WASHINGTON - Ways and Means Ranking Member Sander Levin (D-MI) today made the following floor statement in opposition of the previous question so that Democrats could bring the Currency Reform for Fair Trade Act up for consideration. The bill (H.R. 639) has been blocked by Republican leadership. It would confront China’s currency manipulation, which costs one million-plus American jobs, mainly in the manufacturing sector. Rep. Levin in February introduced the legislation along with Reps. Tim Ryan (D-OH) and Tim Murphy (R-PA):
“Mr. Hastings has indicated that if we turn down the previous question we will bring up H.R. 639. This is a fact. China’s currency manipulation is hurting U.S. businesses and workers. According to a recent study imports from China account for 25% to 50% of the manufacturing jobs we have lost over the past decade. That’s one million to two million jobs as our trade deficit with China continues to grow.
“The important factor in this picture is currency manipulation. American manufacturers are forced to compete against an estimated 25% discount on imports from China due to that manipulation. That’s on top of China's massive subsidies and other policies. Dr. Fred Bergsten, director of the Peterson institute, says elimination of China's undervalued currency would create a million jobs mainly in manufacturing and that manipulation is by far the largest protectionist measure adopted by any country since the Second World War, probably in all history.
“Meanwhile, the Chinese government is pushing production of high-end manufacturing products, that compete head-on with American products, high-tech product, wind turbines, automobiles, aircraft, and others. This is a bipartisan measure. A majority of the house, 230 members, have co-sponsored the bill, including 62 republicans. The time has come for action.
“Eight years of talk have yielded meager results. American workers and businesses cannot wait any longer and the U.S. economy cannot wait any longer. The time is now for action. Defeat the previous question."
