WASHINGTON, D.C. - Ways and Means Committee Ranking Member Sander M. Levin (D-MI) issued the following statement today following the Treasury Department’s issuance of its semi-annual Report to Congress on International Economic and Exchange Rate Policies:
“I am disappointed with Treasury’s decision today. China’s currency manipulation contributes to unsustainable global trade imbalances and to hundreds of thousands of lost jobs in the United States. Those imbalances contributed to the global economic crisis, and most experts expect the imbalances will worsen in the coming years unless there a significant change in the status quo. Clearly, it is time for action. Last year, the House passed legislation to give the administration additional tools to deal with China’s currency manipulation - with a majority of both Democrats and Republicans voting in favor of the bill. I plan to reintroduce that bill next week with strong bipartisan support."
