WASHINGTON - Ways and Means Ranking Member Sander Levin (D-MI) today made the following floor statement in support of the Motion to Recommit he offered along with Rep. Mark Critz (D-PA). The Levin-Critz proposal would effectively confront Chinese currency manipulation, which costs one million-plus American jobs, mainly in the manufacturing sector. Rep. Levin in February reintroduced along with Reps. Tim Ryan (D-OH) and Tim Murphy (R-PA) H.R. 639: the Currency Reform for Fair Trade Act, which has 225 co-sponsors. A nearly identical bill passed with overwhelming bipartisan support (348-79) a year ago. The Senate passed a bill Tuesday that includes major components of the House bill.
“This is a bill on currency. This is the opportunity for people to once again stand up and be counted. This is the bill that passed last year 348 to 79, with 99 republicans supporting it. This is the House bill that has 225 co-sponsors, with more than 60 republicans.
“It’s clear, China's currency manipulation is a major cause of hundreds of thousands of lost manufacturing jobs and imports from China are about half of that. We are talking about one million jobs at the least. What’s also clear is that the manipulation of currency tilts the playing field in favor of China at least 25 percent and it's not getting better.
“China's currency manipulation isn't the only cause of that deficit or loss of jobs, but because it's not the only cause doesn't mean we should not address it. It's a major one.
“It’s clear we haven't been effectively confronting China on this issue and China pushes ahead. In a few words, the time has come for action. Eight years of talk have yielded very meager results. This has broad bipartisan support and to make it utterly clear, last night the Senate passed a bill on currency by 63 to 35, 16 republican senators supported it.
“This will not kill the bill. It will not send it back to committee. If adopted, the bill will immediately go to passage.
“As I said, now is the moment for all of us to stand up and be counted. No excuses. As Robert Samuelsson said in the Washington Post last weekend, there is a trade war between them and us, and only one side is fighting. Now we'll make sure that that both sides are in this effort.
“That’s all it will take. The issue is clear. Act. Act. You must stand up and be counted. This is the moment on currency for every member of the House."
