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~ One week after CPA’s annual legislative fly in, in which members visited 105 Congressional offices, a bill to address persistent foreign currency undervaluation is being filed. Representatives Sander Levin (D-MI), Tim Murphy (R-PA), Tim Ryan (D-OH), and Mo Brooks (R-AL) introduced the bipartisan “Currency Reform for Fair Trade Act” today at a Washington press conference.
“Our members place a high priority on neutralizing the trade impact of foreign currency manipulation,” said Michael Stumo, CEO of CPA. “This problem is not going away. An enforcement remedy is needed, not more talk. U.S. manufacturers, farmers, ranchers and workers face a currency tariff in many world markets. They also face predatory priced imports from companies in other countries benefitting from a currency subsidy.”
The new bill is the same as HR 639, the “Currency Reform for Fair Trade Act of 2011,” bipartisan legislation from the 112th Congress that garnered 234 cosponsors. It is also virtually identical to H.R. 2378, the “Currency Reform for Fair Trade Act of 2009,” bipartisan legislation passed by the U.S. House of Representatives by a 348 to 79 vote in the 111th Congress. Further, It has a countervailing duty remedy similar to that contained in S. 1619, currency legislation passed by the U.S. Senate by a 63-35 vote in the 112th Congress.
”Legislators who believe in free trade should support this bill. Free traders must oppose foreign government intervention in currency markets which cause a trade advantage,” continued Stumo.
“The U.S. trade deficit with China was $333.4 billion in 2012 and was caused, in substantial part, by that country’s persistent currency undervaluation. Otherwise competitive companies have ceased operations, moved offshore and/or laid off workers because of this foreign government currency market rigging.”
CPA is urging all its members to contact their U.S. Representatives to encourage their co-sponsorship of the new Currency Reform for Fair Trade Act.
The Coalition for a Prosperous America is a nonprofit organization representing the interests of 2.7 million households through our agricultural, manufacturing and labor members.