great Recession unless we balance our trade deficit so that we no longer consume more than we produce."
The resolution was adopted unanimously in the state Senate on March 4, 2010 one day after overwhelming passage in the state House of Representatives. The local chapter of the National Federation of Independent Businesses was instrumental in assisting the process.
Last year 300 associations, companies and concerned citizens signed the Fixing America's Economy document. It is more important than ever for political leaders and candidates to take action.
CPA provides the service of rating legislation and tracking how Congress voted. Click the links below to see how your delegation voted in the 109th Congress and 110th Congress.
Act Now: Legislators Should Co-Sponsor Currency Reform Bill
We are collecting petition signatures from as many states as possible to deliver to each state's legislative delegation. Your name will be on the petition for your state, going to all your Representatives and Senators. Click here to sign the petition. Click here to learn more about currency misalignment and how it is worsening the trade deficit and harming our economy.
