The Currency Reform for Fair Trade Act of 2009 (H.R. 2378) was introduced on May 13, 2009. The press conference garnered a lot of attention. Here is a video of the press conference.
Press Release: May 13, 2009
Contact: Michael Stumo,
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or 413.854.2580
The Coalition for a Prosperous America applauded the filing of the Currency Reform for Fair Trade Act. Senators Stabenow (D-MI) and Bunning (R-KY), and Representatives Tim Ryan (D-OH) and Murphy (R-PA) announced the bill at a noon press conference in Washington today. The bill will classify fundamental currency misalignment as an unlawful export subsidy, enabling countervailing and antidumping duties to be applied as a remedy.
“Currency misalignment is a major international trade problem,” said Brian O’Shaughnessy, CPA’s Chief Co-Chair and the chairman of Revere Copper Products in Rome, New York. “Countries such as China, Japan and South Korea, among others, cause or allow their currencies to be persistently undervalued. The result is a very large subsidy for their exports to us and a very large tariff for U.S. exports to them.”
COMPARISON OF CURRENCY REFORM FOR FAIR TRADE ACT OF 2009
AND PREVIOUSLY INTRODUCED LEGISLATION
The Currency Reform for Fair Trade Act of 2009 (CRFTA) draws on, refines and streamlines earlier proposals made in the 109th and 110th Congresses: H.R. 1498 Chinese Currency Act of 2005; H.R. 782/S. 796 Fair Currency Act of 2007; H.R. 2942 Currency Reform for Fair Trade Act of 2007; S. 1607 Currency Exchange Rate Reform Act of 2007; and S. 1677 Currency Reform and Financial Markets Access Act of 2007. It aims to establish an effective trade law remedy to neutralize currency undervaluation.
At the same time, the current bill differs significantly from the previous bills:
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.
