Press Advisory
 
FOR IMMEDIATE RELEASE                                                    

Contact: Brad Bauman (RYAN)                  

(202) 225-5261

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Susan Mosychuk (MURPHY)
(202) 225-2301
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Mike Reynard (BUNNING)
(202) 224-1156
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Nkenge Harmon (STABENOW)
(202) 224-4822
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Washington, DC - Senator Jim Bunning (KY), Senator Debbie Stabenow (MI), Congressman Tim Ryan (OH-17) and Congressman Tim Murphy (PA-18) will reintroduce the Currency Reform for Fair Trade Act this WEDNESDAY at the Cannon Terrace from 12:00PM-1:00PM.  The Congressmen will be joined by a coalition of labor and business leaders who have been affected by the unfair trade environment that currency manipulation creates.
 
One country engaging in currency manipulation, China, had run up a $1.4 trillion trade surplus with the United States since 2001. Under normal market circumstances, that would have had the natural economic effect of raising the value of the Yuan against the dollar to correct the trade imbalance.  By illegally subsidizing its exports through the undervaluation of its currency by 30 percent or more, China has distorted their gains from trade, created barriers to free and fair trade, harmed U.S. industries, and has destroyed millions of U.S. jobs.
 
WHO: Senator Debbie Stabenow, Senator Jim Bunning, Congressman Tim Ryan (OH-17), Congressman Tim Murphy (PA-18), business leaders, labor leaders
 
WHAT: The Reintroduction of the Currency Reform for Fair Trade Act
 
WHERE: The Cannon House Office Building Terrace (Corner of Independence Avenue and New Jersey Avenue)
 
WHEN: WEDNESDAY, MAY 13, 2009, 12:00 PM