WASHINGTON - A year ago today, 348 House members - majorities of both parties - voted to rein in China’s manipulation of its currency, which is undervalued by 28 percent, according to one reputable estimate. The manipulation costs at least one million American jobs by artificially lowering the cost of imported Chinese products and increasing the cost of American exports to China. Ways and Means Ranking Member Sander Levin (D-MI) and U.S. Reps. Tim Murphy (R-PA) and Tim Ryan (D-OH) in February reintroduced the measure (H.R. 639) and it now has more than 200 co-sponsors.
Ranking Member Levin: “For far too long, American workers have competed on an uneven playing field with Chinese workers and this measure will bring concrete action to correct that imbalance. At a time when more than 14 million Americans are looking for work, the House must take up this important measure to benefitAmerican manufacturers and their employees."
Rep. Tim Murphy: "This bill is about growing American jobs. And right now, China is cheating us out of those jobs. It’s no more complicated than that. We play by the rules - they don’t."
Rep. Tim Ryan: “Another year has gone by as we continue to allow China to undervalue their currency, weakening our manufacturing sector and sending American jobs abroad. Passing this bill is one of the best economic strategies we could implement. And this sends a clear message to the American people that we are listening, and that we’re serious about getting our citizens back to work now."
