Last fall the House passed legislation to crack down on China’s manipulation of its currency with overwhelming bipartisan support. Earlier this year Ranking Member Levin (D-MI) and Rep. Tim Ryan (D-OH) introduced H.R. 639, the Currency Reform for Fair Trade Act to curtail continued Chinese currency manipulation. Despite bipartisan support in the House to crack down on China’s manipulation of its currency last fall, and the 189 bipartisan co-sponsors who support current legislation, the Republican leadership has refused to move forward on the measure this year. China’s undervaluation of its currency artificially raises the price of U.S. exports to China and suppresses the price of Chinese imports into the United States. This manipulation closes opportunities for American business to sell their goods in China while flooding the U.S. market with cheap goods.
BY THE NUMBERS
500,000 to 1.5 million Estimated job growth by reining in China’s currency manipulation.
28.5% Estimate of undervaluation today.
348 Number of members who supported the bill in September.
6 Months since the reintroduction of the bill without any action by Republican leadership.
54 Number of Republican co-sponsors of the bill this year.
189 Number of co-sponsors to H.R. 639.
Ranking Member Sander Levin (MI-12) - “China’s continued manipulation of its currency costs us hundreds of thousands of American jobs. This bill was approved last year with sweeping bipartisan support and I urge the House Republican leadership to bring this bill up for a vote in the 112th Congress so American businesses and workers can compete and win in a fair international marketplace."
Representative Tim Ryan (OH-17) - “American workers are being cheated by the dishonest tactics China uses to undermine the U.S. manufacturing sector. Last year, when Democrats controlled Congress, we passed-with overwhelming support-a bill that would help bolster American manufacturers by cracking down on China’s currency manipulation. Unfortunately, since Republicans have taken control of the House, they have refused to bring the bill back for a vote. Why are they covering for China instead of standing up for American workers?" asked Rep. Tim Ryan (OH-17). “As we work to address the economic problems facing our country, we owe it to the American people to take action on the currency imbalance we have with China. This legislation has bipartisan support, and needs to be brought to the floor so that we can get to work bringing in more revenue to help create the jobs we need here at home."
Representative Mark Critz (PA-12) - “Jumpstarting our economy and creating jobs should be the priority of this Congress. It’s past time that the Republican Leadership gets serious about these issues and brings the Currency Reform Act to the House Floor for immediate consideration."
